wordpress blog stats
Connect with us

Hi, what are you looking for?

Fino Payments Bank CEO Rishi Gupta on why they won’t be a digital-only bank

"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…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ