India's Fino Payments Bank up on applying for SFB licence

FINO Payments Bank

09/01/2024 07:38

** Shares of Fino Payments Bank  FINY.NS  rise as much as
6.9% to 310.80 rupees, highest since Nov. 2
    ** FINY has applied for a small finance bank (SFB) licence,
India's cenbank RBI said on Monday
    ** Payment banks can accept deposits but are not allowed to
lend, while SFBs are allowed to do both
    ** FINO's board had approved the proposal for applying for
the SFB licence in late July
    ** More than 718,000 shares traded by 1:02 p.m. IST, 3.5x of
30-day avg    
    ** More than 700,000 shares traded in a single session six
times in 2023
    ** Stock rose 3.1% in 2023 after losing 31.8% in 2022




 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))