Fino Payments Bank Limited has informed the Exchange about Transcript
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Fino Payments Bank held an investor call to address the arrest of its MD & CEO Mr. Rishi Gupta by DGGI Hyderabad in connection with an alleged GST evasion case involving certain program managers linked to real money gaming services. The bank clarified that the alleged GST evasion pertains to program managers/merchants and not the bank itself, and that the bank has discharged all its GST obligations. CFO Ketan Merchant has been given interim charge of day-to-day operations, and a board committee has been constituted for oversight. Management stated that customer balances remain intact at approximately INR2,250 crores, daily CASA account openings are around 10,000, and throughput remains at INR1,300 crores per day with no business disruption. The three program managers in question represent roughly 8-10% of throughput, and all real money gaming transactions were stopped in August 2025 when the government banned RMG, meaning Q3 financials already exclude such revenue. Management also confirmed SFB (Small Finance Bank) plans remain on track with no impact from RBI, and clarified the earlier INR10 crore payment was an ad hoc GST deposit, not a penalty, and unrelated to this case.
The arrest of the MD/CEO and ongoing GST investigation create governance and regulatory uncertainty, likely weighing on the stock in the near term. However, operational metrics (customer balances, account openings, throughput) remain unaffected so far, and the bank maintains there is no direct financial liability on it from the alleged evasion. Investors should watch for further judicial developments and any RBI or SEBI actions that could affect the SFB transition timeline.