Fino Payments Bank Limited has published newspaper advertisements confirming the dispatch of an addendum to its postal ballot notice, following the board's earlier decision to withdraw the re-appointment agenda of its Managing Director and CEO from ongoing voting proceedings.

Newspaper Publication and Regulatory Compliance

On March 28, 2026, the bank published advertisements in Financial Express (English), The Free Press Journal (English), and Navshakti (Marathi) newspapers, confirming the dispatch of the addendum dated March 26, 2026 to the original postal ballot notice dated February 26, 2026. The addendum was dispatched to members on March 27, 2026.

Board Decision Context

The board meeting held on March 26, 2026, had resolved to withdraw agenda item 2 from the postal ballot notice, which pertained to the re-appointment of Mr. Rishi Gupta as Managing Director and Chief Executive Officer for a three-year term from May 02, 2026 to May 01, 2029. This decision followed recent legal developments involving the bank's top executive.

Postal Ballot Process Status

The bank had issued the original postal ballot notice seeking member approval on two key matters. Following the withdrawal, only one agenda item remains active for voting.

Legal Developments and Corporate Governance

The withdrawal decision follows disclosures regarding the arrest of Mr. Rishi Gupta in connection with an investigation involving program managers associated with multiple banks. The bank referenced disclosures dated February 27, 2026, March 24, 2026, and March 26, 2026, detailing the arrest, dismissal of a writ petition, and subsequent bail grant.

The board emphasized that the withdrawal was made "in the interest of due process and sound corporate governance practices." The bank clarified that Gupta's candidature for re-appointment remains unaffected and will be reconsidered at an appropriate time, subject to compliance with regulatory requirements and re-assessment of fit and proper status.

Impact on Voting Process

All votes cast for resolution number 2 are treated as null and void. The voting results will be declared only for agenda item 1, concerning remuneration approval. The bank continues to maintain stable operations while engaging constructively with regulators and stakeholders.

The Special Judge for Economic Offences, Nampally, Hyderabad has granted bail to Rishi Gupta, Managing Director and CEO of Fino Payments Bank , on March 26. This development follows the earlier dismissal of his writ petition by the Telangana High Court and represents a significant legal milestone for the bank's leadership.

Regulatory Disclosure and Official Communication

The bank has made an official disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, to both BSE Limited and National Stock Exchange of India Limited. The communication, signed by Company Secretary & Compliance Officer Basavraj Loni, provides an update on the legal proceedings following earlier disclosures made on February 27 and March 24.

The bank has acknowledged and welcomed the bail order, emphasizing its continued cooperation with authorities throughout the investigation process.

Investigation Context and Bank's Position

According to the regulatory disclosure, the ongoing investigation relates to certain program managers associated with multiple banks, including the bank itself. Importantly, the bank has clarified that this investigation does not relate to the bank's GST compliance matters. Given that the matter remains sub-judice, the bank has limited its disclosure regarding the outcome of the hearing.

The bank has maintained transparency through regular disclosures under SEBI Listing Regulations while noting the legal constraints on information sharing during ongoing proceedings.

Business Performance and Operational Stability

Despite the legal proceedings, Fino Payments Bank continues to demonstrate strong business fundamentals. The bank reports healthy momentum in its core business operations, with sustained increases in deposits and growth in referral assets, which reinforces the underlying strength of its operating model.

The bank's operations remain stable and uninterrupted, continuing to serve customers and stakeholders in the normal course of business throughout this period.

Governance and Future Outlook

Fino Payments Bank has reiterated its commitment to strong governance practices, regulatory adherence, and transparency. The bank stated it will continue to engage constructively with regulators and stakeholders while making appropriate disclosures in accordance with applicable laws and regulatory requirements.

The disclosure has been made available on the bank's website at www.fino.bank.in , ensuring continued transparency with all stakeholders during this legal process. The bank maintains its focus on serving customers while cooperating fully with ongoing investigations.