Fino Payments not planning to turn into small finance bank 'right now': CEO

Company is only profitable payments bank and 'lot of things need to settle down first' for it to consider seeking a licence for conversion, says Rishi Gupta

Fino Payments, India’s only listed payment bank, is not keen to become a small finance bank immediately though it will be eligible to be when it completes five years in June 2022.

The Reserve Bank of India (RBI), while accepting several recommendations of an internal working group that reviewed norms on ownership and corporate structure of private lenders, said last month payment banks would be eligible to become a small finance one when they complete five years of operation. The conversion is not automatic, requiring the banking regulator’s approval.

“Right now, there are no plans for converting into a small