Fino Payments Bank

Finance Ministry sources say probe has flagged GST evasion, shell entities and payment aggregators in alleged banned online gaming operations, leading to arrest of a senior bank official

The outreach comes at a time when FM Sitharaman on social media platform X took note of the issue and said she will check on it

Fino Payments Bank says its MD Rishi Gupta and the bank had no role in alleged GST violations linked to programme managers; Finance Minister Nirmala Sitharaman says she will review the issue

Around 1:10 PM, Fino Payments Bank share price was trading near day's high, up 7.98 per cent at ₹225.35. In comparison, BSE Sensex was trading 0.31 per cent higher at 82,114.27 levels.

Profit-taking and a broader selloff drive the record fall, even as the bank gets 18 months to transition into a small finance bank with a cautious lending plan

Fresh off its RBI nod, Fino Payments Bank plans a cautious but differentiated path as it transitions into a small finance bank-with digital scale, low-cost liabilities and secured lending at its core

A payments bank is eligible to apply to transition into an SFB after completing five years of operations, subject to meeting compliance and regulatory requirements

Fino Payments Bank settled proceedings with the Securities and Exchange Board of India related to alleged violations of disclosure norms under the Sebi Regulations

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The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on Fino Payments Bank Limited for non-compliance with certain directions on 'Licensing of Payments Banks'. The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024. Based on supervisory findings of non-compliance and related correspondence in that regard, the Reserve Bank said, a notice was issued to the Fino Payments Bank, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's reply to the notice and oral submissions made during the personal hearing, the central bank found that the charge against the bank was sustained, warranting imposition of monetary penalty, it said. "The bank breached the regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions," the

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Fino Payments Bank surged 8 per cent on the BSE to hit an over two-year high of Rs 449.95 in Thursday's intra-day trade.

Fino Payments Bank on Tuesday reported a 14 per cent growth in March quarter net profit to Rs 25.21 crore. The Navi Mumbai-headquartered bank had reported a net profit of Rs 22.08 crore in the year-ago period. Net profit for the 2023-24 financial year rose to Rs 86.22 crore from the year-ago period's Rs 65.08 crore, as per an exchange filing. Its Chief Executive and Managing Director Rishi Gupta said this is the highest profitable quarter and it has also reached the milestone of having 1 crore customers, which gives him greater confidence about the future growth. The overall revenue increased 24 per cent to Rs 401 crore during the reporting quarter on the back of a 52 per cent rise in throughput. The operating profit came at Rs 54.2 crore for the January-March period, 26 per cent higher than the year-ago period. The Fino scrip closed 1.03 per cent down at Rs 291.90 apiece on the BSE on Tuesday as against a 0.25 per cent correction on the benchmark.

On a sequential basis, the company's net profit rose 10 per cent from Rs 22.80 crore in Q3 FY24

The Mumbai-based Fino Payments Bank has appointed Anita Sudhir Pai and Neeta Mukerji as additional directors in the capacity of independent directors of the bank

Fino Payments Bank on Wednesday reported a 19 per cent rise in net profit to Rs 22.8 crore in the December quarter. The Navi Mumbai-headquartered entity had reported a net profit of Rs 19.1 crore in the year-ago period. Its overall revenues grew 18 per cent to Rs 370.2 crore from Rs 314.1 crore in the year-ago period, a statement said. The revenues in the September quarter were Rs 358.6 crore. The operating profit grew 30 per cent to Rs 50.5 crore during the quarter, largely on the back of operating costs growth being curtailed at 16 per cent. The bank saw a 36.5 per cent jump in throughput at Rs 2.55 lakh crore during the December quarter, while the number of transactions was up 74 per cent at 149.2 crore. The Fino Payments Bank scrip gained 1.3 per cent to close at Rs 331.2 apiece on the BSE on Wednesday, as against gains of 0.86 per cent on the benchmark.

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According to the guidelines, payments banks were allowed to apply for a conversion into SFB post five years of operations along with meeting other guidelines mandated by the RBI

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