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FINO Payments Bank Ltd. ( (IN:FINOPB) ) has shared an update.
Fino Payments Bank has issued a clarification following media reports linking it to a GST Intelligence investigation, stating the probe concerns program managers associated with multiple banks rather than the bank’s own GST compliance. The bank stresses it has not evaded GST, does not promote betting activities, issues invoices only for actual services, and maintains a robust risk framework and onboarding process aligned with regulations.
The bank says it is fully cooperating with authorities, does not foresee any financial liability from the matter, and that its operations continue as usual without disruption to customers and partners. It also highlights that funds from virtual payment addresses are settled into accounts with other banks, that it is engaging proactively with regulators and stakeholders, and that its planned conversion into a Small Finance Bank remains on track within the 18‑month timeline granted by the RBI.
More about FINO Payments Bank Ltd.
Fino Payments Bank Ltd. is an India-based payments bank focused on digital banking and financial inclusion, offering services such as UPI-based transactions and merchant acquiring through program managers. It operates within the regulated banking framework and is in the process of converting into a Small Finance Bank, a move that could expand its lending capabilities and deepen its presence in underserved markets.
Average Trading Volume: 20,484
Technical Sentiment Signal: Sell
Current Market Cap: 16.02B INR
For an in-depth examination of FINOPB stock, go to TipRanks’ Overview page.