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Fino Payments Bank Set to Add Another 300 Points at BPCL Outlet in Tamil Nadu

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On 19th October 2020, Fino Payments Bank announced its plan to add an additional 300 points at the Bharat Petroleum Corporation Limited(BPCL) outlet to its existing 1075 in Tamil Nadu(TN). This is aimed to support the truck drivers to get a fleet card recharged by paying equivalent cash. The SmartFleet initiative is a first of its kind in India which provides assistance to the transporters to efficiently manage their funds.

Aim of the Facility:

To ease the challenges faced by the truck drivers in recharging the BPCL SmartFleet cards.

BPCL SmartFleet cards:

i.The BPCL SmartFleet is a distinguished Fuel management programme which is designed for cost conscious fleet owners with knowledge in technology.

ii.The SmartFleet facilities started in association with Fino Payment Bank provides problem free and instant recharge for its customers.

iii.The staff of Fino point supports the truck drivers and general public to carry out banking transactions with the Micro ATM and Aadhaar enabled payment system (AePS) devices.

Key Points:

i.As of now around 4.5 lakh transported across Tamil Nadu are using the SmartFleet and it is aimed to have a daily recharge of over Rs.3.5 Lakh at Perundurai point, with an average recharge value of Rs.2000.

ii.The banking network of Fino Payment Banks across Tamil Nadu includes around 5000 small business owners like Kirana, Mobile repair shops, dairy outlets etc.

iii.Fino’s banking network in Tamil Nadu has enabled the transactions worth Rs.1800 crore since the beginning of the financial year 2020-2021 and around 50% of this accounted with the cash management services.

Recent Related News:

On August 15, 2020 Fino Payments Bank Limited(Ltd) launched Jan Bachat Khata (JBK), an Aadhaar authentication based digital savings account for its customers. JBK will bring neo-banking experience to the consumers. The primary target segment is low income household families and direct benefit transfer (DBT) beneficiaries.

About Fino Payment Bank:

MD & CEO– Rishi Gupta
Headquarters– Navi Mumbai, Maharashtra

About BPCL:

Chairman & Managing Director– K. Padmakar
Headquarters– Mumbai, Maharashtra