Fino Payments Bank has tied up with Protean eGov Technologies (formerly NSDL e-Governance Infrastructure Limited), a market leader in universal, citizen centric and population scale e-governance solutions, to expand PAN card issuance services in India, especially in rural areas.
The association makes Fino the first payments bank to act as PAN Service Agency (PSA) of Protean and facilitate paperless PAN issuance services. The tie-up allows Protean to expand its reach in the interiors of the country through Fino Bank’s phygital network of over 12.2 lakh merchant points.
At Fino Bank points people can apply for PAN card through Aadhaar based authentication, without the need to submit or upload any documents.
Further, applicants have the option to choose PAN card either in digital or physical form. The digital version or e-PAN, introduced recently, will be sent within a few hours of applying to the applicant’s email id. It is admissible as actual PAN card. Those opting for physical will receive their PAN cards at their Aadhaar mentioned address within 4-5 working days.
Mr. Rishi Gupta, MD & CEO, Fino Payments Bank said, “The association is a reiteration of our commitment to provide all financial-related services under one roof. Our extensive pan India distribution network is best placed to provide efficient near-doorstep delivery of G2C services. We are already facilitating the disbursal of direct benefit transfer payments of various Government schemes and providing last-mile access to banking services. We are pleased to partner with Protean towards their efforts to expand PAN coverage across the country and ensure our objective of making every citizen financially secure is achieved.”
Mr. Suresh Sethi, Managing Director and CEO, Protean eGov Technologies, said, “We are delighted to partner with Fino Payments Bank as part of our strategy to contribute to a financial ecosystem that offers socio-economic benefits across all strata of society. Our partnership will help to advance our shared vision of an inclusive and empowered India. This initiative is aligned with our mission to leave no citizen behind and bring the digitally excluded into the fold of formal financial economy.”
Since its inception in 2017 Fino Payments Bank has been transforming the rural banking landscape with its extensive distribution network of over a million points. The convenience offered by the neighbourhood banking outlets has led to increased banking adoption and usage with more than 25 million customers visiting the points every month. With its innovative asset-light model the transactions-focused bank is profitable and as of today the only listed entity in its space.
Protean, which accepts and processes PAN applications on behalf of the Income Tax Department, Government of India, has played a pioneering role in laying down the basic e-governance infrastructure for the nation and providing citizen-centric services to the masses over the course of the last 25 years. Access and inclusion lie at the heart of any e-governance initiative and towards that the company has adopted and established a “Phygital” (Physical+Digital) model to ensure a truly inclusive service delivery paradigm.
As per the Ministry of Finance, more than 43.34 crore Permanent Account Numbers (PANs) have been linked with Aadhaar till January 2022. That is around 36% of India’s population has an Aadhaar linked PAN card. With more than 131 crore Aadhaar cards issued, there is immense scope for PAN card penetration, especially within those falling in income tax bracket.
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 which primarily constitutes emerging India customers. The Mumbai‐based Bank operates on an asset-light business model that relies on fee and commission-based income generated from merchant networks and strategic commercial relationships.
The Bank’s platform facilitated more than 67 crore transactions with a gross transaction value of over ₹1.87 lakh crore in the financial year 2021‐22. The Bank turned profitable in the fourth quarter of 2019‐20 and has been profitable in subsequent quarterly periods. It registered a profit of ₹42.74 crore in 2021‐22.
In Q2 FY23, the Bank facilitated transactions worth ₹60,552 crore of which more than ₹50,000 crore were processed by its phygital network alone. The Bank registered a PAT of ~₹14 crore in the second quarter of FY23.