Fino Payments Bank Hits Record ₹2,900 Crore Deposits with 1.5 Lakh New Accounts
Fino Payments Bank has reached a significant milestone with record total deposits of ₹2,900 crore, representing nearly 9% growth over two weeks. The bank simultaneously added 1.5 lakh new accounts, averaging 10,000 daily openings, showcasing strong customer acquisition and trust in its technology-enabled banking platform serving underserved communities.
*this image is generated using AI for illustrative purposes only.
Fino Payments Bank has achieved remarkable growth milestones, recording its highest ever total deposit balance of ₹2,900 crore while simultaneously adding 1.5 lakh new banking accounts. The bank announced these achievements in a regulatory filing, highlighting significant customer trust and business expansion.
Record Deposit Growth
The bank's deposit balances have grown by nearly 9% over the past two weeks, reaching an all-time high of ₹2,900 crore. This substantial growth demonstrates the increasing confidence customers have in the bank's services and its strengthening market position.
| Performance Metric: | Details |
|---|---|
| Total Deposits: | ₹2,900 crore |
| Growth Period: | Two weeks |
| Growth Rate: | Nearly 9% |
| Status: | Highest ever recorded |
Significant Account Expansion
Since late February, Fino Payments Bank has opened approximately 1.5 lakh new banking accounts, averaging nearly 10,000 new accounts per day. This remarkable customer acquisition rate reflects the bank's effective outreach and the growing demand for its banking services.
| Account Opening Metrics: | Performance |
|---|---|
| New Accounts: | 1.5 lakh |
| Daily Average: | Nearly 10,000 accounts |
| Customer Segment: | Underserved and underbanked |
| Growth Trajectory: | Consistent expansion |
Technology-Enabled Banking Platform
The milestone achievements are supported by the bank's new core banking platform, which enables seamless banking experiences for customers. Through its merchant-led phygital banking model, backed by strong digital infrastructure, the bank continues to expand its reach to underserved and underbanked communities across India.
Management Commentary
The bank expressed gratitude to its customers and stakeholders, stating: "We thank the people of Bharat for banking with us and for their continued trust in the Bank. We also express gratitude to our business associates and business correspondent (merchant) network for their continued support."
Strategic Outlook
Fino Payments Bank remains committed to strengthening financial inclusion and continuing its mission of bringing simple, accessible and reliable banking services to every corner of India. The recent performance indicates the continued trust placed by customers in the bank's simple, secure and technology-enabled banking services.
Historical Stock Returns for Fino Payments Bank
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.41% | -15.12% | -28.66% | -45.12% | -34.35% | -72.27% |
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