Fino Payments Bank Ltd Company Summary

Fino Payments Bank Ltd Summary

The Bank was incorporated as Fino Fintech Foundation on 23 June 2007.Pursuant to surrender of the license under section 8 of Companies Act, 2013, the name was changed to Fino Fintech Private Limited and a fresh certificate of incorporation dated 15 December 2015 was issued by Registrar of Companies, Maharashtra at Mumbai. Thereafter, pursuant to the conversion of the Bank to a public limited company, the name of the Bank was changed to Fino Fintech Limited on 03 February 2017. The Promoter, Fino PayTech Limited, was granted an in-principle approval to establish a payments bank (Payments Bank), by the RBI, pursuant to its letter dated 07 September 2015. Subsequently, the Bank received the final approval of the RBI to carry on the business as a Payments Bank on 30 March 2017. Pursuant to receipt of approval by RBI, the name of the Bank was changed to Fino Payments Bank Limited on 04 April 2017. The Bank commenced its business operations on 30 June 2017.The bank is a wholly owned subsidiary of FINO PayTech Ltd which is engaged in providing business and banking technology platform based solutions and services related to financial inclusion.The bank is engaged in providing a wide range of financial services to the rural,poor and underserved and unserved classes. Fino Payments Bank offers a diverse range of financial products and services that are primarily digital and have a payments focus, and operates an asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial relationships. In the FY2021 and the three months ended 30 June 2021, its platform facilitated approximately 43.5 crore and 12.33 crore transactions, respectively and had gross transaction value of Rs 1,32,930.69 crore and Rs 39,035.99 crore, respectively.In the month of October 2021,the bank come out with an Rs 1200.29-crore IPO comprised a fresh issue of Rs 300 crore and an offer for sale of Rs 900.29 crore by the promoter.The proceeds from the fresh issue will get utilised for augmenting banks tier-1 capital base to meet its future capital requirements.The IPO shares were issued and allotted at a price of Rs 577 per share including the premium of Rs 567 per share.The allotted shares were listed on the BSE Ltd and National Stock Exchange of India Ltd(NSE) on 12 November 2021.