Mumbai-based Fino Payments Bank has recently received approval from the Reserve Bank of India (RBI) for the appointment of Rajat Kumar Jain as Part-time Chairman. The approval is effective from November 24, 2023, until November 01, 2025, signifying a crucial development for the bank. This move is expected to bring valuable experience and expertise to Fino Payments Bank as it continues to strengthen its digital ecosystem and pursue growth opportunities.
Background of Rajat Kumar Jain
Rajat Kumar Jain, an alumnus of IIT Delhi and IIM Ahmedabad, boasts an impressive background with over three decades of strategic leadership experience. His expertise spans various sectors, including consumer, telecom, media and technology. Currently serving as a non-executive director on various boards, including those of Aditya Birla and Mahindra conglomerates, Jain’s extensive knowledge is poised to play a pivotal role in shaping Fino Payments Bank’s future trajectory.
CEO Rishi Gupta’s Perspective
Rishi Gupta, the Managing Director & Chief Executive Officer of Fino Payments Bank, expressed optimism about Jain’s appointment. Gupta highlighted Jain’s experience and expertise, particularly in the technology sector, emphasizing the significant impact it is expected to have on the bank’s business model. He stated that Fino Payments Bank is fortunate to have Jain’s guidance as the institution works towards realizing its growth potential in the evolving digital landscape.
Jain’s Vision for Fino Payments Bank
In response to his appointment, Rajat Kumar Jain shared his enthusiasm for collaborating with the Board and senior management team at Fino Payments Bank. He expressed his commitment to contributing to the bank’s expansion plans and creating a differentiated digital bank. With Fino Payments Bank aiming to broaden its horizons, Jain’s vision aligns with the bank’s strategic goals for the future.
About Fino Payments Bank
Fino Payments Bank operates on an asset-light business model, relying on fee and commission-based income generated from a vast merchant network and strategic commercial partnerships. Backed by notable investors such as Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC, the bank has established itself as a leader serving the emerging India customer base. In the financial year 2022-23, the bank facilitated over 120.7 crore transactions with a gross transaction value exceeding Rs.2.55 lakh crores.
Financial Performance in Q2FY24
In the second quarter of the fiscal year 2023-24, Fino Payments Bank reported noteworthy financial growth. The bank conducted transactions totaling Rs.86,568 crore, with a substantial portion – more than Rs.23,051 crore – being processed digitally. Additionally, Fino Payments Bank registered a Profit After Tax (PAT) of Rs.19.5 crore during this period. These financial indicators underscore the bank’s robust performance and underscore its position as a key player in the evolving financial landscape.
Important Questions Related to Exams
Q1. Who is the newly appointed Patr-time Chairman of Fino Payments Bank?
Sol. Fino Payments Bank has recently received approval from the Reserve Bank of India (RBI) for the appointment of Rajat Kumar Jain as Part-time Chairman.
Q2. For which time period did the Reserve Bank of India (RBI) grant approval for Rajat Kumar Jain’s appointment?
Sol. Fino Payments Bank has recently received approval from the Reserve Bank of India (RBI) for the appointment of Rajat Kumar Jain as Part-time Chairman with effect from Nov. 24, 2023, to Nov. 01, 2025.
Q3. What is Rajat Kumar’s background and expertise?
Sol. Rajat Kumar Jain, an alumnus of IIT Delhi and IIM Ahmedabad, boasts an impressive background with over three decades of strategic leadership experience.
Q4. Who are some notable investors backing Fino Payments Bank?
Sol. Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC.