Key Highlights
- Fino Payments Bank is the first payments bank to receive in-principle approval for conversion to a small finance bank.
- The approval allows Fino to broaden its range of banking services.
- Fino applied for the small finance bank license in December 2023.
- The Reserve Bank of India’s guidelines facilitate this transition for eligible payments banks.
- The in-principle approval allows Fino time to meet specific conditions before receiving a final license.
