Fino Payments Bank Clarifies CEO Arrest Linked to Partners, Confirms Normal Operations

Fino Payments Bank clarified that the arrest of its MD and CEO, Rishi Gupta, relates to an investigation into GST violations involving certain program managers linked to multiple banks, not the bank's own compliance. The bank denied any GST evasion, affirmed normal operations, and stated it sees no financial liability. RBI has approved Fino's conversion into a small finance bank, which the bank expects to complete within the stipulated 18-month timeline, with the CFO overseeing operations during Gupta's absence.