Fino Payments Bank has extended the tenure of Anup Agarwal as interim Chief Financial Officer by up to 3 months, with the extension taking effect from October 6, 2026.

Extension details

The following table summarises the key details of the appointment extension:

Agarwal continues in the interim CFO capacity at Fino Payments Bank as the extension takes effect. The duration of up to 3 months indicates the arrangement remains temporary in nature, with the bank retaining flexibility on the timeline.

Board approval and profile

The Board of Directors approved the extension at its meeting held on October 1, 2026, based on the recommendation of the Nomination & Remuneration Committee. The meeting commenced at 4:00 pm and concluded at 4:25 pm.

Anup Agarwal is a qualified Chartered Accountant with 20 years of experience in finance. He has held positions at Deutsche Bank India, Standard Chartered Bank India, and Maersk Group. He has been associated with Fino Payments Bank since June 2022, leading Head Finance - Investor Relation & Analytics. He has served as Interim CFO since March 6, 2026.

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.