Thursday, May 23, 2024

Fino, the digital bank, provides passbook facility to customers in Rajasthan

Fino Payments Bank, the digital bank for the masses, has introduced passbook for customers effective 1 st March 2022. This makes Fino the first payments bank to provide the facility.

The decision to issue passbooks by Fino, which facilitates paperless banking, is courtesy the bank’s emphasis on listening to its customers through various platforms. The feedback thus received is the key behind some of the path breaking product and service innovations Fino has introduced since its launch in 2017.

Anand Bhatia, Chief Marketing Officer, Fino Payments Bank said, “Majority of our customers are new to the digital set up and therefore prefer a physical validation of their accounts. A physical passbook gives them certain comfort and assurance that their money is safe. We are happy to listen to our customers and offer services that help enhance engagement experience. We believe the passbook service will further strengthen our bond with customers and encourages them to transact more at Fino points.”

Interestingly, the passbook service comes more than a year after the launch of the country’s first subscription based savings account Shubh, by Fino. Initially the passbook will be made available to subscribers of Shubh account as well as Bhavishya minor accounts across Fino bank branches and merchants who have passbook printers.

Shubh and Bhavishya customers of Fino can visit the nearest branch or printer enabled merchant point to get updated passbook instantly.

A Fino merchant point is the local kirana store, medical shop, dairy outlet or the mobile repair shop. These points are playing a critical role in the adoption and usage of digital banking services. Across the country, Fino has a network of over 8.6 lakh such small merchants as bankers.

In Rajasthan, Fino has a network of over 26000 neighbourhood banking points that includes eMitra outlets and more than 900 Bharat Petroleum (BPCL) petrol pumps. At these points, customers can open new bank account, do deposits, withdrawal, money transfer and bill payments. One can avail third party offerings such as gold loan, health, general insurance and even pay loan EMIs.

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