Fino Payments Bank extends interim CEO's tenure by three months

Fino Payments Bank announced Monday that its Nomination & Remuneration Committee has approved extending Ketan Merchant's tenure as interim chief executive officer for an additional three months from late August 2026. The decision requires approval from the Reserve Bank of India, the bank disclosed in a regulatory filing.

Merchant's extended tenure marks the continuation of a leadership arrangement that began in February following the arrest of the bank's managing director and CEO Rishi Gupta. The RBI had previously granted Merchant a three-month extension in May 2026.

Gupta was arrested by the Directorate General of GST Intelligence for alleged violations of Goods and Services Tax laws. Investigators accused him of orchestrating the use of shell companies and payment aggregators to channel illicit funds derived from online gaming operations.

Prior to assuming the interim CEO role, Merchant served as the bank's Chief Financial Officer. His appointment to the top position represented a significant leadership transition for the payments bank as regulatory authorities investigated the alleged misconduct at the institution.