Fino Payments Bank MD And CEO Rishi Gupta Arrested Under GST Act; CFO Ketan Merchant Appointed As Head

Rishi Gupta, the Managing Director and CEO of Fino Payments Bank, has been arrested under the Goods and Services Tax (GST) Act, raising concerns in the financial sector. The arrest follows ongoing investigations into alleged GST violations, although details regarding the specific charges remain undisclosed. In response to Gupta's arrest, the bank has appointed Ketan Merchant, previously the Chief Financial Officer, as the interim head to ensure continuity in operations. Merchant's experience in financial management is expected to help navigate the bank through this challenging period. Fino Payments Bank, a prominent player in the digital payment landscape, has been actively involved in providing banking solutions to underserved segments of the population. This development comes amidst increasing regulatory scrutiny in India's fintech sector as authorities tighten oversight to ensure compliance with financial regulations. The future of Fino Payments Bank will likely hinge on the outcomes of the investigation and how the institution manages this leadership transition.