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NEW DELHI: Fino Payments Bank (Fino Bank) has received the Reserve Bank of India’s (RBI) approval for commencing referral services of fixed deposits and recurring deposits as a business correspondent of Suryoday Small Finance Bank (SFB). This service will cover Fino Bank’s 3.9 million customers and is expected to go live from second quarter (July-September) of FY2.
Fino Bank is a subsidiary of Fino Paytech, which is backed by investors such as Bharat Petroleum Corp. Ltd., ICICI group, Blackstone, IFC, Intel, Life India Corp., among others.
Fino Bank had earlier partnered with Suryoday SFB for offering sweep account facility to its customers, to address the ₹1 lakh end-of-day deposit limit, which was later revised to ₹2 lakh.
The latest partnership will expand the range of products that Fino Bank offers its customers.
According to a press release, in addition to these deposits with Suryoday SFB, Fino Bank will soon commence international remittance services with a partner that received the RBI approval in January 2022. The bank also cross sells business loans, life and general insurance, and gold loan referrals.