Rajat Kumar Jain ex-MD of Xerox India and Walt Disney India appointed as Chairman of Fino Payments Bank

Mumbai, 27 November 2023: Fino Payments Bank Limited (“Fino Bank”, “The Bank”) is progressing on the plans for the next phase of digital led growth and preparing for its evolution in Fino 2.0 avataar. The Bank has received an approval from Reserve Bank of India (“RBI”) vide its letter dated November 24, 2023, for appointment of Mr. Rajat Kumar Jain, Independent Director, as Part-time Chairman of the Bank w.e.f. November 24, 2023 till November 01, 2025.

Mr. Rajat Kumar Jain, an alumnus of IIT Delhi and IIM Ahmedabad, is an accomplished corporate executive turned entrepreneur and business mentor / angel investor and serves as a non-executive director on various Boards including group companies of Aditya Birla and Mahindra conglomerates. Mr. Jain brings in over three decades of strategic leadership experience across Consumer, Telecom, Media and Technology sectors. He is the Founder Director of PadUp Ventures, a knowledge and mentoring platform that provides deep mentoring, incubation and acceleration services to early stage tech startups across sectors including Fintech.

Mr. Rishi Gupta, MD & CEO, Fino Payments Bank said, “We are delighted on the appointment of Mr. Rajat Kumar Jain as the Part time Chairman of the Board at a very crucial juncture of the Bank’s journey. His experience and expertise across sectors, especially in technology will have a strong bearing on our business model. We are fortunate to have his guidance as Fino Bank strengthens its digital ecosystem to realize its growth potential.”
Mr. Rajat Kumar Jain said, “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 a cusp of its evolution into its new digital avatar. In a short span of six years, the Bank has achieved remarkable milestones, consistent profitability being the key. As the Bank aims to expand its horizons, I look forward to working with my colleagues at the Board and senior management team at Fino Bank towards creating a differentiated digital Bank.”

About Fino Payments Bank Ltd (www.finobank.com) BSE: 543386; NSE: FINOPB)

Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others. Frugal innovation is the key that has given the fintech a leadership position at the middle of the pyramid, primarily serving the emerging India customers. The Mumbai‐based Bank operates on an asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial partnerships.

The Bank’s platform had facilitated more than 120.7 crore transactions with a gross transaction value of over ₹ 2.55 lakh crores in the financial year 2022‐23. The Bank turned profitable in the fourth quarter of 2019‐20 and has been profitable in subsequent quarterly periods. It registered a profit of ₹ 65.1 crs in 2022‐23.

In Q2FY24, the Bank facilitated transactions worth ₹ 86,568 crs of which more than ₹ 23,051 crs were processed digitally. The Bank registered a PAT of ₹ 19.5 crs in the second quarter of FY24.