Fino Payments Bank receives RBI approval for SFB conversion

• Fino Payments Bank received in-principle RBI approval to convert into a Small Finance Bank (SFB).
• This marks the first time a payments bank has been granted permission to convert to an SFB.
• The conversion allows Fino to expand its services, including offering new lending products like small loans and secured MSME loans.
• Becoming an SFB enables the bank to disburse loans, significantly increasing its income potential compared to a payments bank.

Why It Matters: This approval allows Fino Payments Bank to expand services and boost income.