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Fino Bank Aims to Seek Universal Bank Licence Within a Decade
Fino Payments Bank has received in-principle approval from the Reserve Bank of India (RBI) to convert into a Small Finance Bank (SFB) after fulfilling regulatory requirements, a step that will enable it to commence full banking operations once compliant.
Key shareholders of Fino PayTech, which backs Fino Payments Bank, include Bharat Petroleum, the ICICI Bank group, Blackstone and Intel Capital.
Rishi Gupta, Managing Director and CEO of Fino Payments Bank, said in an interview that the bank intends to apply for a universal banking licence within the next decade as part of its long-term strategic outlook.
The objective behind seeking a universal licence is to broaden the bank’s service offerings and customer reach, transitioning beyond its current payments bank model toward a full-service bank.
This plan reflects Fino Bank’s evolving position in India’s financial services sector, leveraging the in-principle SFB approval as a foundational step toward eventual universal banking status.
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