RBI approved Fino Payments Bank’s international money transfer service

RBI approved Fino Payments Bank's international money transfer service

Sushmita Goswami | Jan 4, 2022 |

RBI approved Fino Payments Bank’s international money transfer service

RBI approved Fino Payments Bank’s international money transfer service

Fino Payments Bank’s customers will be able to receive remittance money sent from abroad, according to the Reserve Bank of India’s (RBI) clearance to offer the international money transfer service. Fino Bank announced on Monday that it has got RBI approval to begin international remittance activity under the Money Transfer Service Scheme (MTSS).

The lender will conduct inbound cross-border money transfers in collaboration with an overseas principle, the details of which are still being worked out. Fino Bank’s middle-of-the-pyramid customer group is aimed at the families of numerous people working in foreign nations, according to the bank.

Money remitted by family members abroad can now be directly withdrawn at the nearest micro-ATM or Fino Bank’s neighborhood merchant point that supports Aadhaar-enabled payment services (AEPS).

“Continuous product innovation is one of our model’s main foundations. Our transaction-based product offerings are further enhanced by international remittance. By the first quarter of FY23, we will be able to provide inward remittance services to our consumers. We will also look into putting this product on our mobile application as part of our digital strategy to improve client experience,” Fino Payments Bank Chief Operating Officer Major Ashish Ahuja said.

Fino merchants offer a variety of services, including new account opening, cash deposit, money transfer, cash withdrawal via micro-ATMs or AEPS methods, and cash collection on behalf of a variety of institutional clients.

The international remittance, as a new option, will assist merchants and the bank supplement their income, expanding Fino’s extensive distribution network. Gujarat, Punjab, Kerala, Uttar Pradesh, and Bihar, according to Ahuja, have a major inward remittance corridor.

“We’ve already increased our merchant presence in all of these areas.” “We also intend to shore up more subscription-based saving accounts as a result of this campaign, as clients would prefer to store the remitted money in a Fino Bank account itself,” he added.

To broaden its horizon across countries, the payments bank stated it will be open to cooperating with other top money transfer operators (MTOs) in the future. The bank also stated that it intends to start offering outward remittance services soon.

Fino Bank’s network of nearly eight lakh merchants across the country, as of September 30, 2021, makes domestic and cross-border remittances convenient, according to the bank. The bank also stated that it intends to start offering outward remittance services soon.

According to a recent World Bank report, India is predicted to be the world’s top beneficiary of remittances in 2021, with USD 87 billion in expected receipts. According to the World Bank, this is predicted to increase by 3% to USD 89.6 billion in 2022 as a substantial number of workers return to Gulf countries.

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