Outcome of the meeting of Board of Directors held on May 21, 2026
FINOPB · price
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Mr. Rishi Gupta, Managing Director & Chief Executive Officer (MD & CEO) of Fino Payments Bank, has tendered voluntary early retirement effective May 21, 2026. The Board had reviewed legal opinions regarding a Directorate General GST Intelligence investigation against him and concluded that no prima facie case could be established, confirming him as 'fit and proper' to continue. However, Gupta chose to resign citing personal reasons after nearly two decades with the Fino group. The Board accepted his resignation and placed on record its appreciation for his role in making Fino the first profitable and listed payments bank in India and securing RBI's in-principle approval for Small Finance Bank transition. Mr. Ketan Merchant (Interim CEO) and Mr. Anup Agarwal (Interim CFO) have each had their tenures extended by up to 3 months, subject to RBI approval for the CEO role.
The unexpected departure of the founding CEO creates leadership uncertainty at a critical juncture when the bank is awaiting Small Finance Bank conversion approval. The interim arrangement with internal executives provides continuity but leaves the permanent leadership role open.