“…we hereby inform you that due to the ongoing reassessment of the fit and proper status of Mr. Rishi Gupta, MD & CEO of the Bank, he has been unavailable to perform his role in a regular manner for more than 45 days,” as noted in a stock exchange filing.
The bank indicated that this situation is connected to a pending reassessment of his “fit and proper” status. It mentioned that he will return to his position following the evaluation by the Nomination and Remuneration Committee and the Board of Directors, alongside guidance from the Reserve Bank of India.
During this time, the bank has appointed an interim CEO with the approval of the RBI.
Also Read: Fino Payments Bank shares fell 20% on Tuesday — Here’s what the company told exchanges
Fino Payments Bank emphasized that its operations remain stable and uninterrupted, continuing to serve its customers as usual. The bank also highlighted that it achieved its highest-ever deposit balance in March 2026 and experienced robust growth in its referral lending business.
Earlier this year in February, Fino Payments Bank reported the arrest of its MD and CEO, Gupta, by the Directorate General of GST Intelligence (DGGI) for violations related to the Goods and Services Tax.
“The investigation by the DGGI pertained to the program manager(s) associated with multiple banks and does not involve the GST compliance of the bank itself; the bank and its officials are not linked to the business/actions of the program manager(s) being investigated,” Fino Payments Bank mentioned in a regulatory filing.
Also Read: Fino Payments Bank shares gain 3% after CEO gets bail, new developments at board
Additionally, a special board meeting took place in February, during which Fino Payments Bank appointed Ketan Merchant, Chief Financial Officer, as Head of the Organisation to manage the bank’s daily operations in the absence of Rishi Gupta, until the board decides otherwise or until his return, whichever occurs first.
Shares of FINO Payments Bank Ltd closed at ₹132.35, a decrease of ₹3.15, or 2.32%, on the BSE.
