Fino Payments Bank Limited has informed the Exchange regarding Outcome of Board Meeting held on March 06, 2026.
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Fino Payments Bank's board, at its meeting on March 6, 2026, approved the appointment of Mr. Ketan Merchant as Interim CEO for up to 4 months, subject to RBI approval. Mr. Merchant, who currently serves as CFO and Head of the Organisation with over 27 years of banking experience (previously with HSBC, Standard Chartered, and Barclays), will take on MD&CEO duties under Section 10B(9) of the Banking Regulation Act, 1949. Separately, Mr. Anup Agarwal, a Chartered Accountant with 20 years of finance experience, was appointed as Interim CFO for up to 4 months effective March 6, 2026. The board also approved engaging a special consultant to conduct a special review of GST compliances and other aspects, based on the Audit Committee's recommendation. The interim nature of both appointments and the GST review indicate potential leadership transition at the top and compliance-related concerns being addressed.
The temporary leadership changes and the launch of a GST compliance review may create short-term uncertainty for shareholders. The interim status of both CEO and CFO roles, pending further decisions, could weigh on the stock until permanent appointments and the GST review outcome are known.