Fino Payments Bank leadership transition amid regulatory scrutiny. Following the arrest of MD and CEO Rishi Gupta on GST evasion charges totaling 840 crores, the bank has appointed CFO Ketan Merchant as interim CEO for up to four months. Anup Aggarwal assumes the CFO role during this period. The DGGI alleges Gupta led an organized syndicate routing funds from illegal online gaming through shell entities connected to Fino. The bank denies involvement, stating allegations stem from a business partner's actions. Fino maintains strong compliance frameworks and claims operations continue normally. The bank reaffirmed its transition to small payments bank status remains on track per RBI timeline, with no material business impact reported from the leadership change.
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