Fino Payments Bank CEO Arrested in GST Probe; Interim CEO Appointed by RBI

Fino Payments Bank's CEO and MD, Rishi Gupta, was arrested by the Directorate General of GST Intelligence over alleged GST violations linked to online gaming transactions involving third-party programme managers. The bank stated the probe concerns partners, not its own compliance. Following Gupta's arrest, CFO Ketan Merchant was appointed interim CEO effective February 27. RBI had earlier approved Gupta's term extension and the bank's transition to a small finance bank, pending regulatory approvals and reassessment of Gupta's status.