Customers of Fino payments will be able to receive remittance money sent from foreign countries as it has been granted approval by the RBI to offer the international money transfer service.
Fino bank has received the RBI approval to commence the international remittance business under the money transfer service scheme, the bank said yesterday.
The lender will undertake inward cross-border money transfer activities in association with an overseas principal, the details of which are being worked out.
The customer segment of Fino bank at the middle of the pyramid is targeted to families of many of the people working overseas, Fino Bank said,
The money remitted by family members overseas can now be directly withdrawn at the nearest micro-ATM or Adhaar enabled payment services enabled Fino Banks neighbourhood merchant point.
Fino Payments Bank COO Major Ashish Ahuja said, “Continuous product innovation is one of the important pillars of our model. International remittance further enhances our transaction-based product offerings”.