Fino Payments Bank Limited (FPBL) is an India-based scheduled commercial bank, which is engaged in providing digital-based financial services. Fino Payments Bank is the Digital Banking Partner for millions of hardworking Indians. The bank operates with a clear mission to serve the underserved and unbanked population, particularly in rural areas, through innovative digital banking solutions.
We are present in 90% of India's districts with over 724,671 banking outlets, 54 Bank Branches and 130 Customer Service Points. This extensive network makes Fino Payments Bank one of the largest financial inclusion networks in India, focusing on bringing banking services to the doorstep of customers who have traditionally been excluded from formal banking systems.
Fino Payments Bank offers a diverse range of financial products and services that are primarily digital and have a payments focus, and operates an asset-light business model that principally relies on fee and commission-based income generated from its merchant network and strategic commercial relationships. The bank's innovative approach combines physical presence with digital technology in what they term their "phygital" delivery model.
We operate an asset-light business model where each Banking Outlet (merchant) serves the banking and financial needs of its community, which in turn forms the backbone of our assisted-digital ecosystem, referred to as our "phygital" delivery model (i.e., a combination of physical and digital). Through the "phygital" delivery model, our merchants on-board customers and facilitate transactions, ensuring our network grows and our products and services are more accessible to a broader range of consumers throughout India, making us the truly Local National Bank.
The bank offers a comprehensive suite of financial services including savings accounts, current accounts, BPay mobile banking and wallet applications, loans, and insurance services. The Company's savings account offers Aarambh savings account, Suvidha savings account, Shubh savings account, Pratham savings account, Saral salary account, Bhavishya savings account, and Jan savings account. The Company's current account offers Pragati current account and Sampann current account.
Fino Payments Bank Limited was incorporated on 23 June 2007 as Fino Fintech Foundation and changed its name to Fino Fintech Private Limited on 15 December 2015 following the surrender of its license under Section 8 of the Companies Act 2013. The RBI approved the Bank to carry on the business as a Payments Bank on 30 March 2017, following which, the name was changed to Fino Payments Bank.
Resulting from the IPO, the Bank became the first Payments Bank in India to list on the stock exchanges. Its name was included in the Second Schedule of the Reserve Bank of India Act, 1934, dated January 01, 2021, and accordingly, the Bank became a Scheduled Bank effective from the said date. On 30 October 2021, the bank floated an IPO with a size of ₹1,200.29 crore, ₹950.29 crore of which was an Offer For Sale by the promoter. The shares were issued and allotted at ₹577 per share and were listed on BSE Ltd & NSE on 12 November 2021.
Fino Payments Bank currently has a market capitalization of ₹2,544 crore. The company has demonstrated robust financial performance and growth trajectory.
Recent financial highlights:
- Total Operating Income: Rose 30.11% to ₹195.23 crore in the year ended March 2025 as against ₹150.05 crore during the previous year ended March 2024.
- Net Profit: Rose 7.32% to ₹92.53 crore in the year ended March 2025 as against ₹86.22 crore during the previous year ended March 2024.
- The bank has achieved a 25% year-on-year revenue growth and a 26% increase in profit before tax, driven by strong customer engagement and a growing digital segment.
- Market Capitalization: ₹2,544 Crore
- Revenue (FY2024-25): ₹195.23 Crore
- Profit (FY2024-25): ₹92.53 Crore
- Promoter Holding: 75.0%
- Stock Valuation: Trading at 3.54 times its book value
- Dividend Policy: Though the company is reporting repeated profits, it is not paying out dividends.
- 1-Year Stock Performance: Down -3.55%
Fino Bank has applied to the Reserve Bank of India (RBI) for a license to convert into a Small Finance Bank in 2024. This strategic move represents a significant expansion opportunity that would allow the bank to offer a broader range of financial services including lending products.
Significant investments in technology aim to bolster digital capabilities and improve customer experience, particularly in underserved markets. The bank has been focusing on enhancing its digital offerings, including the launch of innovative products and services to deepen customer engagement.
The Bank acquired a 7.98% stake in PaySprint Private Limited in 2024. This acquisition demonstrates the bank's commitment to expanding its fintech capabilities and strengthening its position in the digital payments ecosystem.
Over the last 5 years, revenue has grown at a yearly rate of 31.84%, versus the industry average of 16.68%, showcasing the bank's superior growth performance compared to industry peers. The bank's focus on financial inclusion and digital banking positions it well to benefit from India's ongoing digital transformation.
While challenges such as regulatory scrutiny and competitive pressures on margins persist, the transition to a Small Finance Bank is expected to enhance scalability and operational efficiency. Despite these challenges, the bank's strong fundamentals and strategic positioning in the underserved market segment provide a solid foundation for future growth.
Recent regulatory developments include an RBI imposed ₹29.60 lakh penalty on Fino Payments Bank for licensing guideline non-compliance. However, the bank continues to maintain its focus on compliance and regulatory adherence while pursuing growth opportunities.
