Fino Payments Bank Opened Over 3.1 Lakh Accounts in June 2026; Loan Referrals Jump 253%

Fino Payments Bank Limited has announced its provisional business performance metrics for June 2026. The tech-driven lender demonstrated double-digit growth within its retail deposit and digital banking segments alongside a massive surge in credit cross-selling, even as its traditional cash-based merchant transactions experienced structural cooling.

Core Liabilities and Digital Expansion

The bank's customer acquisition and liability engine maintained a highly resilient growth trajectory through June 2026, building a stable base of low-cost deposits:

New Account Openings: Fino opened 3,13,263 new deposit accounts during the month, marking a 31% year-on-year increase compared to the 239,300 accounts opened in June 2025. This expansion brings the bank's total cumulative account ecosystem to 1.8 crores.

Deposit Growth: The bank's average total deposits scaled up by 11% YoY, reaching ₹2,755 crores against ₹2,477 crores in the corresponding period last year.

Renewal Revenue: High customer retention yielded an increase in predictable fee streams, with renewal income ticking up 6% YoY to ₹20.8 crores.

Active User Base: Digitally active users expanded by 22% to reach 64.7 lakh customers. Within this segment, the bank's proprietary mobile application, FinoPay, grew its active monthly user base by 38%, climbing to 8.4 lakh users from 6.1 lakhs a year ago.

Credit Referrals Explode Ahead of Proposed SFB Transition

A key strategic highlight of the June update is the performance of Fino's third-party loan referral business. Referral credit disbursements exploded by 253% YoY, jumping to ₹240 crores for the month compared to just ₹68 crores in June 2025.

Management highlighted this 3.5x credit surge as a vital proof of concept. The lending referral platform effectively serves as a structural testing ground to evaluate the deep credit appetite of Fino's customer ecosystem as the bank actively prepares for its proposed transition into a full-fledged Small Finance Bank (SFB).

Contraction in Transaction and B2B Digital Channels

While core deposits and loan cross-selling flourished, the bank experienced a sharp pullback in its legacy cash-heavy payment operations:

Transaction Throughput: Monthly volumes across classic remittance pipelines, Micro ATMs, and Aadhaar-enabled Payment Systems (AePS) dropped 35% YoY to ₹2,830 crores, down from ₹4,373 crores in June 2025. Fino attributed this moderation to a macro ecosystem shift from cash to UPI, alongside its internal strategy to filter out low-margin volumes and focus strictly on higher-quality, active transacting merchants. However, management noted that the pace of this contraction has begun to ease compared to previous months.

B2B Digital Volume: The bank's business-to-business (B2B) digital throughput registered at zero for June 2026, down 100% from the ₹3,100 crores recorded in June 2025, reflecting a complete wind-down of this specific operational segment.

Shares of Fino Payments Bank Limited was last trading in BSE at Rs. 135.45 as compared to the previous close of Rs. 134.70. The total number of shares traded during the day was 8794 in over 207 trades.

The stock hit an intraday high of Rs. 137.35 and intraday low of 134.55. The net turnover during the day was Rs. 1191589.00.

Source : Equity Bulls

Keywords

FinoPaymentsBank June2026 Q1FY27 BusinessUpdate