RBI extends Ketan Merchant's tenure as Fino Payments Bank interim CEO
RBI approved a three-month extension for Ketan Merchant as Interim CEO effective May 27, 2026, following the voluntary retirement of former MD & CEO Rishi Gupta. The Bank also extended Anup Agarwal's tenure as Interim CFO for up to three months from July 06, 2026, ensuring operational stability.
*this image is generated using AI for illustrative purposes only.
Fino Payments Bank Limited announced that the Reserve Bank of India (RBI) has approved the extension of Mr. Ketan Merchant's tenure as Interim Chief Executive Officer for a further period of three months effective from May 27, 2026. This regulatory approval ensures leadership continuity as the Bank continues its operations and pursues its transition into a Small Finance Bank.
The approval, conveyed via an RBI letter dated May 25, 2026, follows the voluntary retirement of the former Managing Director & CEO, Mr. Rishi Gupta, effective May 21, 2026. The Board accepted Mr. Gupta's request after reviewing legal opinions concerning an investigation by the Directorate General GST Intelligence, Hyderabad, which concluded that no prima facie case existed against him.
To maintain operational stability, the Bank has also extended the tenure of Mr. Anup Agarwal as Interim Chief Financial Officer for a period not exceeding three months effective from July 06, 2026. The Bank confirmed that its governance framework remains robust and that customer services remain uninterrupted.
| Name | Reason for Change | Tenure Details |
|---|---|---|
| Mr. Rishi Gupta | Voluntary early retirement effective May 21, 2026. | Cessation effective May 21, 2026 (after business hours). |
| Mr. Ketan Merchant | Extension of tenure as Interim CEO. | Not exceeding 3 months effective from May 27, 2026, subject to RBI approval. |
| Mr. Anup Agarwal | Extension of tenure as Interim CFO. | Not exceeding 3 months w.e.f. July 06, 2026. |
The Bank remains focused on the operationalisation of the Small Finance Bank license within the timelines prescribed by the RBI. The Board meeting to finalize these leadership decisions was held on May 21, 2026.
Historical Stock Returns for Fino Payments Bank
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.72% | +6.09% | +4.83% | -49.70% | -49.26% | -74.96% |
Who will be the permanent successor to lead the bank once the interim CEO and CFO tenures expire?
How will the recent leadership changes impact the timeline for operationalizing the Small Finance Bank license?
Will the ongoing GST investigation affect the bank's regulatory compliance or strategic partnerships?
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