Fino Payments Bank has received approval from the Reserve Bank of India for commencing referral services of fixed deposit (FD) and recurring deposit (RD) on behalf of a partner bank.
In a letter on April 19, the RBI has said Fino Payments Bank can carry out referral services of term deposit products in the form of FD and RD as a business correspondent of Suryoday Small Finance Bank (SSFB).
“The FD and RD referral services will be offered to Fino Payments Bank’s over 3.9 million customers,” Fino Payments Bank said in a statement on Wednesday, adding that the service is expected to go live in the second quarter of FY23.