Rishi Gupta, MD & CEO, Fino Payments Bank:
“A pragmatic budget as far as rural sector is concerned. The focus on addressing farmer income issues, increase in MUDRA scheme allocation and incentivizing MSMEs is a positive sign. Further, the thrust on job creation through rural as well as other infrastructure projects is expected to improve income levels leading to increase in economic activity and growth.
For new age banks like payments banks, these developments augur well as improvement in income levels is expected to drive more people towards using banking services and investing in relevant financial products. Also, it may be noted that the emergence of new banks has generated employment, especially in rural areas. Fino Payments Bank alone has been able to provide employment to close to 25000 people across 14 states.
From promoting digital economy perspective, allocating funds towards creating digital infrastructure, promoting cashless payments, and building smart cities is encouraging. However, reducing GST slab on banking services and duties on Micro ATM devices would have benefited the banking and financial services ecosystem.”
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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! (www.finobank.com)
The bank, which started business in July this year, had seen its operations stabilising with each of its branches adding 10-15 accounts everyday. It had 422 branches in 12 States like Maharashtra, Madhya Pradesh, Uttar Pradesh and Bihar, among others. It planned to add 200 branches in 2018.
About Rishi Gupta, Managing Director and Chief Executive Officer, Fino Payments Bank
A founding member of Fino Paytech Ltd, Rishi leads a team focused on bringing to fruition Fino’s vision of being the universally preferred choice of customers by fulfilling all their financial service needs. Earlier as COO and CFO, Rishi successfully built and managed cutting-edge operational and financial capabilities at Fino. Prior to joining Fino, Rishi worked with the International Finance Corporation in New Delhi. He was also the founding member of the Business Correspondent Federation of India and served as the Chairman of its Economic Affairs Committee.Rishi brings over two decades of experience across diverse verticals, such as, manufacturing, banking and international institutions. He began his career with Maruti Udyog Ltd and then joined ICICI Bank, before joining Fino.Rishi was awarded the CFO100 Roll of Honour for three consecutive years starting 2011. He was also awarded The Indian CFO Award for Excellence in Finance in a Start-up instituted by the IMA in 2013.A certified chartered accountant and cost & works accountant, Rishi is a graduate from Shri Ram College of Commerce, Delhi.