People · Financial Services

Rishi Gupta resigns as Fino Payments Bank CEO amid GST probe

What they do

Fino Payments Bank is a payments bank offering digital financial services to customers

Rishi Gupta resigned as MD and CEO after a GST probe, though the board found him 'fit and proper' to continue

The company's shares have dropped nearly 53% year-to-date due to regulatory and leadership uncertainty

Rishi Gupta resigned as MD and CEO of Fino Payments Bank on May 21, 2026, after a GST probe.
Ketan Merchant was appointed as interim CEO for three months, pending RBI approval.
Anup Agarwal was also appointed as interim CFO until July 2026.
Gupta requested voluntary early retirement, despite the board finding him 'fit and proper' to continue.
The board received legal opinions and reports related to the GST probe against Gupta.
Fino stated that the probe does not affect its GST compliance or operations.
Gupta was arrested in February 2026 for alleged GST evasion linked to online betting.
He was granted bail in March 2026 after the Telangana High Court dismissed his writ petition.
Fino shares have fallen nearly 43% in three months and 53% year-to-date.

The GST probe involves alleged tax evasion of ₹840 crore linked to illegal online gaming platforms.
Gupta was part of a syndicate that allegedly channelled funds through shell entities.
Fino claims the probe is unrelated to its own GST compliance.
The company is working to operationalise its small finance bank (SFB) licence on time.
The board set up a committee to oversee operations after Gupta's arrest.

It operates under the Reserve Bank of India (RBI) and is licensed as a payments bank.
It has been working to operationalise its small finance bank (SFB) licence.

Fino Payments Bank aims to operationalise its small finance bank (SFB) licence within the stipulated timelines.
The company will continue to work on stabilising its operations and services.