Fino Payments Bank organised awareness camps in Government and Private Schools across rural areas in Maharashtra, Gujarat, Madhya Pradesh, Telangana, Karnataka, Goa and Kerala.
Representatives of Fino Payments Bank explained the importance of savings to school kids and how they can inculcate this habit in a disciplined way by opening a children’s specific bank account.
More than 10,000 children across 150 schools in these states benefited from the initiative and during the camps kids even opened Minor Savings Account with Fino, an appropriate gift that will help them build a great future!
Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others. Frugal innovation is the key that has given the fintech a leadership position at the middle of the pyramid which primarily constitutes emerging India customers. The Mumbai‐based Bank operates on an asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial relationships.
The Bank’s platform had facilitated more than 67 crore transactions with a gross transaction value of over ₹1.87 lakh crore in financial year 2021-22. The Bank turned profitable in the fourth quarter of 2019-20 and has been profitable in subsequent quarterly periods. It registered a profit of ₹42.74 crore in 2021-22.
In Q2 FY23, the Bank facilitated transactions worth ₹60,552 crore of which more than ₹50,000 crore were processed by its phygital network alone. The Bank registered a PAT of ~₹14 crore in the second quarter of FY23.
