Fino, which was among the initial entities to get a Payments Bank license in India, has "commenced operations" on the 30th of June 2017, the Reserve Bank of India said in a statement. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. In response to a query from MediaNama, a FINO (PR) representative said that "Right now, it's an internal system that has been launched, and they're in the process of streamlining operations", and "They've received a certificate of commencement from the RBI." Note that Fino had received a final license from the RBI for the launch in March. We had inquired because no details of the launch were available, even though the RBI had said that the company has commenced operations. Once it launches, Fino will become the fourth Payments Bank to launch in the country, after Airtel, India Post and Paytm/Vijay Shekhar Sharma. Others with licenses, Bharat Petroleum (BPCL) owns 21% stake in Fino, which it picked up for Rs 251 crore. Other investors include ICICI Prudential Life Insurance and ICICI Lombard General Insurance, as well as Intel Capital, The Blackstone Group, ICICI Bank, the IFC and HAV3 Holdings. As of December 2016, Blackstone Group held about 20% while Intel Capital and IFC held 15% each in the company. What we know of Fino's plans Fino's business is largely to focus on facilitating digital payments, which is something that traditional banks have largely failed to…
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