Fino Payments Bank opens 2 lakh accounts since Apr 1

Mumbai, Jun 22 () Fino Payments Bank on Monday said it has opened 2 lakh customer accounts since April 1, despite the COVID-19 lockdown.

All the accounts meet the complete Know Your Customer (KYC) requirements, the bank said in a statement.

The government imposed the nationwide lockdown on March 25 to arrest the spread of coronavirus. Banks were classified as emergency services and allowed to run, but most of them chose to operate at lower staff levels due to absence of customer footfall.

In the statement, Fino also said it will close the June quarter with 2.4 lakh new account openings to take the overall customer base to 20 lakh.

Over 80 per cent of the 2 lakh customers have opened savings accounts, while the remaining ones have opened current accounts, the bank said.

Its Chief Sales Officer Shailesh Pandey said that over half of the new account openings are by millennials.

"A significant number of people who opened accounts have experienced digital banking and availability of cash at our points. Also, outreach through digital and social media channels helped connect with millennials who form more than 50 per cent of our new customers," he said. AA HRS