In December 2025, the Reserve Bank of India (RBI) granted in-principle approval to Fino Payments Bank Limited (FPBL) to convert into a Small Finance Bank (SFB), becoming the 1st Payment Bank(PB) in India to get such approval.

This conversion will enable the FPBL to accept larger deposits, provide loans, and credit facilities to individuals and small enterprises, and expand its customer base and services.

Key Details of Approval:

Background: FPBL, which was operationalized in 2017, had applied for a SFB license in December 2023.

Approval Granted Under: Fino’s application for SFB license was examined under the ‘On Tap’ Licensing of SFBs in the private sector , aimed to promote financial inclusion and competition.

Additional Condition: Also, the conversion of branches of PB

See Full Page