The board of Fino Payments Bank Ltd. at its meeting held on Friday approved the proposal to apply for a Small Finance Bank (SFB) licence.
The board has also constituted a committee to explore the possibility of group corporate restructuring and evaluate the implications and other consideration of the same.
Previously, the bank had received a letter from Fino PayTech Ltd., the holding company of the bank, regarding a Group Corporate Restructuring Proposal. The board had on Friday considered that proposal.
The bank, which announced the quarterly results, said it continued its thrust on acquiring new customers and had registered growth 85% YOY in net profit to ₹ 19 crore. Its revenue during the quarter increased 21% YoY to ₹348 crore.