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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.
A licence to operate as a small finance bank will allow the fintech company to grant loans and collect more deposits, but the transition will entail fixing its less-than-favorable shareholding structure.
On 28 July, Fino Payments Bank in an exchange filing said that its board had approved a proposal to transition to a small finance bank. The significance of this announcement for the Mumbai-based fintech company cannot be understated.
If everything goes to plan, Fino will become India’s first payments bank to apply for a licence to operate as a small finance bank. Payments banks kicked off operations in 2017. Fino is among six such active banks in the country; rivals include payments banks by Airtel, India Post, Paytm, NSDL and Jio.
A payments bank can accept deposits of up …
The UAE is looking at its first public listing of the year while Egypt just delivered a big one; OpenAI’s bugging accused has ties to Saudi Arabia; and other updates from the week.
The acquisition of IDBI Bank puts his Fairfax smack dab in the middle of the RBI’s rules on bank ownership. It must now decide whether to sell CSB Bank or merge the two lenders, neither of which will be easy.
Lenders stand to gain a lot more than borrowers in the current challenging market environment
