RBI grants Fino Payments Bank in-principle approval for SFB transition

• RBI granted "in-principle" approval for Fino Payments Bank to transition into a small finance bank.
• The transition will allow Fino to accept larger deposits, provide loans, and offer credit facilities.
• Fino Payments Bank meets the eligibility criteria for conversion, having completed five years of operations.
• Fino, which started as a fintech firm, became a payments bank in 2017 and has 16 million customers.

Why It Matters: Fino Payments Bank can now offer broader financial services and loans to customers.