CEO's DESK

In July 2017, we had announced the launch of Fino Payments Bank. As innovative business models around fintech open up opportunities, Fino aims to play a significant role in not only taking digital banking to the masses but also manage cash efficiently.

These are still early days for payments banks. We at Fino Payments Bank are willing to be patient and at the same time are battle-ready to meet the expectations of all our stakeholders – especially customers, employees, investors.

We believe, as formal banking expands reach, there will be demand for a variety of financial services, especially beyond metros – what we call Bharat or emerging India. Our focus is on bridging the banking gap between India and Bharat.

What a change it has been?

From avoiding banks to engaging with them in their neighbourhood!

For customers of Bharat there couldn't have been a better solution :- A neighbourhood store, familiar and trustworthy, open till late hours is now a banker!

People like Ashish, Sumalatha and Chottu bhai, the friendly neighbourhood small business owners are the new age bankers, the social change makers!

Social transformation:-

These millennial, tech savvy and aspirational new age bankers are transforming the rural banking landscape and economy in the following ways:

Increase in adoption and usage:- With improved accessibility, banking adoption and usage is increasing. MEITY's digital payments ratings reiterate this fact.Driven by micro ATM and AePS led rural transactions Fino is among the top performers, month-on-month!

Generate rural employment:- Self-employment and second income opportunities as bankers help earn around Rs 10,000 to Rs 50,000 a month, quite a sum!

Improve quality of life:- Customers use time productively, earn and save more. Merchants earn extra, expand business, gain goodwill and respect as bankers.

Reduce migration:- As opportunities increase, decline in migratory trend to urban areas.

The changing social scenario is rightly summed up by Ashish, "Neighbourhood shops with digital devices have improved banking access and removed the inconveniences faced by customers. The banking habits of my customers have changed, so has my earning and lifestyle."

Truly, banking is transforming Bharat and it fills me with pride to see Fino showing the way!

Remove banking barriers:- The vast phygital network (mix of physical outlets and digital platforms) brings banking closer to customers, almost near doorstep.