Fino Paytech Plans To Launch Its Payments Bank Within Two Months
Fino Paytech is seeking help from ICICI Bank to set up its payments bank venture and is aiming to launch the new entity within two months, a top official said.
"We are aiming to launch payments bank in one-and-a- half to two months. We're taking assistance from ICICI Bank for setting up the bank," chief executive Rishi Gupta told Pixr8.
The ICICI Group owns a 20 per cent stake in the bank.
Fino, a banking correspondent company which received the final nod from the Reserve Bank last month, needs one more set of internal approvals before launching the operations which include one from the board for operationalising, he said.
Apart from the internal nods, integration with payment systems, which will help interoperability for its customers, will take a bulk of time, Gupta said.
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