Mumbai-based Fino Payments Bank has received approval from the Reserve Bank of India (RBI) for the appointment of former managing director of Xerox India and Walt Disney India, Rajat Kumar Jain, as its part-time chairman.
The appointment comes at a time when the payments bank is charting out its digital growth plans and targets for the next phase, Fino 2.0.
An alumnus of IIT Delhi and IIM Ahmedabad, Jain is a corporate executive turned entrepreneur and business mentor. He serves as a non-executive director on various boards, including companies in the Aditya Birla and Mahindra conglomerates.
With over three decades of leadership experience across consumer, telecom, media and technology sectors, Jain is the founder director of PadUp Ventures, offering mentoring, incubation and acceleration services to early-stage tech startups, including fintech.
“I am excited to be a part of the bank’s journey as its non-executive chairman of the board. It is an interesting phase as the bank is at the cusp of its evolution into its new digital avatar…,” said Jain.
Jain was the managing director and non-executive director at Xerox India from February 2012 to December 2017. From January 1, 2015, he moved to a non-executive role on the board of directors at Xerox India. During his three-year tenure as managing director from February 2012 to January 2015, Jain played a key role in leading and developing Xerox’s businesses in the Indian region.
Jain also served as the managing director and global senior vice president at Walt Disney India from July 2004 to June 2007. His responsibilities included leading business and operations development in the Indian subcontinent, managing a high-performing team, expanding existing businesses, pursuing growth opportunities, optimising working models and representing the corporation to stakeholders in India.
Fino Payments Bank started operations in 2017, receiving an RBI license two years earlier. Competing with players like Bharti Airtel and India Post, Fino is one of the most profitable payment banks in the country.
Fino Payments Bank posted a consolidated profit after tax (PAT) of INR 19.5 Cr in Q2 FY24, marking a significant 41.5% YoY growth due to robust transaction and user base expansion.
This compares to a PAT of INR 13.8 Cr in Q2 FY23. Sequentially, the net profit showed a 4.3% increase from INR 18.7 Cr.
The payments bank’s revenue also saw a notable 18.2% YoY rise to INR 358.6 Cr in Q2 FY24, compared to INR 303.3 Cr in Q2 FY23, and a nearly 3% QoQ increase from INR 348.3 Cr in Q1 FY24.
In Q2 FY24, Fino recorded a total throughput of INR 86,568 Cr, a 43% YoY increase, with digital throughput surging 120% YoY to INR 23,051 Cr, constituting 27% of overall throughput.
The payments bank also registered nearly 37 Cr UPI transactions, contributing 1.25% to the ecosystem count. With an approaching 90 Lakh customer base, Fino added nearly 50,000 digital accounts, reaching a total of 90.6 Lakh CASA accounts.
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