Fino Payments Bank soars 3% as RBI nods referral services of Term Deposits in association with Suryoday SFB

21 Apr 2022 , 01:01 PM

Fino Payments Bank Limited has received approval from the Reserve Bank of India (RBI) dated April 19, 2022, for carrying out referral services of Term Deposits by partnering with Suryoday Small Finance Bank as a Business Correspondent.

The Banks customers will be able to get the Term Deposits facilities through Partner Bank Suryoday Small Finance Bank, with whom the Bank has tied up. This will also increase the revenue of the Bank.

This is the second tie-up between Fino Bank and SSFB and the first one as the listed entity. Earlier, Fino joined hands with SSFB to offer a sweep account facility to its customers to address the Rs1 lakh end-of-the-day deposit limit, which was later increased to Rs2 lakh.

According to an RBI report released on February 25, 2022, the total term deposits in India at the end of 9 months of FY22 stood at over Rs26.57 trillion. In FY21, term deposits were more than Rs33.63 trillion with the first nine months accounting for close to Rs25 trillion.

The FD and RD referral services will be offered to Fino Bank’s over 3.9 million customers who need these products to ensure their financial needs are met. The service is expected to commence in Q2FY23.

In addition to FD and RD with Suryoday SFB, Fino Bank is looking forward to commencing international remittance services anytime soon, with a partner having received RBI approval for the same in January 2022.

Fino Payments Bank is currently trading at Rs313.65 up by Rs8.25 or 2.7% from its previous closing of Rs305.40 on the BSE. It hit day's high and low of Rs318.35 and Rs311.50 respectively.