Fino Payments Bank signs up ‘e-Mitra’ as BC points in Rajashtan

Fino Payments Bank signs up ‘e-Mitra’ as BC points in Rajashtan

  • Fino ties up with Rajcomp, which runs Government of Rajasthan’s citizen service initiative e-Mitra
  • 55000 e-Mitra kiosks in the state to become business correspondent (BC) points for Fino Payments Bank 
  • E-Mitra kiosks to offer range of banking services, starting with domestic remittance 
  • Transactions at e-Mitra kiosks set to grow by more than 400%

Mumbai / Jaipur, 12th December 2017: Fino Payments Bank, promoted by Fino PayTech and licensed by RBI, today announced that it has signed up Government of Rajashtan’s Rajcomp as its corporate business correspondent (BC).  Under the agreement, all the 55000 e-Mitra points of Rajcomp across the state will act as banking points of Fino Payments Bank, providing banking services to customers. 

The arrangement allows Fino Payments Bank to expand its network in the state. The bank already has a network of branches, over 1000 merchant poin ts and around 60 operational outlets of Fino’s strategic partner and investor, Bharat Petroleum (BPCL). Across 14 states, Fino has a network of over 400 branches and around 25000 access points, including BPCL outlets. All these e-Mitra points will add up to this existing network.

Announcing the tie-up Mr. Rishi Gupta, MD & CEO, Fino Payments Bank said, “Our tie up with Rajcomp and e-Mitra initiative is in line with our strategy of anywhere, anytime banking. We believe our existing synergies in serving customers using digital means will augur well in taking digital banking closer to the masses of Rajasthan. Through this association we will be able to increase our reach as e-Mitra is spread across all the 33 districts. While for Rajcomp it will lead to increased customer engagement through range of banking services, starting with domestic remittance services.” 

Post integration and roll out of services, as a BC point for Fino Payments Bank, e-Mitra kiosk will be able to offer a range of banking and payments services such as savings and current accounts, insurance, bill payments, DTH and mobile recharges, gold loan sourcing. This is in addition to e-Mitra’s government to citizen services.

“For those customers for whom banking services have been out of reach, e-Mitra as Fino’s BC point brings in lot of convenience. Being closer to customers’ place of stay or work, we expect increase in customer engagement at the e-Mitra points. We believe transactions at e-Mitra points will grow by over 400% from the existing level,” added Mr. Gupta. 

It may be noted Fino has already been working with Rajcomp on the e-Mitra initiative since 2014. Fino also partners with various banks in the state as their BC providing banking, DBT, domestic remittance, gold loan sourcing and other financial services with operations across all 33 districts.

About Fino Payments Bank
Fino Payments Bank takes forward the parent company’s (Fino Paytech) legacy in ensuring banking for all through a nationwide digitally enabled distribution network of around 400 branches and over 25000 banking points. These access points provide utmost convenience and unmatched paperless banking experience right from eKYC-based accounting opening to allowing customers do banking/ payments transactions anywhere, anytime and through any platform – digital/mobile or physical touch points. A revolutionary experience for the huge masses across India! (