"There will be about four sources of income for the payments bank. One is the balances in the accounts. Second is the remittance business. The third revenue stream will be coming in from the Banking Correspondents and lending business. The fourth is the insurance cross-sell and other cross sales," Rishi Gupta, CEO of Fino Paytech told MediaNama in an interview. "The revenue pattern will change over a period of time," he added. Fino Paytech recently got the final license from Reserve Bank of India (RBI) to set up a payments bank, called Fino Payments Bank. Excerpts from MediaNama's interview with Gupta: What kind of bank accounts? Gupta: We will offer both saving accounts and current accounts. And our mission is to target the underserved market. Our target segment will be in the mass- market segment. So we will offer them banking solutions. It will be a fix of both digital and physical channels. We're the largest business correspondent in the country so we already have a large system. Interest rates Gupta: It will be similar to the rates in the banking industry. Our business model does not support high-interest rates. So it will be around 4%. It is the same offered by a majority of other banks. (Editor's note: Currently, Airtel Payments Bank offers one of the highest interest rates on deposits and gives 7.25 % per annum for savings accounts.) Physical and digital network Gupta: We are in the process of setting up around 400 branches in rural areas and top 30 cities in the…
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