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Informist, Tuesday, Mar. 10, 2026

 

--ICRA puts Fino Payments Bank rtg on 'Watch with Developing Implications' 

 

NEW DELHI – ICRA Ltd. has placed the rating of Fino Payments Bank's long-term and short-term fund-based overdraft worth INR 2.95 billion "on Rating Watch with Developing Implications", following the arrest of the bank's managing director and chief executive officer Rishi Gupta on Feb. 27. "The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated Instrument availed/issued by your company," the credit rating agency said.

 

ICRA had earlier rated the payments bank's long-term and short-term fund-based overdraft 'BBB+' and 'A2+', respectively.

 

Gupta was arrested by the Director General of GST Intelligence, Hyderabad, in connection with an investigation into alleged goods and services tax evasion by certain program managers associated with the bank. In Gupta's absence, Chief Financial Officer Ketan Merchant has been appointed the interim chief executive officer of the payments bank for four months.

 

Despite the controversy and change in top management, Fino Payments Bank has said it does not anticipate any financial impact from the ongoing investigation and that its operations and overall business performance remain stable. For the December quarter, Fino Payments Bank had reported a net profit of INR 122.5 million on an interest income of INR 630 million. Tuesday, its shares closed at INR 178.56 on the National Stock Exchange, down 2.4% from the previous session.  End

 

Reported by Priyasmita Dutta

Edited by Ashish Shirke

 

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