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Informist, Saturday, Mar. 7, 2026

 

--Fino Payments Bank appoints CFO Ketan Merchant as interim CEO for 4 mos

--Fino Payments Bank appoints Anup Agarwal as interim CFO for 4 mos

 

NEW DELHI - Fino Payments Bank Ltd. Friday said it has appointed Chief Financial Officer Ketan Merchant as interim chief executive officer of the bank for four months. Merchant has been given the interim charge after the bank's Managing Director and Chief Executive Officer Rishi Gupta was arrested last week under the Goods and Services Tax Act.

 

Merchant will carry out duties of the managing director and chief executive officer for not more than four months, with his appointment due to come into effect from the date of approval of the Reserve Bank of India, the small finance bank said.

 

With Merchant holding the interim charge of chief executive officer, the bank has appointed Anup Agarwal as interim chief financial officer for four months, effective Friday.

 

Gupta, the bank's full time managing director, is being investigated for GST evasion by some program managers who source merchants for Unified Payments Interface transactions for the bank.

 

After Gupta's arrest, Merchant was announced as the head of the organisation to carry on and oversee the day-to-day operations of the bank, before being appointed interim chief executive officer Friday.

 

Fino Payments Bank has said it does not anticipate any financial impact from the ongoing investigation into possible evasion of GST 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. Shares of the bank Friday ended over 1% lower at INR 179.79 on the National Stock Exchange.  End

 

Reported by Shubham Rana

Edited by Ashish Shirke

 

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