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Informist, Wednesday, Mar. 4, 2026

 

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--Fino Payments Bk:To finish small fin bk process before RBI's 18 mo timeline
--Fino Payments Bank: Didn't bypass KYC, due diligence norms for merchants
--Fino Payments Bk: Didn't bypass KYC, diligence norms for program managers
--Fino Payments Bk: Didn't issue any alleged fake invoices
--Fino Payments Bk: Didn't onboard merchant, program manager outside India

 

MUMBAI – Fino Payments Bank Wednesday said it does not anticipate any financial impact from the ongoing investigation into possible evasion of goods and services tax and that its operations and overall business performance remain stable. The bank said it had followed all due diligence norms while onboarding the program merchants who are currently under investigation and has not bypassed any know-your-customer norms either.

 

The bank also said it has not onboarded any merchants registered outside India. The bank iterated it has not issued any fake invoices and that all invoices were raised based on services used by the program managers.

 

The bank said it is not subject to any investigation other than the one being conducted for GST evasion by the product merchants. It also said that no action has been taken against its officials on this matter, apart from the arrest of Chief Executive Officer Rishi Gupta Friday.

 

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. At 0930 IST, its shares were down slightly at INR 190.35 on the National Stock Exchange.  End 

 

Reported by Divya Moolayattil

Edited by Rajeev Pai

 

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