Fino Payments Bank has received the Reserve Bank of India’s approval for commencing international remittance business under the Money Transfer Service Scheme (MTSS).
The Bank, in a statement, said it will be undertaking inward cross-border money transfer activities in association with an overseas principal, the details of which are being worked out. It also has plans to commence outward remittance services soon.
Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, the Bank will be ready to offer the inward remittance services to its customers by Q1 (April-June) FY23. The Bank will also look at having this product on our mobile application as well, he added.
Spike in remittance
“There is a major inward remittance corridor in States like Gujarat, Punjab, Kerala, Uttar Pradesh and Bihar. We already have scaled up our merchant presence in all these geographies. We are therefore confident that the new offering will gain traction very quickly. We also expect to shore up more subscription-based saving accounts due to this initiative as customers would prefer to park the remitted money in a Fino Bank account itself,” Ahuja said.
The Bank said the money remitted by family members abroad can now be directly withdrawn at the nearest micro-ATM or Aadhaar-Enabled Payment Services (AEPS) enabled by its neighbourhood merchant point.
Fino Bank said its network of over 8 lakh merchants across the country, as of September 30, 2021, provides immense convenience to access domestic as well as cross border remittances. Going forward, the Bank will be open to partnering with more leading money transfer operators (MTOs) to widen its horizon across different countries, as per the statement.