UPSCBANKINGSTATE-PSC
Fino Payments Bank gets RBI nod for SFB conversion, expanding its financial services.
Summary
Fino Payments Bank's shares dropped despite receiving in-principle approval from the RBI to transition into a Small Finance Bank (SFB). This move marks a significant development in the Indian banking sector, allowing Fino to broaden its offerings and customer base.
Key Points
- Fino Payments Bank received RBI's in-principle approval.
- Fino Payments Bank is the first Payments Bank to get approval for SFB conversion.
- The transition aims to expand product portfolio and lending operations.
- The share price fell by 6%.
Full Article
Fino Payments Bank fell 6% to Rs 295.75 even after becoming the first Payments Bank in India to get RBI’s in-principle approval to convert into a Small Finance Bank (SFB). The transition is aimed at expanding its product portfolio, lending operations, and customer reach.
#business#economy#upsc#banking#ssc#rbi