Fino Payments Bank First to Get RBI In-Principle Nod for SFB

• RBI granted in-principle approval for Fino Payments Bank to convert into a Small Finance Bank.
• Fino is the first payments bank in India to receive such approval for SFB transition.
• The transition will enable Fino to offer lending services, expanding its financial product suite.
• Fino will continue its existing payments and deposit services alongside new lending operations.
• The approval is expected to boost Fino's growth potential, despite a recent dip in Q2 net profit.

Why It Matters: Fino Payments Bank's new status allows lending, broadening services and setting a precedent.