Fino Payments Bank shares hit 20% upper circuit after June business update

Fino Payments Bank shares were locked in the 20% upper circuit at around 162.48 apiece, a four-month high, after its June business update showed average total deposits up 11% year-on-year to 2,755 crore and loan referral disbursals surging 3.5x to 240 crore. The bank added 3.1 lakh new accounts taking its base to 1.8 crore, while FinoPay app monthly active users rose 38% to about 8.4 lakh. However, transaction business throughput declined 35% year-on-year to 2,830 crore due to the shift from cash to UPI.