The board of Fino Payments Bank Ltd. at its assembly held on Friday authorised the proposal to apply for a Small Finance Bank (SFB) licence.
The board has additionally constituted a committee to discover the opportunity of group company restructuring and consider the implications and different consideration of the identical.
Previously, the financial institution had obtained a letter from Fino PayTech Ltd., the holding firm of the financial institution, relating to a Group Corporate Restructuring Proposal. The board had on Friday thought-about that proposal.
The financial institution, which introduced the quarterly outcomes, mentioned it continued its thrust on buying new prospects and had registered progress 85% YOY in web revenue to ₹ 19 crore. Its income in the course of the quarter elevated 21% YoY to ₹348 crore.
