Fino PayTech May Start Ops by Yr-end
Mumbai: Fino PayTech, which has got RBI’s in-principle approval to launch payments bank, looks to launch operations this November or December with 400 branches and plans to hire 1,000 people in the first year, mostly to manage branches and service rural customers.
“Majority of our hiring would be for operations related to new bank branches and support functions, which would be at mid and junior levels,” said Rajeev Arora, chief operating officer, Fino PayTech. “We are also looking at strengthening our pro- ducts, technology and alliances teams, for which we are hiring people with various levels of experience and domain knowledge, especially on technology, risk and compliance and treasury side,” he said.
Fino, a financial solutions company engaged in domestic remittances, rural lending and insurance, plans to offer all these three products along with savings accounts under the payments bank umbrella and hopes to break even within 3-4 years of operations. “The plan is to set up bank branches across small towns and develop a network of around 50 business correspondents per branch to take banking to the far interiors of the country,” Arora said.