Fino Payments Bank reported mixed results for October 2026. While loan referral disbursals surged 316% YoY and total deposits hit a record milestone of Rs 3,044 crore, core business metrics showed a decline. New account openings fell 19% and transaction throughput dipped 18%, signaling headwinds in payments volume even as the bank scales its lending business ahead of its planned transition to a Small Finance Bank.
Fino Payments Bank Reports October 2026 Performance Metrics
Loan referral disbursals rose 316% to Rs 301 crore, while total deposits hit a peak of Rs 3,044 crore.
Reader Takeaway: Strong growth in lending and deposits offsets concerns over slowing account openings and core transaction throughput.
What just happened
Fino Payments Bank released its operational highlights for October 2026, showcasing a divergence between its emerging lending business and its legacy payments operations. The bank reported a massive 316% jump in loan referral disbursals to Rs 301 crore compared to Rs 72 crore in the same period last year. Meanwhile, total deposits reached a historic milestone, exceeding the Rs 3,000 crore mark for the first time, peaking at Rs 3,044 crore on October 17.
Why this matters
These figures serve as key progress indicators as the bank works toward its transition into a Small Finance Bank. The growth in deposits and loan referrals indicates that the bank is successfully shifting its business model toward higher-margin credit and savings products. However, the decline in transaction throughput—down 18% to Rs 3,541 crore—suggests that competitive pressures or behavioral shifts in the payments landscape may be weighing on its traditional fee-based model.
Risks to watch
The 19% YoY decline in new account openings (2,29,765 accounts) is a metric that investors should monitor closely. If this slowdown in customer acquisition persists, it could limit the bank’s ability to funnel new users into its digital ecosystem and cross-sell loan products in the future.
Context metrics
Cash Management Services (CMS) remained a bright spot, with throughput reaching Rs 7,514 crore, the highest monthly figure since October 2024. Additionally, the bank’s digitally active customer base grew by 12% to 65.1 lakh, providing a stable foundation despite the volatility in transaction volumes.
What to track next
Watch for subsequent monthly updates to see if the decline in new account acquisitions is a temporary seasonal effect or a sustained trend. Management's commentary on the speed of the Small Finance Bank transition will be the primary driver of investor sentiment.