The Reserve Bank of India has received an application for a small finance bank licence from Fino Payments Bank Ltd.
The lender has applied under the 'on tap' licencing norms of the central bank, according to an RBI release issued on Monday.
According to the guidelines, a payments bank must have a minimum paid-up voting equity capital or net worth requirement of Rs 200 crore and must have completed five years of operations.
NDTV Profit had reported earlier that the net worth of Fino Payments Bank, which started operations in 2017, stood at over Rs 550 crore.
Last July, the bank's board approved a proposal to transition into a small finance bank. After it receives the licence, Fino Payments Bank plans to introduce three lending products, including individual loans under Rs 50,000 and secured lending towards micro, small and medium enterprises.
As of Sept. 30, the bank had total deposits worth Rs 1,226 crore. Its profit after tax was up 42% year-on-year to Rs 19.5 crore and revenue was 18% higher at Rs 358.6 crore.
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