Fino Payments Bank has secured Reserve Bank of India (RBI) approval for the appointment of Rajat Kumar Jain, former managing director of Xerox India and Walt Disney India, as its part-time chairman. Jain, renowned for his leadership roles in various sectors, including consumer, telecom, media, and technology, brings a wealth of experience to Fino’s strategic evolution during its ‘Fino 2.0’ phase.
Jain’s appointment coincides with Fino Payments Bank’s emphasis on outlining digital growth plans and targets for its upcoming phase. With a background in mentoring early-stage tech startups, including fintech ventures, Jain expressed enthusiasm about joining Fino’s transformative journey into its digital incarnation.
Expressing his excitement, Jain remarked, “It is an interesting phase as the bank is at the cusp of its evolution into its new digital avatar.” His vast leadership tenure spans across key positions in prominent corporations, shaping and steering their growth trajectories.
Fino Payments Bank commenced operations in 2017 after receiving an RBI license, positioning itself among the profitable players in the payment bank sector. The bank has seen significant growth, evident in its consolidated profit after tax (PAT) reaching INR 19.5 Cr in Q2 FY24, marking a substantial 41.5% YoY increase.
In Q2 FY24, Fino recorded a surge in digital throughput, with a substantial increase in UPI transactions and a growing customer base nearing 90 Lakh CASA accounts. The bank’s revenue also witnessed a notable uptick, indicating a thriving trajectory amid the evolving digital landscape.
