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Mumbai, <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> is keen to become a <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">small finance bank</keyword> after having completed five years of operations, Managing Director <keyword id="1336488" type="General" weightage="50" keywordseo="rishi-gupta" source="Orion">Rishi Gupta</keyword> said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after <keyword id="6385180" type="General" weightage="20" keywordseo="airtel-payments-bank" source="Orion">Airtel Payments Bank</keyword>, <keyword id="3388668" type="General" weightage="20" keywordseo="india-post-payments-bank" source="Orion">India Post Payments Bank</keyword> and <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword>. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in this regard," Gupta told PTI. On why to stop at small finance bank, and not a full service bank, Gupta said, the company is too small to directly convert to a full service commercial bank from capital and capabilities perspectives. He said, till the upgrade happens, the bank will grow the business with a focus on tie-ups with fintechs under the Fino 2.0 initiative on building digital assets and strengthen the digital offerings. Already, it has tied up with the Sequoia Capital-backed Hubble to offer a spending account, offering customers better value on their lifestyle spends. People can park their funds, spend and save up to 10 per cent on all purchases made from the account. "We're looking at more such tie-ups in the fintech space," Gupta said, adding the company is also tying up with NBFCs from retail lending as payments partner and such loan remains on the book of the NBFC. "We've already tied up with two such shadow banks-Kredbee and Myshublaon," he said. In Q4FY23, its revenue rose 13 per cent to Rs 323 crore and net income jumped 25 per cent to Rs 22 crore with net margin rising to 6.8 per cent from 6.2 per cent. Its deposits grew 66 per cent to Rs 1,200 crore in FY23 from Rs 724 crore in FY22 of which 20 per cent are the low-cost Casa deposits. Gupta said the bank has been adding 2.5 lakh customers monthly on an average in FY24, taking the overall customer base to 71 lakh now. Another new service they began is offering recurring deposits, he said, adding the bank is also working on launching a virtual debit card. Also, under the pipeline is gold loans, mutual funds and medical insurance, Gupta said.

Fino Payments Bank has its eyes set on becoming a small finance bank

<ul><li>Led by JioSaavn co-founder and former CEO, Rishi Malhotra, <keyword id="10602581" type="General" weightage="20" keywordseo="luminary" source="Orion">Luminary</keyword> is known for its unique audio shows combining sound design, music, archival footage, and smart dialogue. </li></ul><ul><li>The company is launching in India with two original <keyword id="15581720" type="General" weightage="20" keywordseo="south-asian-podcasts" source="Orion">South Asian podcasts</keyword> featuring Masaba Gupta and Konkona Sen Sharma.</li></ul><a href="http://luminary.link/india">Luminary</a>, the world’s leading subscription-based podcast and audio entertainment network, has announced its official launch in India, with an elevated content slate for global South Asians. The network is launching two new shows today: Konkona Sen Sharma-hosted <a href="http://luminary.link/barefootboys">Barefoot Boys</a> based on India’s historic soccer win against the British in 1911, and <a href="http://luminary.link/masaba">How I Masaba</a> helmed by fashion mogul Masaba Gupta in conversation with remarkable women on business, art, culture and more. The network arrives in India with a focused goal of creating a refined podcast listening experience, serving as a ‘cultural label’ for the voices of India. Luminary’s pioneering format – best exemplified through its award-winning podcast, <a href="https://luminary.link/VPDoiKauDfb">The Midnight Miracle</a>, hosted by Dave Chappelle, Talib Kweli and Yasiin Bey – caters to an audience that actively seeks smart, entertaining, and dynamic audio content. Having seen considerable success globally with names like Chappelle, Lena Dunham, and Russell Brand, Luminary will extend its content legacy to the Indian market. Luminary will develop and curate localized stories with a global appeal. Launching two original South Asian podcasts in India First on <a href="http://luminary.link/india">Luminary</a> is <a href="http://luminary.link/barefootboys">Barefoot Boys</a>, one of India’s greatest sports stories. The podcast will recreate the untold story of 11 barefooted Indian football players who defeated a trained, experienced British team during a 1911 match. Giving voice to the real-life ‘Lagaan’ moment is National Award-Winning Actor Konkona Sen Sharma. <div type="image" title="Rema Chaudhary for Luminary" msid="95675376" hostid="261" sizebytes="41228"></div>In <a href="http://luminary.link/masaba">How I Masaba</a>, the iconic business and creative leader Masaba Gupta takes a seat opposite fellow pioneering women who are breaking ceilings, barriers and boundaries. In this light-hearted, insightful business-meets-life podcast, Masaba will get chatty with the changemakers, taste-makers and the trend-setters of modern India, setting the pace for the next-gen ‘sheroes.’ <div type="image" title="Rema Chaudhary for Luminary" msid="95675406" hostid="261" sizebytes="48256"></div>Talking about her upcoming podcast, Masaba Gupta shares “I was always interested in back stories of badass women who have conquered so much. This is going to be really special since I get to talk to women I am inspired by every day! Expect a non-preachy, honest and crazy exchange of ideas, stories, and even mishaps.” Commenting on the concept of Barefoot Boys, Konkona Sen Sharma said “The tale of Barefoot Boys is timeless. It will stand the test of time even 100 years from now. This is the power and guts of the story. I am honored to tell this story, as a Bengali and more so as an Indian. Luminary has done a great job bringing this concept to fruition, which I am sure will be well-appreciated by audiences” Luminary forays into India Luminary plans to address and innovate the content and business models in India by leading the country’s untapped paid-subscription audio listening base. Commenting on the market entry, Rishi Malhotra, Luminary CEO said, “India is an important growth market for podcasting, storytelling, and Luminary. Our shows truly blur the lines between podcast and art, and we’re excited to bring this unique approach into one of the world’s most rich and dynamic cultures. There are endless stories to uncover in India, and we look forward to telling them through a premium, subscription-based model that entertains and elevates.” Luminary will work towards building a premium podcast space where discerning listeners can access high quality podcast productions through a subscription model. The network invests talent and funds to ensure a superior listening experience. India is the third largest podcast consumer having 57.6 million monthly listeners (PwC's Global Entertainment &amp; Media Outlook 2020). Amidst this vast listener base, Luminary recognises the unexplored readiness of avid consumers to turn subscribers to access first-rate content. Expanding footprint Luminary has also partnered with Times Bridge to scale and expand its reach in India. The US-based network presents original content from superstar content creators across music, sports, comedy and culture and has won awards from the prestigious outlet The New Yorker, as well as The Webby Awards and Adweek to name a few. Viral Jani, EVP &amp; India Country Head, Times Bridge said, "Luminary's entry in the Indian market coincides with the exceptional growth in audio consumption across the country in recent years. With its vibrant cultural and demographic diversity, India is now the world’s third-largest podcast market, after China and the United States, where consumers are increasingly turning to high-quality audio experiences for entertainment, self-improvement, and awareness. We are delighted that Luminary is bringing its premium audio experience with Indian original shows to India’s thriving podcast market and are committed to furthering its mission of revolutionizing the non-music audio entertainment space in the country."

Luminary, the world’s leading subscription podcasting and audio network, launches in India with two inspiring new shows featuring Masaba Gupta and Konkona Sen Sharma

<ul class="summary-list"><li>Sam Altman is a man on a mission: Sell the world on AI.</li><li>The OpenAI chief completed a global tour this month akin to a mission.</li></ul>Sam Altman knows he's at an inflection point.On June 9, at a fireside chat in Seoul, Korea, <a href="https://www.youtube.com/watch?v=_hpuPi7YZX8&amp;t=1s" target="_blank" rel="noopener">the OpenAI CEO acknowledged</a> he was on a "diplomatic mission." It's closer to a religious mission, one that's seen Altman and his team whiz across 16 countries in the space of three months, including, recently, <a href="https://twitter.com/sama/status/1665320086415060992?s=20" target="_blank" rel="noopener">Israel, Jordan, Qatar, the UAE, India and Korea</a>.In Tel Aviv, as his OpenAI commanders attended a dinner with a group of techies and entrepreneurs introduced as the "Templar Knights of Innovation," Altman prepared to meet the country's president, Isaac Herzog. He's also met with Narendra Modi in India, Yoon Suk Yeol in South Korea, Emmanuel Macron in France, <a href="https://www.businessinsider.com/sam-altman-ai-openai-quality-of-life-superintelligence-2023-6">Rishi Sunak in the UK</a> and influential lawmakers. It's a reception more fitting for a world leader than a startup CEO. But Altman knows he's the man of the moment. <a href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT has sparked a new AI era</a> that leaders are scrambling to understand. This is a fork-in-the-road moment as they decide what's most politically expedient — encouraging AI through funding and a friendly regulatory regime, or to regulate it into oblivion.OpenAI's goal is to cement AI's future importance to humanity. According to people on the ground during Altman's tour, he achieved what he set out to do. OpenAI declined to comment for this story. <h2>Pitch 1: You can be included or excluded from the AI revolution</h2>Altman's sales pitch has rested on two central pillars. The first: AI will only work for you if you work with it. The second: AI is inevitable so get onboard before it's too late.During his pit-stop in Delhi, Altman's audience heard how <a href="https://www.businessinsider.com/uk-government-workers-told-no-classified-information-sensitive-chatgpt-2023-6">a tool like ChatGPT</a> could adapt to "a land of languages like India," said Varshal Gupta, founder of AI startup Dubverse.This may be a smart way to overcome Indian wariness towards US tech firms.India <a href="https://indianexpress.com/article/india/more-than-19500-mother-tongues-spoken-in-india-census-5241056/" target="_blank" rel="noopener">has more than 100 languages</a> and significantly more dialects, though its lingua franca remains English. The country has suffered from years of brain drain as <a href="https://cset.georgetown.edu/article/china-india-face-tech-brain-drain-through-us-universities/" target="_blank" rel="noopener">technical and mathematical talent</a> leave for the US, exemplified by both Google and Microsoft's CEOs being India-born. Under Prime Minister Narendra Modi, India has taken an increasingly nationalistic approach to technology and <a href="https://www.reuters.com/world/india/indian-government-withdraws-data-protection-bill-2022-08-03/" target="_blank" rel="noopener">remains wary</a> of sharing its citizens' data with US companies.Additionally, AI is a potential risk to India's outsourcing economy – which dominates <a href="https://www.reuters.com/world/india/indias-outsourcing-giants-cut-hiring-disheartening-economy-students-2023-06-12/" target="_blank" rel="noopener">the IT sector and accounts for 8% of the country's GDP</a> – by replacing human customer sales reps with chatbots. Gupta said <a href="https://www.businessinsider.com/gpt4-openai-chatgpt-everything-you-need-to-know-4-2023-3">OpenAI's underlying AI model, GPT</a>, would need to be trained on vats of foreign-language data; as it stands, the vast majority of the data GPT <a href="https://www.wired.com/story/chatgpt-non-english-languages-ai-revolution/" target="_blank" rel="noopener">is trained on is in English</a>. "The Indian government will have hoards of data which will not be there on the internet, which OpenAI will not have access to," Gupta said. "That might be why Sam is interested in doing some sort of high-level partnership, to get that data so they can make something for India and do some custom stuff."<h2>Pitch 2: This is the next internet</h2>Survival shouldn't be the focus, the OpenAI chief claimed in Seoul, when <a href="https://www.businessinsider.com/bill-gates-chatgpt-ai-artificial-intelligenct-as-important-pc-internet-2023-2">humanity is "about to enter the greatest age of human possibility, technological development, economic growth"</a> thanks to AI. For Dovi Frances, a US-Israeli venture capitalist and founding partner of Group 11 who met with OpenAI, that much is already apparent. He thinks no nation can afford to ignore apps like ChatGPT."If you have artificial intelligence at the highest level, if you have a workforce of people who are proficient with it… then you have a competitive edge in 2030," he said.Droobi Health chief executive officer Jacob Mathew, who saw OpenAI in Doha, recalled a "memorable exchange" during a panel at the Qatar National Library where a high school student asked a question about the role ChatGPT could play in diplomacy.The response? "Sam replied that he did not know and asked the student to tell him in ten years," Mathew said. Altman's approach is working, both in terms of winning over opinion and in tangibly influencing policy — despite warnings about <a href="https://www.businessinsider.com/ai-technology-chatgpt-openai-bing-threat-society-economy-social-media-2023-3">the harms of AI</a> for the labor market and misinformation. <a href="https://time.com/6288245/openai-eu-lobbying-ai-act/" target="_blank" rel="noopener">Time reported this month</a> that OpenAI successfully lobbied the European Union to water down rules governing ChatGPT in its EU AI Act. And Elyas Felfoul, director of policy development and partnerships at WISE, an education initiative in Qatar, said he feels Altman was "genuine about raising awareness" on AI having hosted a panel with him."He's humble about the fact that they created something much bigger than them," Felfoul said. "There is a serious commitment to try to broaden the conversation."Altman seems to be setting the conversation's tone. But for now, he seems to have people's trust. Or as Felfoul puts it: "The first impression is positive. I hope I'm not wrong about this."

Sam Altman is AI's compelling preacher. The world is ready to bow down.

<ul><li>The retail investors have subscribed to the <keyword id="6515163" type="General" weightage="20" keywordseo="fino-payments-bank-ipo" source="Orion">Fino Payments Bank IPO</keyword> 4.65 times on the second day of IPO bidding process.</li><li>The firm is looking to raise ₹1,200 crore through the public listing including an offer for sale worth ₹900 crore.</li><li>The Navi Mumbai-based fintech company <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> will be the first payments bank to get listed on the stock exchanges, that too while making profits.</li><li>You can easily apply to the IPOs via mobile applications of new age investment platforms like Zerodha, Paytm, Upstox and others.</li></ul>If you’re looking to invest in the initial public offerings (IPO) of Navi Mumbai-based fintech company Fino Payments Bank, today is the last day. The IPO has been subscribed 0.87 times on the first day of the IPO. The retail investors have subscribed 4.65 times to the IPO. The company is looking to raise ₹1,200 crore through public listing including ₹900 crore through an offer for sale and ₹300 crore through fresh issue of shares. The price band of the IPO is set at ₹560-577 per share. The company claims to be the first profitable player in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. “We are the only scheduled payment bank, which is profitable, we have set up the bank on very low capital,” said Rishi Gupta, managing director and chief executive officer (CEO) of the payment bank. Analysts are <a href="https://www.businessinsider.in/stock-market/news/fino-payments-bank-ipo-opens-today-heres-what-analysts-are-saying-about-it/articleshow/87346627.cms">positive </a>on the fintech industry and believe they are poised to grow in the future. “Fintech companies' demand is poised for growth on the back of rising internet penetration, higher disposable income, development of technology, low-cost infrastructure, government initiatives like UPI, etc. We believe Fino Bank is one of the key beneficiaries of opportunities in the sector,” said analysts at Religare Broking. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/policybazaar-ipo-the-grey-market-is-paying-150-a-share-extra-to-buy-the-shares-before-the-ipo/articleshow/87453983.cms">Policybazaar IPO ⁠— the grey market is paying ₹150 a share extra to buy the shares before the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/there-are-five-ipo-openings-in-the-next-15-days-of-november-including-paytm-policybazaar/slidelist/87455241.cms#slideid=87455871">The next ten days are big for IPO investors ⁠— hope you have cash set aside</a>

Today is the last day to subscribe to Fino Payments Bank IPO

<ul><li>It is the first payments bank to get listed on the stock exchange and it is profitable too.</li><li>The company’s public issue was oversubscribed by 2x as retail investors took a lead.</li><li><keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> has raised ₹1,200 crore through this public issue.</li></ul>Navi Mumbai-based fintech company Fino Payments Bank made its debut on the stock exchange on Friday, November 12, as its shares opened at ₹548 on the BSE. This is a premium of -5%. Fino Payments Bank is the first payments bank making profits to get listed on the stock exchange. The company’s shares were trading at ₹528 at 12:25 p.m, leading to a market cap of ₹4,393 crore. The price of Fino Payments Bank’s shares was fixed at ₹560-577 during the public issue. Fino Payments Bank — which comes under the parent entity Fino Fintech Private Limited — received a<a href="https://www.businessinsider.in/stock-market/news/fino-payments-bank-ipo-allotment-is-tomorrow-november-9/articleshow/87577397.cms"> good response from the investors</a> during its IPO. The retail investors’ portion of this public issue was oversubscribed by 5.92 times on the last day of IPO bidding, on November 2. The demand from non-institutional investors, which includes companies as well as high net-worth individuals (HNI), was low. The portion reserved for them was only subscribed 21%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.64 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.92 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.03 times </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Stock Exchange Founded in 2007 as Fino Fintech Foundation Limited, the company rebranded itself to Fino Fintech Private Limited in 2015. The Reserve Bank of India (RBI) granted in-principle approval to the company to establish a payments bank in 2015 but the payments bank commenced operations in June 2017. Rishi Gupta is the managing director and chief executive (CEO) of Fino Payments Bank. He was one of the founding members of Fino Paytech. Fino Payments Bank has raised ₹1,200 crore through this public issue. Of this, $300 crore was raised by the company as a fresh issue and the remaining ₹900 crore was raised through an offer for sale by existing stakeholders. The company will use the net proceeds from the fresh issue to augment its tier-I capital base to meet its future capital requirements. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/latent-view-analytics-ipo-today-is-the-last-day-to-subscribe/articleshow/87655760.cms" data-type="tilCustomLink">Latent View Analytics IPO— today is the last day to subscribe</a> <a href="https://www.businessinsider.in/cryptocurrency/news/roughly-half-of-bitcoins-recent-returns-are-driven-by-fears-of-rising-inflation-bloomberg-economists-estimate/articleshow/87656073.cms" data-type="tilCustomLink">Roughly half of bitcoin's recent returns are driven by fears of rising inflation, Bloomberg economists estimate</a> <a href="https://www.businessinsider.in/business/news/two-new-ipos-coming-in-next-week-tarsons-products-and-go-fashion/articleshow/87655787.cms" data-type="tilCustomLink">IPO craze continues as two more set to open next week</a>

Fino Payments Bank lists 5% below IPO price

<ul><li>The retail investors have subscribed to the <keyword id="6515163" type="General" weightage="20" keywordseo="fino-payments-bank-ipo" source="Orion">Fino Payments Bank IPO</keyword> 2.73 times on the first day of IPO bidding process.</li><li>The firm is looking to raise ₹1,200 crore through the public listing including an offer for sale worth ₹900 crore.</li><li>The Navi Mumbai-based fintech company <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> will be the first payments bank to get listed on the stock exchanges, that too while making profits.</li></ul>Today (November 1) is the second day to subscribe to the initial public offering (IPO) of Navi Mumbai-based fintech company Fino Payments Bank. The IPO has been subscribed 0.5 times on the first day of the IPO. The retail investors have subscribed 2.73 times to the IPO. The company is looking to raise ₹1,200 crore through public listing including ₹900 crore through an offer for sale of 1.56 crore shares and ₹300 fresh issue of 52 lakh shares. The price band of the IPO is set at ₹560-577 per share. The IPO opened for subscription on October 29 and will end on November 2. Promoter Fino Paytech will sell 52 lakh shares in the IPO. The bank plans to utilise the net proceeds from the fresh issue towards augmenting its tier-I capital base to meet its future capital requirements. Analysts are <a href="https://www.businessinsider.in/stock-market/news/fino-payments-bank-ipo-opens-today-heres-what-analysts-are-saying-about-it/articleshow/87346627.cms">positive </a>on the fintech industry and believe they are poised to grow in the future. “Fintech companies' demand is poised for growth on the back of rising internet penetration, higher disposable income, development of technology, low-cost infrastructure, government initiatives like UPI, etc. We believe Fino Bank is one of the key beneficiaries of opportunities in the sector,” said analysts at Religare Broking. The company <a href="https://www.businessinsider.in/stock-market/news/fino-payments-bank-will-be-the-first-fintech-startup-in-india-to-get-listed-on-the-bourses-and-it-is-profitable/articleshow/87280457.cms">claims </a>to be the first profitable player in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Although Paytm has received SEBI’s nod, it is yet to announce dates to launch its initial public offering (IPO). “We are the only scheduled payment bank, which is profitable, we have set up the bank on very low capital,” said Rishi Gupta, managing director and chief executive officer (CEO) of the payment bank. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/paytm-ipo-will-open-on-november-8-to-raise-2-4-billion/slidelist/87357511.cms">Things to know about Paytm before placing a bet on its IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/rbi-is-hiring-125-interns-for-its-summer-internship-next-year-checkout-the-details-and-how-to-apply/articleshow/87358727.cms">RBI is hiring 125 interns for its summer internship next year — Checkout the details and how to apply</a>

Fino Payments Bank IPO has been subscribed 0.5 times so far, today is the second day to subscribe

<ul><li>Fino plans to raise ₹300 crore through fresh issue and ₹1000 through secondary issue.</li><li>It had filed its draft red herring prospectus (DRHP) in July 2021.</li><li>Paytm too was reportedly supposed to get its approval today, but the application is still under process.</li><li>Fino, SEBI has also approved the IPO of Kerala-based vehicle dealer Popular Vehicles</li></ul>India’s market regulator Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) of Fino Payments Bank on October 4. The company plans to raise <a href="https://www.businessinsider.in/business/news/fino-payments-bank-files-rs-1300-cr-ipo-papers-with-sebi/articleshow/84924587.cms">₹1,300 crore </a>through this public issue. About ₹300 crore will be raised through the fresh issue, while the rest ₹1,000 crore will be through the secondary issue, offering partial exit to existing shareholders. The company had filed its draft red herring prospectus (DRHP) in July 2021. Founded in 2007 as Fino Fintech Foundation Limited, the company rebranded itself to Fino Fintech Private Limited in 2015. The company was granted in-principle approval by the Reserve Bank of India (RBI) to establish a payments bank the same year. Though, it commenced operations in June 2017. Rishi Gupta is the managing director and chief executive officer of Fino Payments Bank, and was one of the founding members of the Fino Paytech. According to a Zee Business <a href="https://twitter.com/zeebusiness/status/1444944671671611397?s=24">report</a> published earlier today, SEBI was likely to give approval to FIno and One97 Communications, the parent company of digital payments giant Paytm. However, the One97 Communications’ request is still being processed by the market regulator. According to sources, Paytm is likely to get the approval for its IPO this week. The company plans to raise <a href="https://www.businessinsider.in/business/news/paytm-has-filed-for-2-2-billion-ipo/articleshow/84465551.cms">₹16,600 crore </a>($2.2 billion) through this public issue. About half of it would be a fresh issue. Along with Fino, SEBI has also approved the IPO of Kerala-based vehicle dealer Popular Vehicles, which intends to raise ₹700 crore. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-has-raised-1-3-billion-this-year-to-so-far-in-pursuit-of-its-american-dream/articleshow/86745427.cms">Byju’s has raised $1.3 billion this year to so far in pursuit of its American dream</a>

SEBI approves Fino Payments Bank’s ₹1,300 crore IPO, Paytm next in line

Mumbai, May 14 () Notwithstanding the sluggish economic activity, Fino Payments Bank is witnessing a surge in applications from those wanting to act as banking correspondents in rural India since the lockdown began, a top official has said. This can be due to renewed attempts at spotting income supplementing opportunities by rural households or also due to the high incidence of migration back to the villages, where the returnees are looking for income generation opportunities."This is the start of entrepreneurial journeys for many. The enquiries and applications which we are getting for 'BC Point' is increasing," chief executive and managing director Rishi Gupta told .He said as against about 600 such enquiries earlier, the company is now getting 1,000 enquiries. A Business Correspondent (BC) Point is typically equipped with a handheld device like a smartphone or a tablet, along with peripheral finger print reading machine. Through the hardware and connectivity, it delivers a host of banking and financial services to the local people against a commission for every transaction like remittances and also cash withdrawals. Typically, a person has to invest over Rs 7,000 for the hardware and connectivity and is helped by the company to render the services after being trained and some necessary marketing material given, Gupta said, adding that it has 2 lakh such BC Points manned by external partners as of now. "We do a background search on the applicant, check the potential of the area he would be operating in before onboarding," Gupta said, adding the work of adding the new partners is on.The BC point has business earning potential of about Rs 6,000 per month, assuming for doing about 200 transactions a day, Gupta said, adding that typically, the business operator also has other interests like photocopying or phone recharges. Meanwhile, Gupta said the cash transfers by the government under various schemes like PM-Kisan have ensured that activities like remittances, which had been impacted in the initial days of the lockdown, have re-started now.The bank is now witnessing remittances of Rs 1,500 crore per month as against a low of about Rs 400 crore, he said. Similarly, deposit withdrawals have also increased with the accounts witnessing some deposits from the government, Gupta said, adding the rate of new account opening is also up. Gupta said the bank, which turned in the black in the March quarter, will close FY21 with profits and is also sticking to its aim of turning itself into a small finance bank in two years.In the current times, the payments bank is the best business model because it is a risk-free business, Gupta said. AA MKJ

Fino Payments Bank sees rise in applications for BC points

<keyword id="6357456" type="ORGANIZATION" weightage="20" keywordseo="huawei">Huawei</keyword> on Tuesday launched the <keyword id="9903542" type="UNKNOWN" weightage="20" keywordseo="matepad-t8-tablet">MatePad T8 tablet</keyword> in India at Rs 9,999 (WiFi variant) in the India market. The LTE version has been priced at Rs 10,999. The company said that during the pre-order phase, the LTE version will be available at a discounted price of Rs 9,999. The pre-order phase is from September 8 till September 14. "The tablet is packed with unique features such as the 'facial unlock', a rapid response speed helping users to switch between apps with ease,'' Rishi Kishor Gupta, Vice President, Huawei CBG India said in a statement. The device is equipped with an 8-inch display and is powered by an advanced Octa-core chipset with 2GB RAM+32GB memory. The <keyword id="9174029" type="UNKNOWN" weightage="20" keywordseo="Huawei-MatePad-T8">Huawei MatePad T8</keyword> comes with optimised operating systems, which means that users can switch between apps and open apps quickly. It also comes with a dark mode. The tablet runs EMUI10 and comes with four pre-installed apps - a recorder, camera, multimedia and kids painting. The device houses a 5100mAh battery that aims to give a user 588 hours with the screen off, claiming to deliver 3.5 weeks of battery life.

Huawei MatePad T8 is a budget 8-inch tablet, launched in India starting at ₹9,999

<ul><li>Fintech firm Fino Payments Bank will open its IPO on October 29 and close on November 2.</li><li>The firm is looking to raise ₹1,200 crore through the public listing including an offer for sale worth ₹900 crore.</li><li>The company claims to be the first profitable payments bank to hit the Indian stock market.</li></ul>The Navi Mumbai-based fintech company Fino Payments Bank will be the first payments bank to get listed on the stock exchanges, that too while making profits. The company claims to be the first profitable player in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Although Paytm has received SEBI’s nod, it is yet to announce dates to launch its initial public offering (IPO). “We are the only scheduled payment bank, which is profitable, we have set up the bank on very low capital,” said Rishi Gupta, managing director and chief executive officer (CEO) of the payment bank. Paytm is one strong competitor for the firm, but its drawback is it is still making losses while Fino Payments Bank has turned profitable in FY21. Paytm reported a loss of ₹1700 crore in FY21. Fino Payments Bank has been operational for over four years now. The payment bank offers a diverse range of financial services including current account and savings account (CASA), micro ATMs, Aadhaar enabled payment system (AePS) transactions, domestic remittances etc., that are primarily digital. <div type="image" title="fino chart 3" height="900" width="1200" msid="87280392" hostid="261"></div> The bank operates through over 6.41 lakh merchants’ network, 143 customer service points and 54 branches across pan India. The bank focuses on the unserved and underserved population, especially in rural and semi-urban areas where financial inclusion is required. The company earns revenue through fees and commissions from its merchant network and strategic commercial relationships. Although Fino is a profitable firm, it has a long way to go in comparison to market leader Paytm Payments Bank that has 100 times more merchant clients. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fino Payments Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Payments Bank </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total merchants </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.41 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total deposits </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,870 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,200 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹790 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,800 crore </td></tr></tbody></table> Further, analysts say that Fino Payments Bank could be eligible for a small finance bank licence within one year, which would open more growth opportunities. A report by B &amp; K Securities said that, “The bank has already completed over 4 years as a payment bank and hence it could become eligible for a small finance bank licence within next 1 year, which would open altogether different growth avenues.” <keyword id="6515163" type="General" weightage="20" keywordseo="fino-payments-bank-ipo" source="Orion">Fino Payments Bank IPO</keyword> to open this week The IPO of the company will open on October 29 and close on November 2. The company is looking to raise ₹1,200 crore through public listing including ₹900 crore through an offer for sale of 1.56 crore shares and ₹300 fresh issue of 52 lakh shares. The price band of the IPO is set at ₹560-577 per share. Promoter Fino Paytech will sell 52 lakh shares in the IPO. The bank plans to utilise the net proceeds from the fresh issue towards augmenting its tier-I capital base to meet its future capital requirements. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹560 to ₹577 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 29 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 2 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 9 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 10 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 11 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">25 </td></tr></tbody></table> SEE ASLO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/sanjiv-goenka-makes-a-billion-dollar-comeback-to-the-worlds-biggest-t20-stage/articleshow/87277384.cms">Sanjiv Goenka makes a billion dollar comeback to the world's biggest T20 stage</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/after-raising-2-billion-since-2020-byjus-is-now-looking-to-raise-another-500-million-in-debt-to-acquire-more-businesses/articleshow/87276471.cms">After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses</a>

Fino Payments Bank will be the first fintech startup in India to get listed on the bourses and it is profitable

Mumbai, May 20 () Fino Payments Bank on Wednesday reported 86 per cent surge in its FY20 revenues at Rs 689 crore as its transaction volumes doubled. The bank, which counts on ICICI Bank, Blackstone and state-run oil marketer Bharat Petroleum as shareholders, also said that it has clocked a maiden quarter of post tax profit for the January-March period but did not specify the number. It also closed the fiscal year with an operational profit, the bank said in a statement. Fino, which has its roots in business correspondent players, is among the select payments banks which has chosen to get operational after the receipt of RBI license and wants to turn itself into a small finance bank in a few years. Business correspondents are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM. In an earlier interview, it's managing director and chief executive Rishi Gupta had said that it is targeting to close FY21 in the black. During FY20, Fino worked towards turning the perceived liability of not having an asset product into an asset, Gupta said, adding that the business is risk free now. In terms of transactions, volumes almost doubled to 380 million in FY20 from 195 million in FY19, leading to a surge in fee revenues, the statement said. It facilitated transactions worth Rs 1 lakh crore in the year, the statement said, adding that this is double that of the previous 12 months' throughput. Domestic remittances from people earning in urban area to their families back home in rural areas accounted for over 40 per cent of the Rs 1 lakh crore volume in FY20, it said. There was some impact on the business due to the COVID-19 lockdowns, it said, adding that the volumes in May are set to climb up to 80 per cent of the pre-lockdown averages helped by a rise in direct benefit transfer schemes of the government. It had saving bank deposits of Rs 222 crore as of March 31, 2020. From a network perspective, the payments bank doubled its presence to 2 lakh points as of March 2020, with 80 per cent of it being in rural areas, it said. AA DRR DRR

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