About Fino Payments Bank

Fino Payments Bank is a specialised Indian payments bank established on April 4, 2017, promoted by Fino PayTech Limited, with a mission to provide simple, accessible financial services and catalyse financial security for every citizen through an asset-light, phygital model. The Bank offers savings and current accounts, mobile banking, remittances, bill payments, cash management services, business correspondent banking, insurance and referral loans to retail and corporate customers across India. Its distribution spans all states and Union Territories, reaching 97% of India’s pin codes through 19 Lakh merchant-enabled banking points, and serving 1.43 Crore customers as of March 31, 2025. The Bank became a Scheduled Bank with effect from January 01, 2021 and continues to operate under Reserve Bank of India regulations for payments banks. Notable milestones include attaining PAT-positive status by Q4 FY20, becoming India’s first payments bank to launch a successful IPO in FY22, and delivering five successive years of profitability up to FY25. Number of subsidiaries: 0.

Fino Payments Bank’s Business Segments

• CASA segment: 30% of revenue; Digital Payment Services: 21%; Remittance: 18%; Cash Management Services (CMS): 8%; Business Correspondent banking: 7%; AePS: 6%; Treasury and other segments: 6%; Micro ATM: 4%.
• Geographic mix: Domestic 100%; International 0% (the business does not extend outside India and has no overseas operations).

Fino Payments Bank Key Management

• Rajat Kumar Jain, Part-time Chairperson & Independent Director
• Rishi Gupta, Managing Director & Chief Executive Officer
• Ketan Merchant, Chief Financial Officer
• Basavraj Loni, Company Secretary & VP – Legal

Latest Updates on Fino Payments Bank

• Operational Expansion: Fino continued to expand at scale in FY25, processing 337.9 crore transactions (up 60.1% year-on-year) and opening more than 33 Lakh current and savings accounts during the year; digital throughput rose 70% and contributed nearly 49% of overall throughput by value.
• Digital Upgrades: The Bank accelerated digital upgrades, launching Real-Time Fraud Reporting (in-app), upgrading the Fino 2.0 platform, integrating Apxor for engagement, deploying a personalised rewards module and automating customer lifecycle management to improve speed, UI/UX and retention.
• CMS Network and Collaborations: Its CMS network deepened through collaborations with 230 leading companies across NBFC, e-commerce and logistics, supporting cash availability across the ecosystem.
• Recognition and Awards: Recognition during the year included ASSOCHAM’s Best CFO – Excellence in Turnaround, ASSOCHAM’s Innovation and Partnership Initiatives award, IBEX India’s Excellence in ESG & Sustainability Initiatives, and the BankTech X-Factor Payments Bank of the Year award.
• Transition to Small Finance Bank: Strategically, the Bank has applied to the RBI to transition into a Small Finance Bank (application dated December 11, 2023) and disclosed that approval is awaited.