News Brief | September 2016
BPCL buys 21percent in Fino
State-owned oil marketing company Bharat Petroleum Corporation (BPCL) said that it has signed a deal to acquire 21 per cent stake in FINO PayTech for Rs.251 crore in an all cash deal. FINO holds a licence to set up a payments bank. BPCL said that the deal would be completed by December 2016. The oil company said that it plans to leverage its marketing network to bring banking services to the unbanked. It will also bring new payments technology to all customers. Oil companies are the biggest users of cash in the country. Card companies say that they are also an impediment to electronic payments as they continue to impose a surcharge on card payments.