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Informist, Monday, Mar. 2, 2026

--Fino Payment Bank says did not evade GST, is fully compliant 

--Fino Payments: Program managers working with Fino under GST investigation 

--Fino Payments Bank says it is not under any GST investigation 

--Fino Payments Bank: Do not promote betting on any platform, in any form 

--Fino Payments Bank: MD & CEO not involved in onboarding program managers 

--Fino Payments Bank: Have not issued any alleged fake invoice 

--Fino Payments Bank: Expect to convert into small finance bk before deadline 

MUMBAI – Fino Payments Bank Ltd. Monday said the ongoing goods and services tax investigation involving it pertains to some program managers who source merchants for Unified Payments Interface transactions for the bank and does not relate to the bank's own GST compliance. The bank said it has not evaded any GST dues and is compliant with all applicable GST regulations.

The bank said its Managing Director and Chief Executive Officer Rishi Gupta was not directly involved in onboarding the program managers, which was done by the relevant business development teams. Gupta has been arrested in connection with the investigation into GST evasion and promoting of betting by the bank. The bank said it does not promote any betting activity on any platform or in any manner.

The bank said it has not issued any fake invoices and that all invoices were raised based on services used by the program managers. The bank maintains a strong risk management framework for monitoring merchant transactions involving virtual payment addresses. Additionally, it does not maintain current accounts for the program managers.

The bank said it is fully cooperating with authorities and is providing all relevant information related to the program managers under investigation.

Fino Payments Bank said it is committed to convert into a small finance bank before the 18-month deadline given by the Reserve Bank of India. For the December quarter, Fino Payments Bank reported a net profit of INR 122.5 million on interest income of INR 630 million. Friday, shares of the bank closed at INR 192.19 on the National Stock Exchange, down almost 8%.  End 

Reported by Divya Moolayattil

Edited by Tanima Banerjee

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