Fino payments bank has issued a comprehensive clarification addressing recent media reports and providing factual corrections regarding ongoing investigations. The clarification follows the bank's commitment to transparency while addressing what it describes as inaccurate media coverage.

Media Report Corrections

The bank has categorically denied several claims made in recent media reports, providing specific corrections to what it terms as factual inaccuracies:

DGGI Investigation Details

Fino Payments Bank clarified that the ongoing investigation by the Directorate General of GST Intelligence (DGGI), Hyderabad, pertains specifically to certain program managers and merchants associated with multiple banks, including the bank itself. The bank emphasized that this investigation does not relate to its own GST compliance practices.

The bank stated it is cooperating with the DGGI inquiry, which focuses on program managers and merchants across multiple banking institutions rather than the bank's internal operations or compliance standards.

Regulatory Stance and Business Operations

The bank reiterated its commitment to maintaining the highest standards of governance, regulatory compliance, and transparency expected of a regulated financial institution. It specifically clarified that it does not directly or indirectly engage in or promote any gaming or betting activities through any platform, website, or channel.

Stakeholder Communication

Fino Payments Bank confirmed its continued cooperation with relevant authorities and commitment to constructive engagement with regulators and stakeholders. The bank stated it will continue making appropriate disclosures in accordance with applicable laws and regulatory requirements, with clarification documents available on its official website at www.fino.bank.in .

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.

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.

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.