Pratap Singh Appointed MD and CEO of Fino Payments Bank: RBI Approval, Tenure and Career

The Reserve Bank of India has approved Pratap Singh’s appointment as the Managing Director and Chief Executive Officer (MD & CEO) of Fino Payments Bank for the period of 3 years from November 27 2026. The appointment has been approved by the Bank’s shareholders. Singh has over 29 years of experience in the banking industry and has held positions in ICICI Bank and SBI.

Pratap Singh appointed as MD & CEO at Fino Payments Bank

Fino Payments Bank announced the news regarding the Reserve Bank of India’s approval on November 13 2026. The Board of Directors will now take the next steps to appoint Singh.

Singh will be appointed as MD & CEO of Fino Payments Bank for a period of 3 years from November 27, 2026. Until the leadership changes, Ketan Merchant will continue as Interim CEO of the bank.

• Bank: Fino Payments Bank
• MD & CEO: Pratap Singh
• Approved by: Reserve Bank of India
• Duration: 3 Years
• Start Date: November 27, 2026
• Approval Pending: Bank Shareholders
• Interim CEO: Ketan Merchant

Who is Pratap Singh?

Pratap Singh is a senior banker with over 29 years of experience working in the financial services industry. He has worked across several areas within the bank including retail, SME, Liability Management, Digital Transformation and Branch led Profitability and Banking.

He has worked for ICICI Bank India, ICICI Bank UK and SBI UK.

ICICI Bank UK Role

Singh was appointed as Head of Retail & SME Banking for the UK and Europe at ICICI Bank UK. During his time at the bank he helped drive the business through to become more diverse, moving away from a predominantly corporate focus.

During his time he worked on developing current accounts, remittance, commercial property lending, corridor banking and digital services.

Qualifications

MBA Marketing – Maastricht School of Management

BSc Botany – University of Delhi

Reasons for Appointing New CEO

The change in leadership comes after former MD & CEO Rishi Gupta was arrested by the Directorate General of GST Intelligence (DGGI) in February 2026. He was arrested on allegations of breaching Goods and Services Tax laws.

Gupta was accused of using shell companies and payment aggregators to move funds earned from online money gaming. As a result, Ketan Merchant became Interim CEO of the bank.

These are allegations, and have not been proven.

What is Fino Payments Bank?

Fino Payments Bank is a payments bank in India. Payments banks are regulated by the Reserve Bank of India, and are focused on deposit taking, payments and remittance services.

Unlike universal commercial banks, payments banks cannot provide any lending. However, they can take deposits from eligible customers up to the set regulatory limit, and offer remittances, debit cards and digital services.