Fino Payments Bank Limited shareholders approved the adoption of audited financial statements for FY26 with 99.02% of votes cast in favour during the 10th Annual General Meeting held on September 29, 2026.

The meeting, conducted via video conferencing, focused on the bank's strategic pivot toward becoming a Small Finance Bank (SFB) and addressed regulatory concerns regarding Goods and Services Tax (GST) investigations involving third-party partners.

Voting outcome and shareholder participation

The ordinary resolution to receive and adopt the annual report passed with a requisite majority. Out of 83,218,402 outstanding shares, 21,953,844 votes were polled, representing a turnout of 26.38%.

A total of 43 members attended through video conferencing, comprising one promoter group member and 42 public shareholders. No physical presence was recorded at a common venue.

Strategic shift to Small Finance Bank

The Board highlighted the Reserve Bank of India's in-principle approval for the bank's conversion into a Small Finance Bank. Interim Chief Executive Officer Ketan Merchant outlined the roadmap to build a differentiated, digital-led, and AI-driven SFB. Key initiatives include migrating the core banking system to Finacle, strengthening compliance frameworks, and developing a high-quality lending business. The bank aims to leverage its granular deposit base, extensive merchant network, and technology-first operating model to create long-term shareholder value.

Governance and regulatory updates

Part-time Chairman Rajat Kumar Jain informed members about the comprehensive review undertaken by the Board concerning GST-related investigations involving third-party programme managers and Technology Service Providers. The bank has strengthened its Know Your Customer (KYC), anti-money laundering frameworks, transaction monitoring, cybersecurity, and internal controls in response. Additionally, Jain expressed gratitude to Rishi Gupta, who opted for voluntary early retirement in May 2026, for his leadership.

Shareholder queries and operational focus

Shareholders raised questions regarding the bank's future growth roadmap, strategy for SFB transition, profitability growth, and the reason behind the decline in market capitalization. Management responded by emphasizing the focus on operating efficiency, sustainable business mix, and the expansion of the CASA customer base and merchant network. The bank reported growth in its loan referral business and is actively building credit platform infrastructure, including underwriting and portfolio monitoring capabilities.

Meeting proceedings

Directors present included Rajat Kumar Jain, Deena Asit Mehta, Rakesh Bhartia, and Anita Pai. Independent Director Neeta Mukerji and Nominee Directors Pankaj Kumar and Prateek Roongta were absent due to pre-occupations. The audited financial statements for FY26 were adopted without any qualifications or adverse remarks from statutory or secretarial auditors.

Fino Payments Bank appointed Paresh Gupta as Head – MSME on September 29, 2026. He joins the senior management team to strengthen the bank's focus on the micro and small enterprise segment.

The appointment follows the recommendation of the Nomination and Remuneration Committee and approval by the Board of Directors. Gupta will serve in a full-time capacity, bringing extensive experience from previous roles at major Indian banks.

Professional background

Gupta holds over 20 years of experience across Business & Product Development, Risk Management, and MSME Financing. His educational qualifications include a B.Com (Hons.) and M.Com (ABST) from MDS University, Ajmer, and an MBA in Finance from ICFAI Business School.

His career includes significant stints at YES Bank, ICICI Bank, and HDFC Bank. Most recently, he served at YES Bank since October 2011. In his final role there, he was Regional Business Head – Micro Enterprise Banking (MEB), managing multi-state operations across Gujarat, Rajasthan, Madhya Pradesh, and Chhattisgarh.

Strategic relevance

The bank highlighted that Gupta possesses strong experience in setting up and stabilising business in the Micro & Small segments within large banks. His expertise in dealing with small traders within SMEs aligns with Fino Payments Bank's Small Finance Bank strategy and its long-term objective of building the MSME vertical.

Disclosure details

The appointment was disclosed pursuant to Regulation 30 of the SEBI Listing Regulations, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 (updated January 30, 2026). The disclosure is available on the bank's website.