Fino Payments Bank Limited has informed the Exchange regarding 'Clarification regarding Media Reports and Speculations'.
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Fino Payments Bank has issued a detailed clarification in response to media reports, noting that the underlying matter is sub-judice. The bank stated that RBI has given it an 18-month timeline to convert into a Small Finance Bank, and it expects to complete the process ahead of schedule. It denied any association with shell companies, asserted full compliance with KYC and due diligence norms, and confirmed it has not onboarded any foreign merchants or program managers. The bank clarified that it is only facing investigation by the Director General of GST Intelligence (DGGI), with no other regulatory probes. It also denied issuing any fake invoices and said it foresees no financial liability from the matter, with business operations continuing as usual.
The clarification is aimed at calming investor concerns stemming from media speculation around a GST investigation and licensing conversion. While the bank maintains there is no financial liability, ongoing legal proceedings and the sub-judice nature of the matter keep uncertainty elevated, which could weigh on the stock until the DGGI matter is resolved.