Fino Payments Bank gets RBI nod for small finance bank; shares in focus

• RBI granted principal approval for Fino Payments Bank to convert into a small finance bank.
• This marks the first time a payments bank has received permission to become a small finance bank.
• The conversion will enable Fino to offer a wider range of banking services, including various loan products.
• Fino Payments Bank is set to become the 12th small finance bank in India upon completion of the approval process.
• Shares of Fino Payments Bank are expected to be in focus on December 8 following the RBI's approval.

Why It Matters: Fino Payments Bank's new status enables broader banking services and lending capabilities.