Fino Payments Bank Launches “GATI” Savings Account to Boost UPI Adoption in Bengal

Fino Payments Bank has launched a new digital savings account named “GATI” — a term meaning “speed” in several Indian languages — with the aim to deepen UPI transaction penetration in rural and semi-urban areas of West Bengal. By offering an affordable, zero-balance account with instant transaction capability, Fino seeks to empower digitally-inclined customers, especially those underserved by traditional banking systems.

Background

Fino Payments Bank has built its presence by leveraging a merchant-based banking model, especially in areas with limited access to formal banking infrastructure. With over 40,000 merchant points in West Bengal, the bank aims to facilitate easier onboarding into the digital financial ecosystem. The rise in smartphone penetration and the government’s push for Digital India have made it necessary to design banking products that are fast, easy, and inclusive.

Significance

The GATI savings account is especially relevant in the context of growing UPI usage across India. With the bulk of financial transactions shifting online, having an account that supports instant UPI activation becomes crucial. Fino’s initiative is geared towards including segments like youth, women, pensioners, and beneficiaries of government schemes, who often face delays or hurdles in accessing formal banking. By removing the need for physical infrastructure and offering eKYC-based instant onboarding, GATI promotes financial inclusion at the grassroots level.

Key Objectives

• To offer instant digital banking access to new users.
• To increase the adoption of UPI-based transactions in rural and underserved regions.
• To provide a cost-effective and convenient banking alternative for customers with basic financial needs.
• To bridge the digital divide by making mobile-based banking accessible to the elderly, women, and low-income groups.

Features of the GATI Savings Account

• Instant Account Opening: Via eKYC authentication at any of Fino’s 40,301 merchant points in West Bengal.
• Affordable Onboarding: One-time account opening fee of Rs 100, with quarterly maintenance charge of Rs 50 (no annual fees).
• Zero Balance Account: No mandatory minimum balance required.
• Immediate UPI Readiness: With auto-generated UPI ID through the FinoPay mobile app.
• Accessibility: Especially suited for users who are 18+, 12th pass, salaried/self-employed, and own a smartphone.
• Additional Services: Option to purchase insurance, digital gold, and apply for referral-based loans via the app.

Strategic Intent

Fino aims to move customers from “phygital” to fully digital by ensuring they are transaction-ready at account opening itself. According to Darpan Anand, National Head (Channel Sales), the move aligns with Fino’s long-term vision to digitally empower rural populations, including senior citizens, who are increasingly using smartphones.