Fino PayTech May Start Ops by Yr-end

The Economic Times - - Companies - Pratik.Bhakta@ times­group.com

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.

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