Fino Payments Bank Appoints CFO Ketan Merchant as Interim CEO

Fino Payments Bank has appointed its Chief Financial Officer Ketan Merchant as the interim Chief Executive Officer after its Managing Director and CEO Rishi Gupta.

The bank’s Nomination and Remuneration Committee has approved Merchant’s appointment as acting CEO for a period of up to four months, subject to approval from the Reserve Bank of India (RBI). During this period, Merchant will oversee the bank’s operations and ensure continuity in leadership.

With Merchant stepping into the interim CEO role, Anup Aggarwal, who currently heads finance, investor relations, and analytics at Fino Payments Bank, will take on the responsibilities of Chief Financial Officer. The move is intended to maintain operational stability while the bank navigates the leadership transition.

Earlier this week, the bank informed investors that its board has also formed a committee comprising directors and senior executives to oversee the institution’s operations. The committee will work closely with Merchant, who will supervise day-to-day functioning in the absence of Gupta.

In addition, the company has appointed a “special consultant” to review its GST compliance processes following recommendations from the bank’s Audit Committee. The review is expected to strengthen regulatory compliance and internal oversight mechanisms.

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The developments come at a crucial time for Fino Payments Bank as it seeks to maintain operational continuity and investor confidence amid the sudden leadership change. The appointment of an interim CEO and the formation of an oversight committee reflect the bank’s efforts to ensure stability and governance while awaiting further regulatory approvals and developments.