Mumbai-based Fino Payments Bank’s Board approved the proposal for the the transition of the Bank into a Small Finance Bank (SFB) license on July 28.In its press release, the payment bank stated that they have also constituted a committee to explore the possibility of group corporate restructuring and evaluate its implications and other considerations.”The Bank continues its thrust on acquiring new customers and has registered an 85 percent year-on-year (YOY) growth in profit. With each passing quarter, the Bank is progressively enhancing its sustainability and is well-positioned to leverage its network,” the bank said in the press release.Earlier, on June 26, in an exclusive interview with Moneycontrol, Ketan Merchant, the Chief Financial Officer, indicated that they will jump into the small finance bank segment soon.”However, converting into an SFB is an option the regulator has provided to some payment banks. With credit as a product offering, there will be a positive impact on customer engagement and overall business. In this context, we have the intent and are working internally on it. We have not put any timeline for applying, though,” Merchant told Moneycontrol on June 26.

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