After MD arrest, Fino Payments Bank says GST probe linked to program managers
This story was originally published at 12:57 IST on 28 February 2026
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--Fino Payments Bk CFO: Have faith in judiciary, will cooperate with inquiry
--CONTEXT: Fino Payments Bk MD Gupta arrested Fri under CGST, SGST Act
--Fino Payments Bk CFO: CMD has nothing to do with program managers' actions
--Fino Payments Bk CFO:GST inquiry pertains to program managers related to bk
NEW DELHI – A day after its Managing Director and Chief Executive Officer Rishi Gupta's arrest under the provisions of Central Goods & Service Tax and State Goods & Service Tax Act, Fino Payments Bank's Chief Financial Officer Ketan Merchant said that the GST investigation pertains to program managers who have relationship with other banks, including Fino Payments Bank.
The bank and its MD and CEO Gupta have nothing to do with the actions of the program managers, Merchant said in an exchange filing on Saturday. "We have full faith in the country's judiciary and will continue to extend full cooperation and assistance to the authorities in the on-going process," he added.
Merchant has been appointed by the bank's board as the head of the organisation to carry on and oversee the day-to-day operations of the bank in the absence of Gupta until otherwise resolved by the board or till he resumes office, whichever is earlier.
Merchant said that in view of Gupta's arrest, the bank's business operations will continue uninterrupted and there will be no impact on it services. The bank has strong corporate governance, compliance framework and robust processes in place, and as a regulated entity, it is compliant with all the laws, including GST, he said.
Fino Payments Bank reported a net profit of INR 122.5 million, down 47% on year and 20% on quarter. On Friday, shares of the bank closed at INR 192.19, down 7.7%, on the National Stock Exchange. End
Reported by Pratiksha
Edited by Tanima Banerjee
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