Fino Payments Bank signs Rajcomp as business correspondent

Fino Payments Bank has singed up Rajasthan government's Rajcomp as its corporate business correspondent to give banking services to people in the state.

Under the agreement, all the 55,000 e-Mitra points of Rajcomp across the state will act as banking points of Fino Payments Bank, a company official said today.

The bank already has a network of branches, over 1,000 merchant points and around 60 operational outlets of BPCL.

"Tie-up with RajCOMP is in line with our strategy of anywhere, anytime banking. Through this association, we will be able to increase our reach in all 33 districts of Rajasthan," Fino Payments Bank MD and CEO Rishi Gupta told reporters at a press conference.

He said the company expects increase in customer engagement at the e-Mitra points and transactions at these points will grow by over 400 per cent from existing level.

Gupta said the company's roughly revenue was Rs 50 lakh per month with nearly 2.5 to 3 lakh transactions per month.

Fino Payments Bank's Associate Vice President Rajesh Kachhawa said the company has provided services to 61 lakh people since 2014 and expects 1 million transactions per month in a year's time.

He said the company has four branches in Rajasthan, which they aim to increase over 25 branches in next two years.