Fino Payments Bank (FPB) plans to double the number of its banking points in Andhra Pradesh and Telangana this fiscal from the existing 8,000 such facilities that typically operate from small, neighbourhood shops. “We have 8,000 such [banking] outlets of which 900 are in Hyderabad. We intend to atleast double the number this financial year… beyond 15,000-16,000 is our plan,” Shailesh Pandey, chief sales and distribution (west & south).
According to a release, to increase the reach of banking services among the mass market customers, Fino Payments Bank has adopted ‘Gully Gully Fino’ approach as part of which it added neighbourhood stores such as kirana shops, stationery shops, mobile repair stores as banking points.
There also are plans to provide banking services through all the 1,300 petrol bunks of Bharat Petroleum Corporation Ltd (BPCL) in the two States. At present the facility is available at 350 outlets of the oil marketing company, which is the largest investor in Fino Payments Bank.
For the bank, people with monthly income in the ₹10,000-40,000 band are prospective customers and since many of them are unable to take time off from work, Fino has set in place a model to offer several banking services post the regular banking hours.