Fino Payments Bank gets RBI 'in-principle' nod for SFB conversion

• RBI granted 'in-principle' approval to Fino Payments Bank for conversion into a Small Finance Bank (SFB).
• Fino Payments Bank, operational since 2017, applied for the SFB license in late 2023.
• The approval aligns with RBI's 'on tap' licensing guidelines for SFBs, which permit eligible payment banks to convert.
• Fino was the first profitable payments bank in 2020 and the first to be listed on bourses in 2021.

Why It Matters: Fino's upgrade to SFB means broader banking services for customers.