Auditing

Fino Payments Bank board gets RBI final nod

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Payments Bank licensee Fino Paytech has received approval for the formation of its nine members Board of its Fino Payments Bank from Reserve Bank of India (RBI).

The central bank has also given approval for the appointment of Rishi Gupta as the Chief of Fino Payments Banks.

The board includes professionals from diverse fields as IT, Retail, FMCG, Banking & Finance, Agri & Rural, Board Advisory and Academics. Mahendra Kumar Chouhan, a leading management consultant will be the non-executive Chairman of Board.

Other independent directors of the approved board are Punita Kumar Sinha, former Managing Director (MD) of Blackstone USA, Narendra Kumar Ambwani, former MD of Johnson & Jonhson (India & Indonesia), N. Venkiteswaran, former IIM-Ahmedabad professor with expertise in Mergers & Acquisitions, and Dr. Ganesh Natarajan, former MD of Zensar Technologies and the current Chairman of Nasscom Foundation.

Furthermore, there will be three nominee directors, Amit Jain from Blackstone, Anirudh Kamani from ICICI Bank and Pramod Sharma from BPCL, representing investors.

Fino received the final nod from RBI on March 31, 2017 to start payments bank. Prior to this, it raised Rs 400 crore for its payments bank with oil major BPCL investing Rs 251 crore helping it to reduce its foreign shareholding.

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