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FINO Payments Bank Ltd. ( (IN:FINOPB) ) has issued an update.
Fino Payments Bank said the Telangana High Court has dismissed a writ petition filed by its MD and CEO, Rishi Gupta, challenging his arrest in an ongoing investigation involving certain program managers associated with multiple banks. The bank stated it will pursue appropriate legal remedies, noted that Gupta’s bail application is before a special court for economic offences in Hyderabad, and reiterated that the probe does not concern its GST compliance.
The lender emphasized that its operations remain stable and uninterrupted, highlighting that it recently reached a record deposit balance of Rs. 2,900 crore in March, underscoring its strong fundamentals and growth readiness. Management stressed its commitment to robust governance, regulatory adherence and transparency, and pledged to continue constructive engagement with regulators and stakeholders while making further disclosures as required under applicable laws.
More about FINO Payments Bank Ltd.
Fino Payments Bank Ltd. operates in India’s banking and financial services industry as a payments bank focused on deposit-taking, transactional banking and financial inclusion. The Navi Mumbai-based bank offers digital and assisted banking services, targeting mass-market and underbanked customers, and has been expanding its deposit base as it prepares for its next growth phase.
Average Trading Volume: 23,066
Technical Sentiment Signal: Sell
Current Market Cap: 11.61B INR
See more insights into FINOPB stock on TipRanks’ Stock Analysis page.