Fino Payments Bank plans to double Bengal revenue in 3 yrs

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Kolkata: Fino Payments Bank, which deals with customers through grocery merchants, phone and medical stores, plans to double its Bengal market revenue in the next three years. Currently, the bank has around 4 lakh customers in the state and over 1.3 lakh affiliated merchants.Rishi Gupta, MD and CEO of the bank, said: "In the last fiscal, we saw around 4% revenue growth in the Bengal market and we are planning to double this by 2028. Our overall year-on-year business growth in the state is about 10%."In Bengal, the bank's major business comes from segments like CASA, micro-ATM or Aadhaar Enabled Payment System (AePS) and direct financial transaction (DFT)."The CASA growth in this state is about 3% and business in this segment mostly comes from Kolkata and a few districts. Every month, about 3,000 customers open CASA in Bengal. Our major business is seen in the segment of micro ATM or AePS from Bankura, Birbhum, Burdwan, Malda and Murshidabad," Gupta said.The bank is exploring more networks to expand. "Merchants serve as branches for our offline business. So, our focus area is strengthening this network. We have two branches in Murshidabad and Siliguri. Opening a branch in Kolkata is on our agenda. Overall, we achieved 25% revenue growth — 10% from offline business and 15% from digital banking," he added.The bank has also introduced a referral gold loan operated through merchants.

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