| FINO will be providing a shared platform for end-to-end delivery of entire suite of financial services, which is expected to lead to economies of scale and lowering of interest cost for micro-finance borrowers. |
| ICICI Bank has committed to buy 20 per cent stake in FINO, which will have authorised capital of Rs 50 crore. FINO is now looking for strategic partners who will add value to its technology services, said Nachiket Mor, deputy managing director at ICICI Bank. |
| Mor said the technology platform will help lenders such as ICICI Bank to get information on its clients in a more dynamic way and not in the cumbersome excel-sheet format. |
| As part of the technology services, FINO will provide off-line hand-held equipment to micro-finance providers such as MFIs, non-banking finance companies (NBFCs), regional rural banks and cooperative banks, data from which would then be transferred through FINO's core banking solution (CBS) platform to the concerned bank. |
| The borrowers will be given a biometric card, which provides a unique identification for the banks' customers. |
| FINO has set up a CBS platform using Infosys Technologies' Flexcube solution, and IBM will operate the technology platform. This technology platform can support database of 50 million customers. |
| As it happened with Crisil's R Ravimohan and Ncdex's PH Ravikumar, an ICICI Bank official Manish Khera has moved to head FINO after serving at ICICI Bank for 13 years in credit evaluation and structuring group, major clients group and then in the product technology group for the last two years. |
| Mor said FINO will provide a credit tracking mechanism and back-end capability for banks and other lenders. FINO would also be providing credit bureau services, which will help lenders to have a complete credit profile of their customers. |
Explore Business Standard