A study of financial inclusion in payment banks with reference to Fino Payment Banks

Abstract

Banks have a great impact on encouraging economic growth through increasing resource allocation efficiency by directing saving towards investments. Fino Payments Bank Limited (FPBL) offers virtual financial services. It was founded in 2006 as Fino Fintech Limited and changed its name in April 2017. Fino Payments Bank has grown its distribution network extensively, with a remarkable presence in rural and semi-urban areas. It uses a network of merchant outlets, known as Fino Points, to provide banking services. FPB has over 400 branches and more than 75,000 banking points across India, including many outlets of its partner Bharat Petroleum (BPCL). FPB uses technology platforms like mPOS devices, Micro ATMs, tablets, and mobile to provide banking services to customers.
The research aims to know the perception of customers about payment banks and to figure out the challenges faced by Fino banks in financial inclusion. To study financial inclusion in payment banks, primary and secondary data have been collected. Statistical tools like percentage and measure of central tendency are used to analyze and interpret the data. Study shows that payment banks have the potential to extend banking services under banked and unbanked segment.