Fino Payments Bank Limited has informed the Exchange about Fraud/Default/Arrest
FINOPB · price
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On the reaction day the stock moved 2.5 pts more than Nifty Microcap 250 and 2.9 pts more than its Other Bank peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The MD & CEO of Fino Payments Bank, Mr. Rishi Gupta, was arrested on February 27, 2026, under sections of the CGST and SGST Act, 2017. The bank clarified that the investigation relates to its business partners and not the bank's own GST compliance, and that no other bank officials are involved. The Board has appointed CFO Mr. Ketan Merchant as Head of Organization to manage daily operations during the MD's absence. The bank has stated there is no immediate impact on operations and has informed the RBI about the matter.
This is a significant negative event for shareholders as the arrest of the top leadership under tax law raises governance concerns and may pressure the stock price in the short term. However, the bank's assurance that the matter is limited to a business partner's investigation and that day-to-day operations will continue under the CFO may limit long-term damage if no further adverse findings emerge.