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Financial Information Network & Operations Pvt. Ltd.
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 25309
Company nameFINO PayTech Ltd
Country
India
Sector1Commercial Banking - General
Environmental categoryC
Department
StatusActive
Date SPI disclosedSeptember 7, 2006
Projected board dateOctober 9, 2006
Previous EventsInvested: June 6, 2007
Signed: March 13, 2007
Approved: March 5, 2007
  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
Financial Information Network & Operations Ltd. (FINO) is a technology company that provides core banking solutions to agencies including micro-financial institutions, co-operative banks and banks (together, Micro Agencies) catering to the low income households. It also provides automated banking, government transfer services and other financial services for the vast un-banked and under-banked population in rural India through a biometrics based authenticated personal card solution. Having recognized that relying on traditional branch banking to cover rural India would be cost prohibitive, ICICI, India’s largest private sector bank, has incubated FINO and completed pilot testing with some Micro Agencies and their customers. IFC proposes to make an equity investment in FINO for expansion capital as the company seeks to scale operations. IFC is also seeking technical assistance grants to support this innovative rural banking service company.

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