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Fino Payments Bank traces its origins to Fino PayTech Limited, which was established in 2006 as a technology and payment solutions provider focused on serving the underserved population. Following the Reserve Bank of India's (RBI) introduction of the Payments Bank licensing framework, the promoter, Fino PayTech, was granted an in-principle approval in September 2015. The entity received its final license and was incorporated as Fino Payments Bank Limited on April 4, 2017, officially commencing operations as a Payments Bank on June 30, 2017. The bank is a public limited company and, critically, it has since been granted the status of a Scheduled Commercial Bank by the RBI, inclusion in the Second Schedule of the RBI Act, 1934.

The bank's significance in the Indian financial system lies in its successful execution of an assisted-digital, or "phygital," model to drive financial inclusion. Operating with an asset-light structure, the bank leverages a vast network of merchant banking outlets to offer savings, current accounts, and payment services, extending its reach to over 90% of India's districts. By focusing on deep-rural products like Micro ATMs (MATM) and the Aadhaar Enabled Payment System (AEPS), Fino Payments Bank plays a key role in making basic banking services accessible to the masses and managing cash efficiently in unbanked areas.