The extension of tenure is subject to approval of Reserve Bank of India
Fino Payments Bank’s (FPB) Board of Director, based on the recommendation of the Nomination & Remuneration Committee, on Monday approved the extension of tenure of Ketan Merchant as interim Chief Executive Officer of the bank for a period not exceeding three months effective August 27.The extension of tenure is subject to approval of Reserve Bank of India, the bank said in a regulatory filing. Merchant, who joined FPB in 2018, is currently serving as the Interim CEO of the Bank effective February 27.“Merchant’s main area of focus is accelerating growth oriented strategies for the bank and he has played a key role in listing the Bank in the year 2021. Under his stewardship the Bank has adopted three-pronged strategy of DDD (Data, Distribution and Digital) for Fino 2.0 vision,” per the filing.In a May 21, 2026 regulatory filing, the bank said it received legal opinions & report from legal firms/ lawyer, consultants in relation to the investigation initiated by the Directorate General GST Intelligence, Hyderabad, against Rishi Gupta, Managing Director & Chief Executive Officer (MD & CEO) of the bank.“Based on the consideration of the documents available with the Bank as on date, including the legal opinions & reports received and the facts emanated therefrom, the Board is of a view that no prima facie case could be made out against Rishi Gupta.“Accordingly, the Board of the Bank is of the view that Rishi Gupta is ‘fit and proper’ to continue as MD & CEO of the bank,” said FPB.However, Gupta, vide his letter dated May 21, 2026, has tendered his request for voluntary early retirement from the position of MD & CEO of the Bank, effective May 21, 2026 (after the end of business day) for the reasons stated in his voluntary early retirement letter, the Bank said.The board, after due considerations, accepted Gupta’s request for voluntary early retirement from May 21 (after the end of business day).Published on August 24, 2026
