Fino Payments Bank’s Board approves 3-month tenure extension for Merchant as interim CEO
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On Monday, Fino Payments Bank’s (FPB) Board of Directors, acting on the advice of the Nomination & Remuneration Committee, approved extending Ketan Merchant’s interim CEO term for up to three months, starting August 27.
The bank noted in a regulatory filing that the extension awaits Reserve Bank of India’s approval. Merchant, who joined FPB in 2018, has been serving as interim CEO since February 27.
Key Takeaways
- Fino Payments Bank’s board approved a three-month extension of Ketan Merchant’s interim CEO term, starting August 27, pending RBI approval.
- Merchant has served as interim CEO since February 27, 2026, and previously helped secure the bank’s 2021 listing.
- Under his leadership, the bank adopted a Data, Distribution and Digital (DDD) approach as part of its Fino 2.0 vision.
- The bank reviewed legal opinions related to a DGGI probe into former MD & CEO Rishi Gupta before the board’s decision.
According to the filing, Merchant’s priority is driving growth‑focused initiatives for the bank; he was instrumental in securing the bank’s 2021 listing. Under his leadership, the bank has embraced a three‑pronged DDD approach—Data, Distribution, and Digital—as part of its Fino 2.0 vision.
In a regulatory filing dated May 21, 2026, the bank disclosed that it had obtained legal opinions and reports from law firms and consultants concerning the probe launched by the Directorate General of GST Intelligence, Hyderabad, targeting Rishi Gupta, the bank’s Managing Director and CEO.
After reviewing the documents presently held by the bank—including the legal opinions and reports received and the facts they reveal—the Board concluded that there is no prima facie case against Rishi Gupta.
Consequently, the Board holds that Rishi Gupta satisfies the ‘fit and proper’ criteria to remain as Managing Director and CEO of the bank,” FPB stated.
Nevertheless, Gupta submitted a letter dated May 21, 2026 requesting voluntary early retirement from his role as Managing Director and CEO, to take effect after close of business on May 21, 2026, citing the reasons outlined in that letter, the bank noted.
After careful deliberation, the Board approved Gupta’s voluntary early retirement request, effective after business hours on May 21.
Published on August 24, 2026
