RBI Approves 3-Month Extension for Fino Payments Bank Interim CEO

RBI Approves Extension of Tenure for Fino Payments Bank Interim CEO

The Reserve Bank of India (RBI) has approved the extension of tenure for Ketan Merchant as interim CEO of Fino Payments Bank for a further period of three months, effective May 27, 2026. This decision was announced by Fino Payments Bank in a regulatory filing on Tuesday.

According to the filing, the RBI's approval was granted through a letter dated May 25, 2026. Fino Payments Bank had earlier stated in a stock exchange filing last week that its board had approved extending the tenure of Merchant subject to regulatory approval. This move comes after the RBI approved the appointment of Merchant as interim CEO in March 2026, following the arrest of MD and CEO Rishi Gupta by GST officials in a fraud case related to tax evasion.

Initially, the RBI had approved Gupta's appointment as interim CEO for a period of three months. However, Gupta took voluntary retirement and resigned from his position on May 21, 2026. Despite the circumstances surrounding his departure, Fino Payments Bank had maintained that Gupta was 'fit and proper' to continue as MD & CEO based on legal opinions.

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| Comparison of Share Price Performance | | --- | --- | | Close | Percentage Change | | Rs 128.70 | 2.71% |

Shares of Fino Payments Bank closed at Rs 128.70 apiece on the BSE, marking a 2.71% increase over the previous close.