Out of 11 payments bank licenses issued by RBI, only 6 banks started operations.
If Payment bank license of Paytm I revoked, only 5 would be remaining.
Not much impact on Fino, IMO.
It’s just heartening to see how they’ve made this business profitable (100Cr PAT) and that too in a robust way.
In fact the kind of growth and profitability they’re delivering in CASA and CMS businesses is heartening.
One concern I see is the costs associated with operating as SFB, (technology, man power, etc…)
Another big concern is how market values this Co.
On P/E terms it’s not about expensive.
But on P/B terms, it’s trading at ~4X.
Other than these, I don’t see any major risks currently.
Disc : One of my top positions. Not a reco
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