Fino Payments Bank hits ₹3,044 crore deposit peak as loan referral disbursals surge 316%

Fino Payments Bank's average deposits rose 9% year-on-year to ₹2,886 crore in October 2026, and total deposits crossed ₹3,000 crore for the first time, peaking at ₹3,044 crore on October 17. Loan referral disbursals jumped 316% to ₹301 crore, CNBCTV18 reported.

Fino's Deposit Peak and Loan Referral Surge

Fino Payments Bank is an RBI-licensed Indian payments bank serving unbanked and underbanked customers through a digital platform and a merchant network spanning more than 97% of India's districts. It holds RBI in-principle approval to convert into a Small Finance Bank.

Average total deposits climbed to ₹2,886 crore from ₹2,654 crore in October 2025. The bank opened 2.30 lakh deposit accounts during the month, down 19% from 2.82 lakh a year earlier. Renewal income rose 4% to ₹23 crore from ₹22.2 crore.

Transaction business throughput fell 18% to ₹3,541 crore from ₹4,329 crore. Cash Management Services throughput rose 12% to ₹7,514 crore, which the bank said was its highest monthly CMS figure since October 2024. Digitally active customers increased 12% to 65.1 lakh, and FinoPay active customers rose 2% to 7.6 lakh.

Loan referral disbursals reached ₹301 crore, against ₹72 crore a year earlier. The bank linked the growth to business momentum and said it reflected growing readiness for the Small Finance Bank transition. Business-to-business UPI person-to-merchant throughput was nil, compared with ₹1,115 crore in October 2025.

Fino's Small Finance Bank Transition Record

According to akta.pro company records, Fino referred customers to partner banks and NBFCs for home, gold, personal and business loans, with loan referral disbursals nearly tripling to ₹210 crore in May 2026. The bank migrated its core banking system to Finacle in April 2026 with a ₹200 crore investment. Total deposits reached an all-time high of ₹2,950 crore in Q4 FY26, and the customer base stood at 1.75 crore accounts.

Earlier Fino Milestones Before October

On October 30, 2026, ET NOW reported that the RBI is likely to grant final approval for the Small Finance Bank transition, subject to conditions including the appointment of an external CEO with substantial banking experience and BPCL reducing its stake below 15%. In August 2026, Fino reported average total deposits of ₹2,821 crore, up 12% year-on-year, and loan referral disbursals of ₹243 crore, up 367%, CNBCTV18 reported. On September 9, 2026, Fino launched NPCI's AePS three-party cash deposit service at Global Fintech Fest 2026, Fortune India reported.

Fino's RBI Readiness Submission

Interim CEO Ketan Merchant said in August 2026 that Fino is on track to submit its operational readiness for conversion to the RBI by the end of Q4FY27, within the regulator's 18-month timeline, BusinessLine reported.