Fino Payments Bank gets in-principle nod from RBI to convert to small finance bank

MUMBAI: RBI has granted in-principle approval for Fino Payments Bank to convert into a small finance bank, allowing it to enter lending, widen its product suite and build a stronger liability franchise while continuing current operations until final clearance. It is the RBI’s first such approval for any payments bank. Fino said it is reworking capital, governance and structure to meet small finance bank norms and preparing a transition blueprint. RBI has granted in-principle approval for Fino Payments Bank to convert into a small finance bank, allowing it to enter lending, widen its product suite and build a stronger liability franchise while continuing current operations until final clearance.It is the RBI’s first such approval for any payments bank.Fino said it is reworking capital, governance and structure to meet small finance bank norms and preparing a transition blueprint.