Fino Payments Bank has received in-principle approval from the Reserve Bank of India (RBI) to convert its operations into a Small Finance Bank (SFB), becoming the first payments bank to achieve this milestone. This marks a significant shift for the company, allowing it to expand its offerings by providing loans, a move that was previously not permitted under the payments bank model. Advertisement

Fino, which is currently the only publicly listed payments bank in India, will now be able to offer a range of financial services beyond its existing business model. While traditional payments banks, including competitors like Airtel Payments Bank, India Post Payments Bank, and Jio Payments Bank, are limited to investing deposits in government securities or bonds, Fino will be allowed to offer o

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