Fino Payments Bank CEO Rishi Gupta retires early
Fino Payments Bank announced the voluntary early retirement of its MD & CEO, Mr. Rishi Gupta, effective May 21, 2026, following a Board review that found no prima facie case against him regarding a GST investigation. The Bank appointed Mr. Ketan Merchant as Interim CEO and extended Mr. Anup Agarwal's tenure as Interim CFO to ensure operational continuity. The Board expressed appreciation for Mr. Gupta's role in making the Bank the first profitable and listed payments bank in India.
*this image is generated using AI for illustrative purposes only.
Fino Payments Bank Limited announced that its Managing Director & Chief Executive Officer, Mr. Rishi Gupta, has voluntarily retired from his position, effective May 21, 2026. The Board of Directors accepted his request for early retirement, which was tendered via a letter dated the same day, citing reasons stated in his correspondence. This decision comes after the Board reviewed legal opinions and reports concerning an investigation by the Directorate General GST Intelligence, Hyderabad, determining that no prima facie case could be made against Mr. Gupta.
The Board and Management expressed their profound appreciation for Mr. Gupta's contributions, noting his instrumental role in steering the Bank to become the first profitable and listed payments bank in India. They also highlighted his leadership in securing the in-principle approval from the Reserve Bank of India (RBI) for the Bank's transition into a Small Finance Bank.
To ensure seamless continuity of operations, the Bank has approved the extension of tenures for its interim leadership. Mr. Ketan Merchant has been appointed as the Interim Chief Executive Officer for a period not exceeding three months, effective from May 27, 2026, subject to RBI approval. Additionally, Mr. Anup Agarwal has been extended as the Interim Chief Financial Officer for a period not exceeding three months effective from July 06, 2026.
The Bank reaffirmed that its operations remain stable and uninterrupted, with no impact on services rendered to customers. It stated that its governance framework remains robust, led by an experienced Board and management team committed to the highest standards of corporate governance and regulatory compliance.
| 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 confirmed that it will continue to focus on the operationalisation of the Small Finance Bank license within the stipulated timelines prescribed by the RBI. The Board meeting, where these decisions were made, commenced at 05:45 p.m. and concluded at 07:20 p.m. on May 21, 2026.
Historical Stock Returns for Fino Payments Bank
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.57% | +1.92% | -8.93% | -54.99% | -49.94% | -76.98% |
How might the ongoing DGGI investigation into Fino Payments Bank affect the RBI's timeline for approving its Small Finance Bank transition?
Who are the likely permanent CEO candidates being considered internally or externally to lead Fino Payments Bank through its critical Small Finance Bank conversion?
What regulatory or operational milestones must Fino Payments Bank achieve within the RBI's stipulated timeframe to successfully operationalize its Small Finance Bank license?
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