Fino Payments Bank Pays Rs. 10.18 Crores Under Protest in GST Dispute

Fino Payments Bank has recently found itself in a tax dispute with the Goods and Services Tax (GST) authorities. The bank has paid Rs. 10.18 crores under protest following the conclusion of search operations by GST officials.

Details of the Dispute

The dispute centers around Input Tax Credit (ITC) claims made by Fino Payments Bank. According to the bank's disclosure to the BSE, the GST Authority has taken a prima facie view regarding these claims. In response to this, Fino Payments Bank has decided to contest the GST Authority's stance.

Key Points of the Situation

Aspect	Details
Amount Paid	Rs. 10.18 crores
Payment Status	Under protest
Opposing Party	Commissioner of GST, Maharashtra State, Mumbai
Dispute Nature	Input Tax Credit claims
Bank's Stance	Plans to contest the GST Authority's view
Impact on Operations	No impact on the bank's operations or other activities

Bank's Response

Fino Payments Bank has stated that it considers the GST Authority's view as untenable. The bank plans to challenge this position, indicating its confidence in the legitimacy of its Input Tax Credit claims.

Implications

Despite the significant amount paid under protest, Fino Payments Bank has assured stakeholders that this development will not affect its operations or other activities. This statement suggests that the bank is financially prepared to handle such regulatory challenges without disrupting its core business functions.

The bank's decision to contest the GST Authority's view also indicates its commitment to protecting its financial interests and maintaining transparency with its investors and the public.

As this situation develops, stakeholders will be watching closely to see how the dispute is resolved and whether it will have any long-term implications for Fino Payments Bank or the broader banking sector's approach to Input Tax Credit claims under the GST regime.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+6.42%	+14.44%	+3.92%	+31.16%	-11.82%	-41.49%

Fino Payments Bank Limited (FPBL) has disclosed that the Goods and Services Tax (GST) authorities have initiated a search at its registered office. The search, which began on November 10, 2025, is being conducted under Section 67(2) of the Maharashtra Goods and Service Tax Act, 2017.

Details of the Search

Aspect	Information
Initiating Authority	Commissioner of State Tax, Maharashtra State, Mumbai
Legal Basis	Section 67(2) of the Maharashtra Goods and Service Tax Act, 2017
Date of Initiation	November 10, 2025
Location	Registered office of Fino Payments Bank Limited
Current Status	Ongoing

Bank's Response

FPBL has stated that it is fully cooperating with the authorities by providing the requested data. The bank has promptly disclosed this information to stock exchanges in compliance with the Securities and Exchange Board of India (SEBI) listing regulations.

Potential Implications

As of now, the bank has not provided any details regarding:

The specific reasons for the search
Any alleged violations or contraventions
Potential impact on the bank's financial or operational activities

The proceedings are ongoing, and more information may become available as the situation develops.

Investor Considerations

While the search is a significant event that warrants attention, it's important to note that such regulatory actions are part of normal business operations in the banking sector. Investors and stakeholders should monitor further updates from the bank and official sources for a comprehensive understanding of the situation.

Fino Payments Bank Limited, with its registered office in Navi Mumbai, continues to operate under CIN: L65100MH2007PLC171959.

As this is a developing situation, stakeholders are advised to stay informed through official channels and regulatory filings for any updates or further disclosures from Fino Payments Bank Limited.