Fino Payments Bank Gets RBI Nod For New CEO, Pratap Singh To Take Charge As Lender Eyes Small Finance Bank Transition

Mumbai: Fino Payments Bank has received in-principle approval from the Reserve Bank of India (RBI) to appoint Pratap Singh as its Managing Director and Chief Executive Officer for a three-year term.

According to a stock exchange filing dated November 13, the banking regulator approved the appointment through a letter issued on November 12, 2026.

RBI Approves Appointment

Singh's appointment will become effective from November 27, 2026, or the date he assumes charge, whichever is earlier. However, the appointment remains subject to shareholder approval. The development marks an important leadership transition for Fino Payments Bank as it prepares for its proposed conversion into a small finance bank.

Pratap Singh's Banking Experience

Singh brings extensive banking experience, having held senior leadership positions at ICICI Bank, ICICI Bank UK and SBI UK. During his tenure at ICICI Bank UK, he served as Head of Retail and SME Banking for the UK and Europe. His experience spans retail banking, small business banking and international financial operations.

Leadership Change After Gupta's Exit

The appointment follows the departure of former MD and CEO Rishi Gupta, who stepped down on May 21, 2026, after seeking voluntary early retirement. Gupta had been arrested by the Directorate General of GST Intelligence in February in connection with an investigation involving business partners of several banking institutions.

Fino previously clarified that the investigation concerned its business partners rather than the bank's GST compliance. The board subsequently stated that it had found no prima facie case against Gupta. Following his departure, Chief Financial Officer Ketan Merchant assumed responsibility as interim CEO.

Small Finance Bank Transition

The leadership appointment comes as Fino Payments Bank pursues its conversion into a small finance bank. The RBI granted in-principle approval for the proposed transition on December 5, 2025.

Singh's appointment could provide leadership continuity during this process, although the conversion remains subject to applicable regulatory requirements. The bank's next steps will include securing shareholder approval for the appointment.

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