Fino Payment Bank: Case Study, Company Profile, Founding Team, and Many More

The ongoing pandemic has paved the way for many online banks, shops, businesses, and coaching institutes. It has guided us to a new and modernized India. Through digital banks, users can enjoy all the facilities through their mobiles and computers. It increases accuracy, cost savings, business efficiency, competition, and customer satisfaction. It also reduces the risk of stealing, damage, fraud, and misplacement of cash and cards. So let us know about one such digital bank of India called the Fino Payment Bank.

ABOUT FINO PAYMENT BANKS:

Fino Payments Bank is a digital banking system that serves the banking and financial needs of consumers. It provides the most convenient solutions to make the customer financially independent. The bank understands its customers and allows them to perform banking transactions anytime and from anywhere. There are 54 branches, 6.41L Banking Outlets, and 143 Customer Service Points for a convenient banking experience. It also offers mobile banking, easy shopping, paperless banking, ATM facility, and instant money transfer. Fino Payment Bank also generates rural employment, reduces migration, encourages social transformation, and improves the quality of life.

FOUNDING TEAM MEMBERS Of FINO PAYMENT BANKS:

After knowing about the fino payment bank, let us know about its founders and managing team. Fino Payment Bank came into existence in 2006 and functions from its headquarters in Mumbai, Maharashtra. Rishi Gupta is the MD and CEO of the Fino Payment Bank. He has completed his bachelor’s in commerce from Delhi University and is a certified chartered accountant. Before joining the fino payment bank, his associations include ICICI Bank Ltd, Maruti Udyog Ltd, and International Finance Corporation. He is a member of ICAI, ICWAI, Fino PayTech Ltd, and the Business Correspondent Federation of India (BCFI). Rishi Gupta has also received the CFO 100 Roll of Honor, CA Entrepreneur Path Breaker, and 100 Top Most Influential BFSI Leaders award.

Ketan Dhirendra Merchant, the CFO of the Fino Payments Bank since Feb 2019. He has obtained a bachelor’s degree in commerce from Mumbai University and is a certified chartered accountant. He has also worked with M Holdings Ltd, Standard Chartered Bank, Digicel Central Resources Ltd, and Barclays Shared Services Ltd. Ashish Ahuja, the Chief Operating Officer since June 2020. He was a Major in the Indian Army for 11 years and worked as a Deputy General Manager at ICICI Bank. Anand Bhatia, the Chief Marketing Officer, has obtained a post-graduate diploma in management from IIM Lucknow. He has also worked with Career Launcher India, Subhiksha Trading Services, and Ormax Money Private Ltd.

Shailesh Pandey is the Chief Sales Officer of the Fino Payment Bank. He has worked with ICICI Prudential Life Insurance Company, BPL Mobile Communications, and Aviva Life Insurance Company India. Vinod Kumar KB, the Senior Vice President of the business technology department. Previous works include K-info systems, ICICI Bank, and Teletech Services India. Pratima Pinto Thomas is the head of the Human Resource and Facilities Management department. She has served in the Indian Army for ten years. Her previous work experiences: Vijay Sales, BDO India, and The Mobile Store Ltd. Basavraj Loni, the company secretary and legal advisor of the bank. He has worked with Mahindra & Mahindra Finance, Raj Oil Mills, and GOL Offshore Ltd.

JOB OPPORTUNITIES (FINO PAYMENT BANKS):

Fino Payment Bank focuses on making its customers and employers financially independent. It provides exciting rewards to the employees who show exemplary performances. The company also encourages innovative ideas, foresight vision, and new techniques to beat its competitors. It has a section called POWER that focuses on the empowerment and commitment towards its employer’s career. Fino Power stands for People, Organization, Work, Employee Centricity, and Reward. Current openings include Alliances, Bank Sales, Corporate Finance, Human Resources, Central Operations, and Business Technology.

People framework includes socializing, transparent communication, and approachable top management. Organization means a good working place, good governance, brand imaging, and achieving higher goals. Excellent focus, peer recognition, and prompt internal services are essential for good work. Clear KPI, L&D mechanisms, Flexi Benefit, Compensation, and Benchmarking are employee rewards. The bank: Administration, Legal, Secretarial, Digital, PR, Treasury, Risk Management, and Customer Service jobs.

SAVINGS ACCOUNT FACILITY (FINO PAYMENT BANKS):

Fino Payment Bank offers Savings account, current account, BPay, Cards, UPI, FASTag, Referral lending, and Sweep Account Facility. There are six main types of saving accounts. Let us discuss them one by one. Shubh Savings Account requires zero monthly average balance, Free RuPay Platinum debit cards, and five ATM transactions per month. It also offers 6.25% ROI on sweep account, Aadhar seeding LPG subsidy, and Accidental Insurance disability cover of Rs 2 Lakh. The Pratham Savings Account allows instant account opening, debit card activation, and fund transfer through IMPS. It also provides access to Aadhar seeding DBT benefits, BPay, and Internet & Mobile Banking facilities.

Saral Salary Account offers an easy way for organizations to deposit salaries to their employees. It allows any Indian resident above 18 years of age to have a zero balance account, SMS alerts, and free monthly email statements. Suvidha Savings Account offers many flexible benefits like saving and withdrawing, converting liquid funds, an IMPS transfer facility, and free SMS alerts. Bhavishya Savings Account allows every parent to save money for their child’s future. It also offers a scholarship subsidy and free cash deposits of Rs 25000 per month with annual subscription charges of Rs 349. The Jan Savings Account allows customers to earn 2.75% ROI on Rs 2 Lakh, free four withdrawals, two Balance inquiries, and a free limit for AePS transactions.

CURRENT ACCOUNT OPENINGS(FINO PAYMENT BANKS):

The bank allows every individual to save money in the two types of current accounts. This account is advantageous for people who prefer low-cost investments for a shorter period. Generally, the people who wish to start a new business as a Sole Proprietor and invest in securities prefer current accounts. The Pragati Current Account requires a monthly average balance of Rs 2500 in rural areas and Rs 5000 in urban areas. Facilities like instant fund transfer, free cash deposits, BPay, internet banking, RuPay Platinum Debit Card, and insurance coverage up to Rs 2 Lakh are available. The Sampann Current Account allows the customers to keep all their valuables and cash in the account. It requires no minimum monthly balance, free SMS alerts, and cash deposits up to Rs 500000. It also offers a free RuPay Platinum debit card, doorstep banking facility, and accidental insurance cover of up to Rs 2 Lakh.

UPI AND DEBIT CARDS(FINO PAYMENT BANKS):

Fino Payment Bank allows customers to transfer money and make payments through Unified Payments Interface (UPI). This facility eliminates the need for IFS Code and Bank Account details and makes the payment process convenient. The Fino BPay App offers the UPI and VPA facilities under the Manage section. Users need to download the BPay App, register themselves, click on the VPA option, and create a unique username and password. There are no registration and settlement fees, and the payments are credited immediately to the Pragati Current Account. Bank offers three kinds of cards: Gift Cards, GPR Prepaid Card, and Classic Debit Card. Let us know about them in detail.

The Gift Card comes with a validity of one year and a maximum loading amount of Rs 10000. You can gift it to your family and friends who can use it for shopping, dining from online and offline stores. The Classic RuPay Debit Card allows you to withdraw Rs 15000 from the ATM and perform POS transactions of Rs 35000 daily. It also includes free insurance cover of Rs 2 Lakh, eight complimentary airport lounge access, and 24×7 concierge services in Hindi and English. The General Purpose Reloadable (GPR) prepaid card focuses on the young and non-banked population of the country. Customers can pay bills, shop online, book tickets, and withdraw cash from ATMs without a bank account.

SOME OTHER SERVICES(FINO PAYMENT BANKS):

Fino Payment Bank provides some additional facilities for its customers to make the banking experience exciting. Fino BPay App is a mobile application that allows users to avail all banking, recharge, and utility services. You can also check your account balance, raise service requests, and transfer money to your wallet. Fino FASTag is a reloadable tag that allows customers to pay at the toll plaza without stopping. The RDIF technology scans the windscreen of the vehicle to deduct the amount from the linked prepaid account. There are more than 400 toll plazas across Indian National Highways having Fino FASTag facility.

Fino Payment Bank offers credit facilities to its customers and BC Merchants. It is partners with many NBFC’s that provide business loans and working capital loans to the BC Merchants. It also gives a personal loan in exchange for collateral and a gold loan in exchange for gold. The Cash Bazaar service allows you to recharge prepaid mobiles, DTH, and data cards instantly. You can also pay the Gas, Landline, Electricity, Municipal Tax, Mobile Postpaid, and Insurance premium. The bank also allows the customers to bring the cash in hand and deposit it in their banks. It allows sending money to anyone all around the world, even on Sundays and bank holidays.

ITS SUBSIDIARY COMPANIES(FINO PAYMENT BANKS):

Fino PayTech is a business and banking technology platform existing since 2006. The company has its headquarters in Mumbai and works as a leader and innovator to provide the best financial services. Ashok Kini, Sudeep Gupta, Alok Gupta, Anjana Grewal, and Ramakrishna Gupta manage the company. The FINO Fintech Foundation handles audits, employee training, insurance assistance, product designing, and policy regulation. Services like recurring deposits, remittances, savings, technology solutions, and channel management. The company also conducts financial literacy programs for MHNREGS, Joint Liability Groups, World Bank, IFC, ICICI Bank, NABARD, and Self Help Group.

Fino Finance Pvt Ltd is a non-deposit NBFC-MFI registered company working under FINO PayTech. It focuses on providing financial services to non-banking and financially unstable customers. It also helps small businesses, poor households, and MSMEs to become economically independent. The company emphasizes avoiding over-indebtedness, transparent pricing, and appropriate collection practices. It also protects customer data, solves complaints, and maintains ethical employee behavior and a code of conduct. Fino Finance also offers JLG Loans ranging from Rs 10000 to Rs 60000 for two years and MSME Loans of Rs 1L to 15L for 2 to 10 years.

Faq’s About Fino Payment Bank:

CONCLUSION

Fino Payment Bank is partners with Bharat Petroleum, ICICI Bank, IFC, Intel Capital, LIC, Indian Bank, Corporation Bank, and Union Bank of India. It is now a member of the Payment Council of India and the Internet & Mobile Association of India. Awards: the Best BFSI Brand, Finnoviti Award, and Excellence in Logistics Management. Fino Payment Bank is one of the best digital banks in India. If you have not tried their banking services, do give it a try!