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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Even more than market leader Paytm, Fino Payments Bank seems to have carved out a sustainable business in an industry written off by most.
In early 2015, the Reserve Bank of India received over 40 applications for payments bank licences. RBI’s proposal to allow specialized, smaller retail banks in the form of payments banks (can facilitate payments, accept limited deposits, sell third-party financial services, but not lend) and small finance banks (fewer restrictions, can issue loans, must target “priority sector”) was a hit in a market where a banking licence had earlier been a rare opportunity.
In the end, RBI issued payments bank licences to 11 entities. Today, six of those payments banks are technically alive and operational, of which one (Reliance Industries’s Jio …
