Fino Payments Banks’ Board Approves Transition to SFB license

Current Context: Fino Payments Banks’ Board Approves Transition to SFB license. This is a recent development in the banking sector of India, where Fino Payments Bank, a payments bank that offers digital banking services to low-income customers, has decided to apply for a Small Finance Bank (SFB) licence, which will allow it to offer credit and other banking products to its existing and potential customers.

• Fino Payments Bank’s board approved the proposal for the transition on July 28, 2023 and also constituted a committee to explore the possibility of group corporate restructuring and evaluate its implications and other considerations.
• The bank’s CEO and Managing Director, Rishi Gupta, said that the opportunity to grow by transitioning to SFB is significant on the back of optimally leveraging their widespread network to cater to the unmet credit demand of their merchants and customers.
• The bank also announced its quarterly results, which showed an 85% year-on-year growth in net profit to 19 crore and a 21% year-on-year increase in revenue to 348 crore.

Question:

Q.1 What is the name of the payments bank that has decided to apply for a Small Finance Bank licence in India?
a. Airtel Payments Bank
b. Paytm Payments Bank
c. Fino Payments Bank
d. Jio Payments Bank