Fino PayTech ties up with Reliance Commercial Finance for payments bank venture - Feedback

Payments technology firm Fino PayTech Ltd on Wednesday said that it is tying up with Reliance Commercial Finance Ltd, prior to its payments bank launch.

Through this tie-up, Fino Paytech will provide credit to rural poor in the states of Maharashtra and Madhya Pradesh in collaboration with Reliance Commercial Finance, which is the non-banking finance subsidiary of Anil Ambani-led Reliance Capital Ltd. The non-banking finance company will provide loans for disbursement through Fino Fintech Foundation, an associate company of Fino PayTech. A pilot project has been initiated in the districts of the Vidarbha region of Maharashtra, and Bhopal, Harda, Khandwa, Vidisha and Khargone in Madhya Pradesh, where loans will be disbursed under a joint liability group model, Fino said in a statement.

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