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Informist, Friday, Mar. 27, 2026

--Fino Payments Bank to not seek shareholder nod to reappoint MD Rishi Gupta 

--Fino Payments Bank: Rishi Gupta still a candidate for MD, CEO post 

MUMBAI – Fino Payments Bank Ltd. Friday said it has withdrawn a proposal to reappoint its Managing Director and Chief Executive Officer Rishi Gupta for another three-year term, citing governance considerations amid an ongoing investigation for evasion of goods and service tax.

The board, at its meeting Thursday, decided to withdraw the agenda item on Gupta's reappointment from the ongoing postal ballot. The bank said this move does not affect Gupta's candidature, which will be reconsidered after regulatory and internal assessments, including review of his "fit and proper" status and guidance from the Reserve Bank of India.

This decision comes after Gupta's arrest, subsequent bail, and legal proceedings. The bank had said the ongoing investigation 

pertains to program managers working with the bank and not the bank itself. Votes already cast on the withdrawn resolution will be treated as null and void, while voting continues for the remuneration proposed for Gupta for FY25. 

Wednesday, the shares of bank ended at INR 123.70 apiece on the National Stock Exchange, up 10%. For the December quarter, the bank reported a net profit of INR 122.5 million on total income of INR 3.94 billion.  End

Reported by Divya Moolayattil 

Edited by Vandana Hingorani

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