Fino Payments Bank secures approval from RBI


Valentina Vitali
Valentina Vitali
Research Analyst
Valentina is a Research Analyst and passionate about payments and fintech. Valentin enjoys analysing money transfer companies and the market. In her work, Valentina analyses payments data… Read more
  • Fino Payments Bank, which is based in India, has confirmed that it has been given the green light to operate as a money transfer provider by the Reserve Bank in the country.
  • The loved ones of those who transfer cash will be able to extract the money at a micro-ATM.
  • “In sync with our digital strategy to enhance customer experience, we will also look at having this product on our mobile application as well,” said a senior figure at the company.

Fino Payments Bank, a leading bank in India, has announced that it has been approved to send inward online money transfers by a regulator in the country.

It has been given the green light for action by the Reserve Bank of India (RBI), which governs the payments sector in the country.

The bank has been told that it can now begin international remittance work as part of the Money Transfer Service Scheme, which is known as MTSS for short.

The bank will now be putting together inbound money transfer transactions as a designated overseas principal.

The move will mean that those who are based outside of India will now be able to send cash to their loved ones back in the country via the bank.

Those loved ones will be able to extract the money at a micro-ATM, press reports indicated.

It will also be possible to collect them at a so-called ‘neighbourhood merchant point’, provided that the point is enabled with Aadhaar.

In a statement, a senior figure at the bank said that product innovation was central to its plans – and would also help push the bank forward.

Major Ashish Ahuja, who serves as the chief operating officer of the organisation, said that remittances helped improve the company’s product offer.

“Continuous product innovation is one of the core pillars of our model. International remittance further enhances our transactions-based product offerings,” he said.

He went on to say that things would get moving by Q1 2023.

“We will be ready to offer the inward remittance services to our customers by Q1 FY23. In sync with our digital strategy to enhance customer experience, we will also look at having this product on our mobile application as well,” he explained.

He added that the move was a big “step forward”.

“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,” he said.

If you would like to uncover more about what’s going on in the cross-border payments sector, we’re here to help – just visit our reviews section to get all the data you need on what’s happening.

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