Transfers & Postings · BFSI
The Reserve Bank of India has cleared Pratap Singh's appointment as Managing Director and CEO of Fino Payments Bank for a three-year term, effective 27 November 2026, subject to shareholder approval.
✦ AI SUMMARY 30-second read
- RBI has approved Pratap Singh's appointment as MD and CEO of Fino Payments Bank for a three-year term beginning 27 November 2026.
- Singh brings more than 29 years of banking experience across India and the United Kingdom, spanning retail, SME and digital transformation roles.
- The appointment ends an interim leadership arrangement under CFO Ketan Merchant, who stepped in after former MD and CEO Rishi Gupta was arrested in February.
Why it matters: The appointment ends a period of interim leadership at Fino Payments Bank and signals the lender's move toward stable, long-term management.
This summary was generated by AI. Editors may review and update it.
Fino Payments Bank has secured Reserve Bank of India approval to appoint Pratap Singh as its Managing Director and Chief Executive Officer for a three-year term. The bank disclosed the development in a regulatory filing.
The appointment is set to take effect from 27 November 2026, or the date Singh formally takes charge, whichever is earlier, and remains subject to shareholder approval. The bank's board will carry out the necessary steps to complete the process following the RBI's clearance.
Leadership transition
Singh's appointment brings to a close an interim arrangement under which Chief Financial Officer Ketan Merchant has been serving as interim CEO. Merchant assumed that responsibility after former MD and CEO Rishi Gupta was arrested in February over alleged violations of laws relating to the Goods and Services Tax.
The Directorate General of GST Intelligence arrested Gupta on allegations that shell companies and payment aggregators were used to channel funds generated through online money gaming. Those allegations remain subject to the relevant legal proceedings.
Singh's background
Singh carries more than 29 years of experience in the banking sector across India and the United Kingdom. His expertise covers retail banking, SME banking, liabilities, digital transformation, branch-led profitability and operating model redesign.
He has worked on building and transforming mid-sized banking businesses into liability-rich, customer-centric and higher-growth franchises, the bank said.
About the key officers
Pratap Singh
| New post | Managing Director and Chief Executive Officer, Fino Payments Bank |
|---|---|
| Career so far | Singh has more than 29 years of experience in the banking sector across India and the United Kingdom, covering retail banking, SME banking, liabilities, digital transformation, branch-led profitability and operating model redesign. |
| Notable work | He has worked on building and transforming mid-sized banking businesses into liability-rich, customer-centric and higher-growth franchises. |
Ketan Merchant
| New post | Interim CEO, Fino Payments Bank |
|---|---|
| Previous post | Chief Financial Officer, Fino Payments Bank |
| Career so far | Merchant serves as Chief Financial Officer of Fino Payments Bank and took on the additional role of interim CEO following the arrest of former MD and CEO Rishi Gupta in February. |
Rishi Gupta
| Previous post | MD and CEO, Fino Payments Bank |
|---|---|
| Career so far | Gupta served as Managing Director and CEO of Fino Payments Bank before his arrest in February by the Directorate General of GST Intelligence over alleged GST-related violations. |
