Fino Paytech applies for payment bank licence

Fino Paytech, one of the biggest business correspondent players in the country, today said it has applied for payment bank licence.
"We are already working in this space with a fair understanding of customer requirements and the expertise of servicing them using technology," Fino Paytech Chief Operating Officer and Executive Director Rishi Gupta said in a statement.
The nine-year old company has served over 80 million people. It provides access to banking services in remote rural locations.
"Given this background, we feel payment bank is a natural progression for us," Gupta added.
The announcement comes a day after Kotak Mahindra Bank tied up with Bharti Airtel for its payments bank, while SKS Microfinance announced that it will be applying for a small finance bank licence.

The final date for applications for both the new banks is February 2.