Fino Payments Bank granted another three months extension to Ketan Merchant, who shall act as the interim Managing Director and Chief Executive Officer of the bank for another three months. This extension will commence from August 27, 2026, subject to the approval of the Reserve Bank of India. Ketan Merchant was acting as interim CEO from May 27 onwards when he took over from Rishi Gupta.
Three-Month Extension of Ketan Merchant Approved
Fino Payments Bank’s Nomination & Remuneration Committee recommended this extension and was later approved by its board.
This extension is for a period of three months and will start on August 27, 2026, as his previous term of three months starts from May 27, 2026, and ends on August 26, which has been previously approved by the Reserve Bank of India.
Merchant will hold this extension until RBI provides the necessary approval for this three-month extension.
What is the Reason for Interim CEO Position of Merchant?
Ketan Merchant was appointed as interim MD and CEO after the resignation of Rishi Gupta, who was the MD of the bank before him.
Prior to being the interim CEO, he was working as the CFO of the bank.
Where Has Rishi Gupta Gone?
Rishi Gupta was arrested in February 2026 by the Directorate General of GST Intelligence (DGGI), following some violations of the Goods and Services Tax regulations.
As per the allegation stated, shell companies and payment aggregators have been used for transferring illegal money earned from online money gaming.
Gupta later quit his post as a result of which Merchant took the lead temporarily.
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