Fino Payments Bank is now a scheduled commercial bank and will explore new growth opportunities.
“The Reserve Bank of India has announced through a notification issued dated February 22that Fino Payments Bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934,” it said in a statement on Wednesday.
The scheduled commercial bank status allows Fino Payments Bank to enhance its banking position in the treasury and participation in LAF (Liquidity Facility) window, as per the RBI. It also helps the bank strengthen its business proposition on liabilities generation, it further said.
“It provides strategic impetus for Fino Payments Bank to enhance its scope on balance sheet management and explore additional avenues for business. We are keen to capitalise on the growth opportunities that exist within the regulatory guidelines and build on the momentum of consistent profitability achieved last fiscal,” said Rishi Gupta, Managing Director and CEO, Fino Payments Bank.
As a scheduled commercial bank, Fino Payments Bank will be better positioned to explore and manage government businesses, it said, adding that mandates to pensions, provident funds, and various welfare schemes under the direct benefit transfer (DBT) will help enhance its foot print in the financial inclusion space.