RBI approves Fino Payments Bank board, Rishi Gupta MD & CEO of new bank
FINO Paytech is a payments technology solutions provider to banks, financial institutions and MFIs.
It received the final nod from RBI on March 31, 2017, to start its payments bank.
The company said that Fino Payments Bank is all set to roll out its operations soon with all regulatory approvals in place for a successful launch and smooth functioning.
The approved board consists of accomplished professionals from diverse fields, including IT, Retail, FMCG, Banking & Finance, Agri & Rural, Board Advisory and Academics.
Mahendra Kumar Chouhan, a management consultant and an authority on corporate governance will be the non-executive Chairman of Board.
Other independent directors are Punita Kumar Sinha, a financial expert and former MD of Blackstone US; Narendra Kumar Ambwani, former MD of Johnson & Jonhson (India & Indonesia); N. Venkiteswaran, former IIM-Ahmedabad professor with expertise in Mergers & Acquisitions; and Dr. Ganesh Natarajan, former MD of Zensar Technologies and the current Chairman of Nasscom Foundation.
In addition, there will be three nominee directors, Amit Jain from Blackstone, Anirudh Kamani from ICICI Bank and Pramod Sharma from BPCL, representing investors.
On board is also Rishi Gupta as the Managing Director and CEO of Fino Payments Bank.
“It’s a great privilege to have such eminent persons on our board who will govern and guide Fino Payments Bank with their collective wisdom. We are excited to work with the multi-faceted board who we believe will provide us strategic direction in our efforts to become the preferred bank for our customers,” said Rishi Gupta.
Earlier, Fino raised Rs 400 crore for its payments bank with oil major BPCL investing Rs 251 crore.
This helped Fino reduce its foreign shareholding and fulfill an important RBI requirement of being a domestic company.
Other marquee investors are ICICI Bank, India's second biggest private bank and ICICI Prudential, India's largest insurance company in private sector.
Together with its extensive service delivery network, FINO services over 28 million active banking customers spread across urban and rural areas in the country and provides a range of financial services viz. savings, remittance, insurance, credit etc, the company said.
Image: Fino Twitter
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