Fino Payments Bank Ltd Overview
Fino Payments Bank Ltd (NSE: FINOPB) is a scheduled payments bank in India, launched in 2017 and headquartered in Navi Mumbai. It aims to make banking accessible to all, especially underserved and rural customers, through a mix of digital and assisted physical (or phygital) channels like mobile apps, merchant banking outlets, and service points.
Core Services
Savings and current accounts with digital access (e.g., via the BPay mobile app). Payments and remittances (including UPI, bill payments, and fund transfers). Basic banking services targeted at financially under-included segments. Partnerships for micro-insurance and specialized financial products.
Business Model
Fino uses an asset-light, technology-driven model, leveraging a large network of merchant banking outlets and digital interfaces to deliver services efficiently across urban and rural India. It has grown to cover most of India’s regions and served millions of customers since inception.
Recent Developments
In December 2025, the Reserve Bank of India (RBI) granted Fino an in-principle approval to convert into a Small Finance Bank, a first for a payments bank in India, which will allow it to expand into lending and broader financial services once final approvals are complete.
Public Listing & Products
Fino is publicly listed on Indian stock exchanges and offers a range of account types and related financial products including loans and insurance (often through partnerships).
In essence, Fino Payments Bank is a tech-focused, inclusion-oriented bank helping broaden formal banking services across India, especially for customers who were underserved by traditional banks.
Strategic Milestone — SFB Conversion
Fino Payments Bank received in-principle approval from the Reserve Bank of India (RBI) to convert into a Small Finance Bank (SFB), making it the first payments bank to achieve this milestone.
Revenue for Q3’26 stood at ₹394.4 crore (down 15% YoY) and for 9M’26 stood at ₹1,247.9 crore (down 8% YoY), the fall being attributed to decline in revenue from the traditional transaction business. Net revenue for Q3’26 remained stable at ₹147.9 crore while seeing a 5% YoY growth in 9M’26 to ₹448.4 crore, underscoring improved revenue quality driven by product mix optimization.
EBITDA grew 6% YoY to ₹63.9 crore in Q3’26, with the Bank posting its highest-ever EBITDA margin of 16.2% (+300 bps YoY). For 9M’26, EBITDA stood at ₹187.1 crore (+10% YoY). Profitability moderated in Q3’26, with PBT declining 39% YoY to ₹17.5 crore, primarily on account of estimated impact of New Labour Code (provision of ₹3.1 crore).
PBT for 9M’26 was ₹63.3 crore, down by 20% YoY. Total throughput for Q3’26 was ₹118.1k crore and for 9M’26 was ₹356.2k crore (up 8% YoY). Digital throughput increased to ₹66.1k crore in Q3’26 (up 12% YoY) and to ₹196.7k crore in 9M’26 (up 31% YoY), driven by D2C transactions. 8.7 lakh new accounts were opened in Q3’26, indicating steady acquisition momentum, taking the total customer base to 1.68 crore, up by 25% compared to Dec. ’24.
Average deposits increased in Q3’26 to ₹2,496 crore, up 32% YoY, highlighting the strengthening customer ownership and balances. Customer average balance rose by 9% YoY to ₹1,314, supported by deeper engagement and higher usage of ownership products. Digitally active customers grew 22% YoY to 59.8 lakh customers in Dec. ’25, showcasing an increased active customer base and stickiness.
Technology Upgrade
The bank completed migration to a new core banking system (Finacle) in January 2026 to support future scaling.