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FINO PayTech ties up with Reliance Commercial Finance for small ticket loans

Our Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phoneboo Alternate banking channel company FINO PayTech has signed an agreement with Reliance Commercial finance to offer credit to rural poor in the states of Maharashtra and Madhya Pradesh. Note that the loans will be will provided by Reliance Commercial Finance and the disbursement will be through FINO Fintech Foundation, an associate company of FINO PayTech. FINO says that the tie up will help the company gear up for the launch of its payments bank. FINO was among the 11 applicants which got an in-principle nod from the Reserve Bank of India to set up a payments bank in August 2015. RBI's guidelines explicitly state that a payments bank cannot undertake lending activities, but however they can undertake other non-risk…

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