Fino Payments Bank MD & CEO Arrested Under CGST, SGST Provisions; CFO Appointed Interim Head

Fino Payments Bank Limited has informed stock exchanges that its Managing Director and Chief Executive Officer, Mr. Rishi Gupta, has been arrested under provisions of the Central Goods and Services Tax (CGST) Act and State Goods and Services Tax (SGST) Act, 2017.

In a disclosure made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the bank stated that Mr. Gupta was arrested on February 27, 2026, under Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Acts, respectively .

According to the bank’s filing, the ground of arrest was issued at 3:55 a.m. (IST) on February 27, 2026 .

The bank clarified that the investigation pertains to certain business partners of the bank and does not relate to the bank’s own GST compliance. It further stated that none of the bank’s officials are involved in the matter and that the bank is fully cooperating with the authorities by providing all necessary information .

Fino Payments Bank has indicated that, at present, there is no impact on its operations. It added that any future material developments will be appropriately disclosed to the stock exchanges .

In response to the development, the bank convened a special Board Meeting on the evening of February 27, 2026. The meeting commenced at 6:45 p.m. (IST) and concluded at 7:06 p.m. (IST) . During the meeting, the Board appointed Mr. Ketan Merchant, Chief Financial Officer, as Head of the Organization to oversee and carry on the day-to-day operations of the bank in the absence of Mr. Gupta, until further resolution by the Board or until Mr. Gupta resumes office, whichever is earlier .

The bank also confirmed that the matter has been reported to the Reserve Bank of India .

Fino Payments Bank stated that it is taking appropriate measures to address and overcome the situation and that the disclosure has been made in compliance with applicable SEBI regulations.