Rural areas which is Fino’s main operating place, is price sensitive. Charging INR 450 per year as account maintenance is outrageous IMHO. The addressable mkt is too big for Fino but the profit margin is limited. This is highly regulated business, only 6 out of 11 companies are active now (source: Groww video about Fino’s IPO). We can expect no new entrants since the big profit making is out of question.
Disc:
Tracking position.