India, Dec. 8 -- Despite reporting a positive development recently, shares of Fino Payments Bank plunged as much as over 13.5% to INR 271.95 on the BSE. The shares ended the day's trade 11.3% lower at INR 278.95.

The company's market capitalisation stood at $257.8 Mn (INR 2,321.38 Cr), down about 11% from $290 Mn at the end of Friday's trading session.

On Friday, the company received an in-principle approval from the RBI to operate as a small finance bank (SFB), making it the first new-age tech company to receive such a regulatory approval. The approval has been much awaited, given the fact that the bank had applied for the SFB licence with the RBI in January 2024.

Payments banks in India focus on basic banking and payments for underse...