ICICI Bank, India’s largest private sector bank, is planning to partner with Payments bank licensee FINO PayTech to venture into the country’s payments bank space.
The lender, which had consolidated total assets of $132.17bn at the end of March 2015, owns nearly 16% in FINO PayTech. RBI regulations permit global banks to own up to 30% stake in payments bank.
FINO PayTech largely works with low income households, rural customers, migrants, small business owners and daily wagers in providing access to banking and other financial services.
The company has already tied up with Snapdeal for assisted ecommerce, Yatra for travel booking and Tata Indicash for ATMs. FINO PayTech’s retail distribution channel includes a network of 10,000 franchisee points.