Fino Payments Bank, which started operations in 2017, will increase the number of touch points across West Bengal and the North Eastern part of the country, an official said here on Monday. Currently, the bank has around 35,000 touch points across all districts in West Bengal, Darpan Anand, senior divisional head (north and east) told reporters here.
There are close to nearly 15 lakh such touch points of Fino across the country. These touch points provide banking services using micro-ATM and Aadhaar-enabled payment systems.
Anand said that the touch points are located mainly in the industrial hubs and rural areas.
Payments banks can take deposits, allow withdrawals and do other banking activities besides lending, he said.
Anand said that Fino also applied to the Reserve Bank of India (RBI) to get the small finance bank (SFB) license last month.
Lending is allowed by SFB, which will help expand its business, he said.
Listed on the stock exchanges two years ago, some of the major investors of Fino Payments Bank include Bharat Petroleum Corporation, IFC and Blackstone among others.