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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><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>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>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

Next year is going to be busy for HR experts and recruiters as 11 <keyword id="2419127" type="UNKNOWN" weightage="20" keywordseo="payment-banks">payment banks</keyword> are expected to start operations over next 24 months. 
 
Head-hunters believe that once these payment banks get in-principle nod from the <a href="http://www.businessinsider.in/searchresult.cms?query=rbi">Reserve Bank of India</a>, more than 1,500 jobs will be generated with up to Rs 1.50 crore salaries. 
 
After getting RBI’s green flag, these payment banks can begin operations in 18 months and will be allowed services like taking deposits, offer payments and remittance services, issue debit cards and act as agents for commercial banks. 
 
However, they won’t be able to be a lender. 
 
HR experts say there will be 370 mid-level executives and over a thousand junior-level vacancies and work will revolve around product, sales and distribution, merchant acquisition, strategic alliances, operations, and regulatory and compliance. 
 
"We expect a spike in demand for talent from liability product teams of transaction banking; digital product teams of retail banks or ecommerce platforms; and merchant acquisitions, sales &amp; distribution talent from insurance companies retail banking and FMCG companies" Ayesha D'Souza, head of global banking and markets at Vito India, told ET. 
 
Meanwhile, recruiting won’t be that easy also as experts are of the opinion that major scarcity is seen in regulatory roles, compliance roles, business solution teams, etc. 
 
Out of 41, only 11 applicants were awarded a permit for the time being. 
 
Calling it a significant and important step from the RBI, finance minister Arun Jaitley had said he expected payments banks to reach out to people in rural areas. "Payments bank will ensure more money comes into banking system. Various banks are looking at increasing their rural reach, including big banks like SBI. Payments banks will help them realise this," Jaitley had said. 
 
(Image: Thinkstock)

RBI’s nod can create 1,500 jobs and salaries up to Rs 1.50 crore! Here’s how

<ul><li>Fino Payments Bank is likely to announce its share allotment status on November 9.</li><li>The public issue of the Mumbai-based fintech company Fino Payments Bank has been subscribed 2.03 times on the third and final day of the issue on November 2.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>Navi Mumbai-based fintech company Fino Payments Bank is likely to announce the allotment status of its initial public offering (IPO) on November 9. 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. <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;">Subscription 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;">1.65 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> The IPO was open for subscription from October 29 to November 2 with a price band of ₹560-577 per share. 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 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. 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. Further, <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">analysts are 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/stock-market/news/reliance-industries-tata-motors-britannia-and-other-hot-stocks-on-november-8-as-markets-reopen-after-diwali/slidelist/87576915.cms">Reliance Industries, Tata Motors, Britannia and other hot stocks on November 8 as markets reopen after Diwali</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/how-to-subscribe-to-paytm-ipo-on-zerodha-paytm-money-banks/articleshow/87510232.cms">Paytm IPO will open today — here is how to apply via bank and apps like Zerodha, Paytm Money</a>

Fino Payments Bank IPO allotment tomorrow, investors had oversubscribed by over 2 times

<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

The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has given permission to digital mobile wallet <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> to officially launch its <keyword id="2324069" type="UNKNOWN" weightage="20" keywordseo="Payments-Bank">payments bank</keyword>. The central bank had in-principle approved the <keyword id="3236791" type="UNKNOWN" weightage="20" keywordseo="Paytm-payments-bank">Paytm payments bank</keyword> last year in August. 
 In a blog, Paytm’s <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> wrote the Paytm Payments Bank will build a new business model in banking industry. 
 
Paytm has been hogging headlines, especially after demonetisation. Now, it is also likely that Sunil Munjal and Saroj Poddar will buy a stake in Paytm, which may touch valuation of $6 billion if all goes well. 
 
Meanwhile, the payments bank will be another feather in Paytm’s hat. Paytm has been hiring in the top order for it. 
 
Post formal nod by RBI for payments bank, Here’s what Sharma wrote in his blog: 
 
Today, Everything changes, Again. 
From Payments to Payments Bank. 
Exactly three years ago, on January 3rd 2014, we launched our mobile wallet — Paytm. Today, Paytm has become the category leader and changed the way India pays. 
From villages to cities, from corner vegetable stalls to milk booths, small shops to large retailers, everyone embraced the new way to pay by Paytm. 
Now, we are embarking on a new and even more exciting journey. 
Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you. 
At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to 100’s of millions of un-served or underserved Indians. 
With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking. 
This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank. 
In this journey, we will keep our heads down, work harder, and remember these three guiding principles: 
 
 
 
 
 India, let’s build it together.

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