Fino Payments Bank Listed

It counters the conventional banking approach with an asset-light alternative.

It is positioned as a local banking partner that offers a friendly, simplified and proximate service.

Meets the growing needs of financially underserved segments, comprising a mix of low-income households, gig economy workers, and rural communities.

Serves over 16 million customers through more than two million merchants, covering 97% of India's pincodes.

Fino Payments Bank meets the growing needs of financially underserved segments, comprising a mix of low-income households, gig economy workers, and rural communities.

Financially underserved gig economy workers are a core customer segment.

Serves rural communities across India via an assisted-digital, merchant-led ecosystem.

Fino serves over 16 million customers through more than two million merchants, covering 97% of India's pincodes.

Fino replaced physical bank branches with merchant representatives who personally assist customers through each transaction at the point of service, a model the Bank describes as deploying pioneering "human ATMs" at scale alongside its FinoPay app.

CASA customers pay a fixed annual subscription fee for unlimited transactions for the year, creating a renewable annuity-style relationship rather than a one-off transactional one. Renewal rates reached 49% in the non-UPI segment and 64% in the UPI segment in FY 2023-24.

A stated FY 2023-24 initiative was to deepen customer relationships through data analytics on customer and merchant profiles, and to build an omni-channel customer experience spanning the FinoPay app, website, and merchant network.

Ongoing account relationships are sustained through a call centre and directly via smartphones through the FinoPay app, which the Bank uses to facilitate cross-selling of additional products to existing customers.

The Bank's asset-light business model makes a prudent use of merchants acting as representatives, fulfilling the banking and financial needs of their communities. This network comprised around 18 lakh merchants at the close of FY 2023-24 across all States and Union Territories.

Mobile banking through the FinoPay app is one of the Bank's core distribution products.

Business Correspondent Banking is listed among Fino's core products/channels.

Fino Bank's assisted-digital ecosystem (phygital) integrates physical and digital service.

Current and savings account (CASA) is listed among Fino's core products; the Bank opened an average of 8,685 bank accounts per day in FY 2023-24.

Domestic Money Transfer and International remittances are listed among Fino's core products.

Micro ATM / Aadhaar enabled Payment System (AePS) is listed among Fino's core products.

Cash management services (CMS) is listed among Fino's core products.

The Bank's asset-light business model makes a prudent use of merchants acting as representatives, fulfilling the banking and financial needs of their communities; this network comprised around 18 lakh merchants at the close of FY 2023-24.

The Reserve Bank has issued a licence to the bank under Section 22(1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India; the bank commenced business operations on June 30, 2017.

Fino Bank developed its own UPI switch that helped strengthen UPI throughput contribution to 30% of the overall FY 2023-24 throughput -- among a select few banks to have one.

This network is growing rapidly and comprised around 18 Lakh merchants at the close of FY 2023-24 across all States and Union Territories.

Fino PayTech Limited is the Bank's sole promoter, specialising in technology-based solutions and services for financial inclusion.

Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others.

Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others.

Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others.

Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others.

Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others.

Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others.

Revenue of remittance segment for FY 2023-24.

Revenue of CASA segment for FY 2023-24, including CASA renewal income.

Revenue of treasury and other segments for FY 2023-24.

Revenue of CMS segment for FY 2023-24.

Revenue of Business Correspondent banking segment for FY 2023-24.

Revenue of AePS segment for FY 2023-24.

Revenue of digital payment services segment for FY 2023-24.

Revenue of micro ATM segment for FY 2023-24.

Fino's rural merchants are associates rather than employees and earn a commission per transaction, paid out of the transaction proceeds rather than the Bank's own earnings, so this core cost scales with business throughput instead of sitting on the P&L as a fixed overhead.

The Bank's cost-to-income ratio declined every year, from 37.0% in FY 2019-20 to 26.5% in FY 2023-24, which management attributes to its variable, asset-light cost base.

Around three-quarters of the Bank's overheads are people and technology costs, reflecting a lean operating structure built around headcount and tech investment rather than physical branch infrastructure.

A core feature of Fino's cost base is proactive investment in its own technology capability rather than outsourcing it — a 220-member in-house team that functions like an internal software development facility.