Mumbai, 27 November 2023: Fino Payments Bank (“Fino Bank”, “The Bank”) is firming up plans for the next phase of digital led growth, starting with strengthening the board. The Bank has received approval from RBI vide its letter dated November 24, 2023, for appointment of Mr. Rajat Kumar Jain, Independent Director, as Part-time Chairman of the Bank w.e.f. November 24, 2023 till November 01, 2025.
Mr. Rajat Kumar Jain is an entrepreneur, management consultant and serves as non-executive director on several boards. An alumnus of IIT Delhi and IIM Ahmedabad, Mr. Jain brings in over three decades of strategic leadership experience across Consumer, Telecom, Media and Technology sectors. He is the Founder Director of PadUp Ventures, knowledge and mentoring platform that provides deep mentoring and incubation services to early stage tech startups across sectors including Fintech.
Mr. Rishi Gupta, MD & CEO, Fino Payments Bank said, “We are delighted on the appointment of Mr. Rajat Kumar Jain as the Part time Chairman of the Board at a very crucial juncture of the Bank’s journey. His experience and expertise across sectors, especially distribution, sales and technology that have a strong bearing on our business model is exemplary. We are fortunate to have his guidance as Fino Bank strengthens its digital ecosystem to realize its growth potential.”
Mr. Rajat Kumar Jain said, “I am excited to be a part of the Bank’s journey as the Chairman. It is an interesting phase as the Bank is taking sure steps in the adoption of Artificial Intelligence (AI), both Generative and Predictive. In a short span of six years, the Bank has achieved remarkable milestones, consistent profitability being the key. As the Bank aims to expand its horizons, I look forward to working with the Board and the management team at Fino Bank towards creating a future ready organization.”
About Fino Payments Bank Ltd (www.finobank.com) BSE: 543386; NSE: FINOPB)
Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others. Frugal innovation is the key that has given the fintech a leadership position at the middle of the pyramid, primarily serving the emerging India customers. The Mumbai‐based Bank operates on an asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial partnerships.
The Bank’s platform had facilitated more than 120.7 crore transactions with a gross transaction value of over ₹ 2.55 lakh crores in the financial year 2022‐23. The Bank turned profitable in the fourth quarter of 2019‐20 and has been profitable in subsequent quarterly periods. It registered a profit of ₹ 65.1 crs in 2022‐23.
In Q2FY24, the Bank facilitated transactions worth ₹ 86,568 crs of which more than ₹ 23,051 crs were processed digitally. The Bank registered a PAT of ₹ 19.5 crs in the second quarter of FY24.