Fino Payments Bank CEO Arrested in GST Probe; Bank Denies Evasion, Operations Continue

Fino Payments Bank's Managing Director and CEO, Rishi Gupta, was arrested under GST laws linked to an investigation involving program managers associated with multiple banks, not the bank's own GST compliance. The bank denies any GST evasion or involvement in betting activities, emphasizing adherence to regulatory requirements and robust risk management. Despite initial stock volatility and share price declines, Fino confirmed normal operations and plans to complete its transition to a small finance bank within the RBI's 18-month timeline, with the CFO overseeing operations during Gupta's absence.