Fino Payments Bank Withdraws CEO Re-appointment Vote Amid Ongoing Probe

The latest update is out from FINO Payments Bank Ltd. ( (IN:FINOPB) ).

Fino Payments Bank has informed exchanges that its board has withdrawn a postal ballot agenda seeking shareholder approval for the three-year re-appointment of Managing Director and CEO Rishi Gupta, following his recent arrest and subsequent bail in an investigation involving certain program managers tied to multiple banks. The bank stressed that Gupta’s candidacy for re-appointment remains intact, with the proposal to be brought back after regulatory review, including an RBI assessment of his ‘fit and proper’ status, while votes already cast on this resolution will be treated as void and only the remuneration proposal for FY 2024-25 will proceed to results.

Management reiterated that the investigation does not concern the bank’s GST compliance, operations remain stable and uninterrupted, and it continues to cooperate fully with authorities and engage regulators. By amending the postal ballot and issuing an addendum, the board is positioning the move as a governance-driven step to align with due process and regulatory expectations, aiming to reassure shareholders and other stakeholders about transparency and regulatory adherence amid heightened scrutiny of its top leadership.

More about FINO Payments Bank Ltd.

Fino Payments Bank Ltd. operates in India’s payments banking sector, offering digital banking and financial inclusion services to retail customers, small businesses, and underbanked segments. The bank focuses on low-cost, technology-led distribution through a wide network of access points, emphasizing transactional banking, remittance services, and basic savings products.

Average Trading Volume: 32,774

Technical Sentiment Signal: Sell

Current Market Cap: 10.22B INR

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