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Payment Banks Case Study 2: Why They Got a License, and Expectations [FINO PayTech]

FINO PayTech started its operations in 2006 subsequent to obtaining a license from the RBI to operate as a business correspondent. FINO is promoted by a group of 24 public and private sector banks including ICICI Bank, and insurance companies such as the Life Insurance Corporation of India, ICICI Lombard and ICICI Prudential. Today, FINO operates the largest network of business correspondents in the country who help banks and reach out to customers in the countryside. Last year, FINO generated an annual turnover of INR 3 billion and 33% of the revenues came from remittance and microlending businesses and the rest by selling banking products to its customers.

The company is mainly run by ...

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