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<ul><li><keyword id="266210" type="COMPANY" weightage="20" keywordseo="FINO">Fino</keyword> has filed its DRHP with SEBI today.</li><li>The IPO includes fresh issue of ₹300 crore</li><li>The bank may consider a pre-IPO placement aggregating up to ₹60 crore.</li></ul>Fino Payments Bank has filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to raise an estimated ₹1,300 crore through an initial share-sale. The initial public offer (IPO) includes a fresh issue of equity shares worth ₹300 crore and an offer-for-sale of 15,602,999 equity shares by promoter Fino Paytech, according to draft red herring prospectus (DRHP). Proceeds from the fresh issue would be used towards augmenting the bank's tier-1 capital base to meet its future capital requirements. The bank may consider a pre-IPO placement aggregating up to ₹60 crore. If such placement is completed, the fresh issue size will be reduced. According to merchant banking sources, the IPO is expected to fetch ₹1,300 crore. Fino Payments Bank or FPBL is a scheduled commercial bank serving the emerging India market with its digital based financial services. The company is a fully-owned subsidiary of Fino Paytech, a pioneer in technology enabled financial inclusion solutions. Fino Paytech is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (<keyword id="85860" type="COMPANY" weightage="20" keywordseo="IFC">IFC</keyword>). Over the last few years, FPBL has witnessed a steep surge in transaction volumes on the back of digitization and proliferation of its banking points. The payments bank's platform has facilitated more than 434 million transactions with a gross transaction value of ₹1.32 lakh crore in financial year 2020-21, as per the draft papers. It has a strong leadership position in the fintech industry having the largest network of micro ATMs as of March 2021 with a market share of 55 per cent, a robust merchant network of 6.4 lakh and 25.7 <keyword id="11649328" type="UNKNOWN" weightage="20" keywordseo="lakh-bank">lakh bank</keyword> accounts. Its revenue for 2020-21 stood at ₹791 crore that grew at a compound annual growth rate (CAGR) of 29 per cent in the last three years and the bank registered a profit of ₹20.5 crore in the year. Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services have been appointed as investment bankers to advise the bank on the IPO. SEE ALSO

Fino Payments Bank files papers for ₹1,300 crore IPO

<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

<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><keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword>’s IPO was oversubscribed by 2x.</li><li>The payment bank’s IPO was launched on October 29, 2021.</li><li>The company raised ₹1,200 crore through this public issue.</li></ul>Navi Mumbai-based fintech company Fino Payments Bank will make its debut on the stock market at 10:00 a.m., today, November 12, after its initial public offering (IPO) was oversubscribed by 2.03 times. Fino Payments Bank will be the first payments bank to get listed on the stock exchanges, that too while making profits. The company 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 portion reserved for retail investors was oversubscribed by 5.92 times on the last day of IPO bidding, on November 2. Fino Payments Bank’s IPO was launched on October 29, 2021. The demand from non-institutional investors, which includes companies as well as high net-worth individuals (HNI), was pretty low and the portion reserved for them was only subscribed 21%. <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;">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></table>Source: Stock Exchange Fino Payments Bank raised ₹1,200 crore through this public issue. Of this, ₹300 crore was through fresh issue and ₹900 crore was through offer of sale, which provided partial exits to company’s existing investors. 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/business/startups/news/zomatos-investment-turns-curefit-into-indias-36th-unicorn-of-2021/articleshow/87640767.cms" data-type="tilCustomLink">Cult.fit’s parent company Curefit is the 36th unicorn in town</a> <a href="https://www.businessinsider.in/business/corporates/news/zomato-has-closed-all-international-operations-in-uk-us-singapore-and-lebanon/articleshow/87639773.cms" data-type="tilCustomLink">Zomato has officially pulled out of all international markets</a> <a href="https://www.businessinsider.in/business/corporates/news/nykaa-is-now-bigger-than-coal-india-britannia-irctc-and-almost-double-of-hero-motocorp/articleshow/87635312.cms" data-type="tilCustomLink">Nykaa is now bigger than Coal India, Britannia, IRCTC and almost double of Hero MotoCorp</a>

India’s first profitable payment bank is going to list today — here’s all you need to know

<ul><li>Fino Payments Bank is likely to announce its share allotment status today.</li><li>The company claims to be the first profitable player in the payments bank space to hit the Indian stock market.</li><li>The IPO of the company was subscribed 2.03 times on the last day of bidding.</li></ul>Navi Mumbai-based fintech company Fino Payments Bank is likely to announce the allotment status of its initial public offering (IPO) today, November 9. The IPO was open for subscription from October 29 to November 1 with a price band of ₹560 - 577 per share. Fino 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 company received good demand from investors, who have oversubscribed the IPO by 2.03 times. The portion reserved for retail investors was oversubscribed by 5.92 times on the last day of the IPO bidding process. However, demand from non-institutional investors was not that good as the portion reserved for non-institutional investors was subscribed just 0.21 times. The company claims to be the <a href="https://www.businessinsider.in/searchresult.cms?query=fino&amp;sortorder=score">first profitable player </a>in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Here is how to <keyword id="12493050" type="General" weightage="20" keywordseo="fino-payments-bank-ipo-allotment" source="Orion">Fino Payments Bank IPO allotment</keyword> status on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select ‘Fino Payments Bank’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on ‘Fino Payments Bank’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit’. </li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/if-youre-thinking-about-taking-a-gold-loan-ask-these-questions-first/articleshow/87587446.cms">If you’re thinking about taking a gold loan, ask these questions first</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/spicejets-liquidity-turbulence-hits-worlds-largest-aircraft-leasing-companies/articleshow/87583233.cms">There are several problems ailing SpiceJet and the taxman knocking on its doors is just one of them</a>

Here’s how to check Fino Payments Bank IPO allotment status, listing date and more

<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

<ul><li>Fino Payments IPO opens today on Friday, October 29, and closes on November 1.</li><li>The fintech company is looking to raise ₹1,200 crore through public listing with a price band of ₹560- 577 per share.</li><li>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.</li></ul>Initial public offering (IPO) of Navi Mumbai-based fintech company Fino Payments Bank opens on Friday and closes on November 1. The company claims to be the <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">first profitable player </a>in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Paytm is looking to raise ₹18,300 crore ($2.4 billion) through the IPO that is scheduled to open on November 8 and end on November 10. Fino 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. Here are some important details of the IPO: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 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 #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">25 </td></tr></tbody><tbody></tbody></table> Analysts are positive 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. Going forward, India presents a huge opportunity for growth of fintechs. There will be huge growth potential for players in payments, lending, wealth, Insurance, etc. segments. We believe Fino Bank is one of the key beneficiaries of opportunities in the sector,” said analysts at Religare Broking. However, some analysts are cautious towards the IPO considering the stiff competition in the industry. “The company exists in a stiff competitive environment where companies like PayTM Payments Bank and India Post Payments bank exist and outperform in many aspects. We thus believe that the current growth momentum is difficult to sustain in the long term. Hence we give an “AVOID” rating to this IPO,” said a report by BP Equities. Meanwhile, Jyoti Roy of Angel One said that, “Despite strong growth prospects, we believe that valuations do not justify the premium and hence we have a NEUTRAL recommendation to the IPO.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/government-asks-irctc-to-share-half-of-its-convenience-fees-revenue/articleshow/87338962.cms">IRCTC will lose a chunk of its revenue to the Indian government starting next month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/auto-component-maker-sjs-enterprises-and-chemical-maker-sigachi-industries-will-open-their-ipos-on-november-1/articleshow/87333799.cms">IPOs opening on November 1: Auto component maker SJS Enterprises and chemical maker Sigachi industries</a>

Fino Payments Bank IPO opens today; here’s what analysts are saying about it

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

An individual with 10 years' experience in banking and finance sector can set up a bank with Rs 100 crore capital, of which 40% should be the individual’s contribution, as per the draft guidelines on <keyword id="2427000" type="UNKNOWN" weightage="100" keywordseo="Payments-And-Small-Banks">payments and small banks</keyword> issued by the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>). 
 
These banks would help in fulfilling financial inclusion goals of the government, providing credit to the poor, marginal farmers and also those who do not have bank accounts. 
 
Payments banks cannot lend money, however, they will be allowed to undertake remittances and manage deposits. Small banks can undertake various kinds of lending activities for small businesses and the agriculture sector. Payments banks will provide payments and remittance services and demand deposit products to small businesses and low-income households. Initially, they will be allowed to hold a maximum balance of Rs one lakh per customer. 
 
Rishi Gupta, COO &amp; ED, FINO PayTech, which provides banking technology platform for financial inclusion, said, "Payments banks will help de-clutter commercial banks from financial inclusion activities and bring in more focused approach in serving the rural masses. We at FINO PayTech look forward to be a part of this ecosystem." 
 
"We will require to further analyse the guidelines and subsequent business models before taking any call," said Gupta.

RBI Releases Guidelines For Payments And Small Banks

People sitting comfortably in their homes in cities across the country have the luxury of ordering food at the touch of button. From fresh milk to fruit juices, from different cuisines to gourmet cooking ingredients, you name it, you can have it. High disposable incomes and exposure to a plethora of choices makes us city-dwellers oblivious to challenges that those in remote India face. Many remote areas of the country do not have the privilege of getting fresh high quality liquid food, especially milk, all year around and depend on either preserved or powdered versions to meet their daily needs. Here's where packaging and processing solutions-providers like <keyword id="194619" type="PERSON" weightage="100" keywordseo="tetra-pak">Tetra Pak</keyword> come in, making everyday life easier for people who face scarcity of resources. In the past thirty years of its operations in India, the company spent the first ten years seeding the market, building awareness about the merits of their UHT technology and aseptic packaging and building their own capacity to cater to a market as large and diverse as India. In the years that followed they worked with other F&amp;B brands to make food safe and available everywhere, co-creating and conceptualizing products with customers to suit evolving market needs. Since then, aseptic technology - which Tetra Pak pioneered globally over fifty years back - has proven to be a solution to reduce food losses the world over and in transport, in addition to keeping food safe which is why it is so relevant for India where our food processing sector continues to face widespread and perennial wastage of food. This aseptic technology has enabled the penetration of safe foods into the remotest parts of the country. 
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 The <keyword id="6354416" type="ORGANIZATION" weightage="20" keywordseo="indian-army">Indian Army</keyword> story Even though India is a milk-surplus country, it is ironic that a large part of the country still has no access to fresh milk. The North-east is one of the hardest to reach areas in the country and has relied on powder milk for years. For years, mothers have missed giving their children the necessary nutrition for lack of access to fresh milk. Most of us cannot imagine a childhood without our mothers chasing us with a glass of milk twice a day. But this one-stop nutrition has been elusive for a large part of the country. For our jawans posted in the farthest-reaching areas like <keyword id="6354495" type="LOCATION" weightage="20" keywordseo="kashmir">Kashmir</keyword> or <keyword id="48118" type="CITY" weightage="20" keywordseo="Sikkim">Sikkim</keyword>, lack of access to fresh milk is just another challenge on a list of many others. Spending months facing extreme weather conditions, even cut off from civilization, while defending our borders, the Indian Army has also had to traditionally rely on powder milk. Tetra Pak’s UHT technology and aseptic packaging technology has changed this over the years and given access to fresh milk by eliminating the need for a cold chain during distribution. The Indian Army today consumes over 1 lakh litres of UHT milk every day provided by several different organizations like Amul, <keyword id="53954" type="ORGANIZATION" weightage="20" keywordseo="karnataka-milk-federation">Karnataka Milk Federation</keyword> and is one of the biggest customers for these milk producers. For many years, it was impossible to transport milk to these remote locations because of milk being a perishable product, and the high costs and infrastructure needed to build a complete cold chain for distributing the milk. Mr. R. S. Sodhi, Managing Director, <keyword id="5899354" type="PERSON" weightage="20" keywordseo="gcmmf-amul">GCMMF-Amul</keyword> says, “When we proposed Tetra Pak’s UHT milk cartons to the <keyword id="44299" type="ORGANIZATION" weightage="20" keywordseo="india-army">India Army</keyword>, they readily accepted it. At the very remote locations where it was impossible to get milk, fresh milk is now available. Soldiers feel at home when they drink UHT milk.” Today, UHT and Aseptic technology together are making sure that the Indian Army gets the nutrition they need. Holding on in high seas The challenge of food access is not limited to just the mountains, but also the seas and their coast. In <keyword id="6355466" type="LOCATION" weightage="20" keywordseo="south-india">South India</keyword>, the large coastline is dotted by thousands of fishermen who are dependent on the sea for earning their daily living. As they are off to the sea for days on end it is difficult for them to carry huge packets of milk or food for survival. This is one of the need gaps that was identified by the Karnataka Milk Federation and inspired them to introduce 100 ml <keyword id="5899355" type="ORGANIZATION" weightage="20" keywordseo="tetra-fino-aseptic">Tetra Fino Aseptic</keyword> packages that the fishermen can now carry on their boats and get much-needed nutrition and refreshment. The convenient 100 ml and 200 ml packets are also perfect for families that have low milk requirements and ensure freshness for people who can’t afford to refrigerate milk. One such group of consumers is migrant laborers. These laborers move to temporary labor camps near construction sites for short periods of time with a few essentials that will help them survive for that period. Sometimes a handful of utensils and a few clothes is all they carry with them. No question of refrigeration or storage facilities, and little money to spare. For this group, the Tetra Fino Aseptic is a blessing. The milk package available for INR 10, 20 is a shared asset, with 2 or more people pooling together money to buy a pack and share a few cups of tea. No need for refrigeration also means that they can carry the packs with them to their work site and consume the milk as convenient. As <keyword id="153986" type="PERSON" weightage="20" keywordseo="Rakesh-Singh">Rakesh Singh</keyword>, Managing Director, Karnataka Milk Federation puts it, “The Tetra Fino Aseptic has addressed two issues- where the milk requirement is only for 100 or 200 ml, the consumer need not go for larger packs, and secondly, quality is assured. After all, everyone needs milk, India needs milk and our effort is to take safe milk to every household of this <a name="_GoBack"></a>country”.

How Tetra Pak’s technology is enabling access to safe food across extreme ends of India

<ul><li><keyword id="3581608" type="PERSON" weightage="20" keywordseo="Aditya-Birla-Idea-Payments-Bank">Aditya Birla Idea Payments Bank</keyword> becomes the fourth payments bank to close down operations.</li><li>The Reserve Bank of India had given the approval for setting up of payments banks in 2015.</li><li>Currently, <keyword id="6385180" type="ORGANIZATION" weightage="20" keywordseo="airtel-payments-bank">Airtel Payments Bank</keyword>, Fino Payments Bank and <keyword id="3236791" type="PERSON" weightage="20" keywordseo="Paytm-payments-bank">Paytm Payments Bank</keyword> have the top ranking in the business.</li></ul>The Aditya Birla Idea Payments Bank is shutting shop, and has asked customers to transfer their deposited money by July 26. In a notification to the BSE, Vodafone Idea said that the reason for the shutdown was “unanticipated developments in the business landscape that have made the economic model unviable.” When the Reserve Bank of India gave its approval for setting up payments banks in 2015, as many as 11 major companies had signed up to be a part of it. Cut to 2019, already four of them have closed down their business – Tech Mahindra, Cholamandalam Investment and Finance Company, IDFC Bank and Telenor Financial Services. Now, Aditya Birla Idea Payments Bank joins this list. Many players have been finding it tough to navigate this business. Paytm Payments Bank had to stop its operations temporarily after an RBI audit regarding the acquisition of new customers through the KYC process. The bank re-started work after an approval from RBI. Payments banks have shown losses for the second consecutive year. RBI report showed that for FY18 cumulative losses from payments banks stood at ₹516.5 crores. “The losses of payments banks are attributed to high operating expenses as large capital expenditure had to be incurred in setting up initial infrastructure. It may take some time for payment banks to break even as they expand their customer base by offering their unique banking products,” RBI said in the <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/payments-banks-see-second-straight-year-of-losses/articleshow/67343095.cms">report</a>. RBI governor Shaktikanta Das believes one needs to give time to payments banks to cut through the challenges. In an interview with the <a href="https://timesofindia.indiatimes.com/business/india-business/privatisation-can-wait-give-time-to-see-results-of-banks-consolidation/articleshow/70322578.cms">Times of India</a>, Das said, “Payments banks started functioning about two-three years ago, so it’s a new concept, it’s a new model. We have a regulatory framework for that and let the system evolve. At the moment, there is no proposal to change the payments banks model, but we will study it and see how they are functioning. There are payments banks which are doing well.” Meanwhile, Airtel Payments Bank, which recently got the <a href="https://timesofindia.indiatimes.com/gadgets-news/airtel-payments-banks-ranked-as-indias-number-one-bank-report/articleshow/69959443.cms">numero uno </a>payments bank tag from the Ministry of Electronics and Information Technology (MeitY), got fresh capital of ₹325 crores from its parent companies – Bharti Airtel and Bharti Enterprises. Following Airtel in the ranking list are Fino Payments Bank and Paytm Payments Bank. Payments banks are barred from lending and can accept deposits of upto ₹1 lakh. According to reports, the RBI had said that payment banks saw a total deposits of ₹940 crore until December 2018.

A 17-month old Indian Payments bank backed by $41 billion Aditya Birla Group has shut shop

India’s government-operated postal system <keyword id="452884" type="COMPANY" weightage="100" keywordseo="IndiaPost">IndiaPost</keyword> has planned to start the first 50 branches of its payments bank, called India Post Payments Bank (<keyword id="3389889" type="UNKNOWN" weightage="100" keywordseo="IPPB">IPPB</keyword>), by May next year, with a motive to widen financial inclusion in the country. 
 Eventually, it plans to have 650 branches across the country by September next year, a top official of the <keyword id="53988" type="ORGANIZATION" weightage="100" keywordseo="Department-of-Posts">Department of Posts</keyword> told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/indiapost-plans-50-payments-bank-branches-by-may/articleshow/53332937.cms">ET</a>. 
 A final proposal will be deposited to the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> by February 2017, as the central bank had given a deadline of March 2017, and in the meantime, the required management and technology would be brought into place, said SK Sinha, secretary, Department of Posts, told ET. 
 
Department of Posts was one of the 11 applicants that were given the RBI approval to open payments bank, out of which three backed out. The remaining entities are Aditya Birla Nuvo, Airtel M Commerce Services, Fino PayTech, National Securities Depository, Reliance Industries, Tech Mahindra and Vodafone m-pesa. 
 
For IPPB, IndiaPost will hire almost 2,000 people across 155,000 post offices. 
 
"There will be nine board members, five from outside and four internal people from the department, including the CEO," said Sinha. 
 
<a href="https://4.bp.blogspot.com/-tDjtt-skIAE/Vu179zE82UI/AAAAAAAACkU/3ekyY1mYARc6WnUvO3WVx1ZvcMzL-a6SA/s1600/DSC_0387.JPG">Image source</a>

IndiaPost aims to open 50 branches of payments bank by May next year

Having ruled like a king in the Internet wallet segment , Paytm has some serious competition from Snapdeal-owned Freecharge. Snapdeal-owned online recharge and utility payments platform Freecharge has launched a digital wallet. The combination of Freecharge and Snapdeal will create one of the largest mobile commerce ecosystems," Freecharge Cofounder Kunal Shah told The Economic Times. 
 
The company is planning to provide for nearly Rs 1,000 crore of cashbacks through the wallet as festive shopping picks up during October-December. 
 
The new wallet, which will allow consumers to make payments for transactions on both Freecharge and Snapdeal, is expected to strengthen the ecommerce company's position as it battles two of India's largest ecommerce companies, Paytm and Flipkart. 
 
Freecharge has tied up with YES Bank to launch the wallet. During the launch, new Freecharge Chief Operating Officer Govind Rajan took a jab at Paytm, comparing the two apps on features such as app size and transfer charges to the bank. Freecharge has also partnered with the payment bank licensee FINO to build scale and to reach out the underserved population, it said in a statement. 
 
Alibaba-backed Paytm recently received a payment bank licence from the Reserve Bank of India. Paytm, which owns a prepaid wallet licence already, claims to have more than 100 million wallet users in the country.

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