Fino Payments Bank has tied up with an overseas partner for money transfer, Rishi Gupta, MD & CEO, told CNBC-TV18.

The stock is in focus after the Reserve Bank of India (RBI) approved cross border remittance via a money transfer service scheme.

“Because of our presence in local geographies, we are not only innovating on the product by replacing cash with opening bank accounts, but we are also looking at this as a major boost for our other products as well,” said Gupta.

Also Read: RBI allows offline digital payments up to Rs 200 per transaction

On growth, he said that rural area is also trending towards getting more digital and that is giving an advantage because the company is deeply penetrated in rural India.

“We see a good margin of about 25-30 percent in this business and the market itself is about USD 20-25 billion,” Gupta said.

Also Read: Risks in merged banks more than in unmerged ones: RBI report

For the entire management interview, watch the video