People · Financial Services

Fino Payments Bank appoints Abhilash Ankathil as new CCO

By Startup Enthusiast · 6 April 2026

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The board appointed Abhilash Ankathil as the new Chief Compliance Officer for a three-year term starting April 6, 2026

Ex-CCO Aashish Pathak resigned citing personal reasons and left on March 13, 2026, having joined Fino as SVP in 2023

This leadership change occurs amid regulatory scrutiny and while the company prepares for its transition to a small finance bank

Fino Payments Bank has approved Abhilash Ankathil as its new Chief Compliance Officer effective April 6, 2026.
Ankathil will serve a fixed term of three years in this critical compliance role at the payments bank.
He brings over 25 years of experience in banking and payment regulation from his previous tenure at the RBI.
Prior to joining the RBI legal teams, Ankathil served as a deputy legal advisor until leaving in 2025.
His appointment follows the resignation of former CCO Aashish Pathak, who left on March 31, 2026.
Pathak cited personal reasons for his departure after serving as an SVP since 2023 within the group.
Ketan Merchant currently serves as the interim CEO while the bank navigates these leadership transitions.
The board's decision aims to strengthen governance structures during a period of heightened regulatory focus.

The appointment comes as the bank faces intense regulatory scrutiny regarding past operational practices.
Managing Director Rishi Gupta was arrested in February 2026 over alleged GST evasion linked to betting syndicates.
Fino claims the probe is unrelated to its own GST compliance but acknowledges the challenging environment.
The leadership change signals a push for stricter internal controls as the bank seeks regulatory approvals.
Stakeholders are watching closely as the bank attempts to stabilize its reputation and operations.

Fino Payments Bank operates a large customer base of approximately 1.75 crore customers across India.
In Q4 FY26, the bank opened roughly 7 lakh new accounts, showing continued acquisition efforts.
Deposits reached an all-time high of over ₹2,950 crore in March 2026, indicating strong liability growth.
Renewal income hit a record ₹62.2 crore in Q4 FY26, driven by existing product usage.
Loan referral disbursements grew 96% sequentially to reach approximately ₹600 crore via partner institutions.
Transaction business involving remittances and micro-ATMs declined by 30% sequentially due to muted activity.
Digital payment services moderated by 25% compared to the previous quarter due to risk-calibrated approaches.
The company is focusing on building a high-quality active merchant base for future recovery.

The bank is progressing with its implementation journey to convert from a payments bank to a small finance bank.
RBI granted in-principle approval for this conversion in December 2025, paving the way for expansion.
Strategy focuses on strengthening the liability franchise and secured lending portfolio for the transition.
Management plans to implement differentiated distribution models to support the new small finance bank structure.
Stabilization measures are being deployed to recover transaction volumes and rebuild market confidence.