India's Fino Payments Bank CEO Rishi Gupta to step down

FINO Payments Bank

21/05/2026 16:57

BANGALORE, May 21 - India's Fino Payments Bank FINY.NS said on Thursday Managing Director and CEO Rishi Gupta has sought voluntary early retirement, months after he was arrested under the country's goods and services tax law.

Here are some details:

Gupta said he wants to explore new avenues outside the lender, without disclosing further details.

The lender, however, said the board was of the view that Gupta was "fit and proper" to continue as MD and CEO after reviewing documents, including legal opinions and reports it received.

Fino had earlier said Gupta's arrest was linked to an investigation involving its business partners and was not related to the bank's own GST compliance.

The company said on Thursday it approved the extension of Ketan Merchant's appointment as interim MD and CEO for up to three months from May 27, subject to approval from the country's central bank.

It also extended Anup Agarwal's position as interim CFO for up to three months, from July 6.

Fino received the Reserve Bank of India's approval last year to convert into a small finance bank, a move that would allow it to accept larger deposits, offer loans and credit facilities and broaden its currently restricted payments bank remit.

 (Reporting by Abinaya V in Bengaluru;)