RBI Extends Fino Payments Bank Interim CEO Ketan Merchant’s Tenure By 3 Months

New Delhi, May 26: Fino Payments Bank on Tuesday said the RBI has approved the extension of the tenure of Ketan Merchant as interim CEO for three months.

"The Reserve Bank of India, vide its letter dated May 25, 2026, has approved the extension of tenure of Ketan Merchant as interim CEO of the Bank, for a further period of three months w.e.f. May 27, 2026," Fino Payments Bank said in a regulatory filing.

In a stock exchange filing last week, Fino Payments Bank had said its board had approved extending the tenure of Merchant, subject to regulatory approval.

Background to the extension

In March, the RBI had approved the appointment of Merchant as interim CEO of the bank for a period of three months after MD and CEO Rishi Gupta was arrested by GST officials in a fraud case relating to tax evasion.

The bank had said that, based on legal opinions, its board was of the view that no prima facie case could be made out against Gupta and he was 'fit and proper' to continue as MD & CEO of the bank.

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Gupta, however, took voluntary retirement and resigned on May 21, 2026. Shares of Fino Payments Bank closed at Rs 128.70 apiece, up 2.71 per cent over the previous close on the BSE.

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