Fino Payments Bank Withdraws Postal Ballot Item on CEO Reappointment Amid Ongoing Probe

FINO Payments Bank Ltd. ( (IN:FINOPB) ) has issued an update.

Fino Payments Bank has issued an addendum to its ongoing postal ballot, notifying shareholders that it is withdrawing one agenda item related to the re-appointment of Managing Director and CEO Rishi Gupta for a further three-year term. The move follows disclosures about Gupta’s arrest in an investigation involving certain program managers linked to multiple banks and a subsequent grant of bail by a special court, with the board citing due process and corporate governance as reasons for withdrawing only this specific proposal while leaving his candidature intact for reconsideration after regulatory reviews.

The postal ballot e-voting, which began on February 28 and runs through March 29, 2026, continues for all other agenda items, and the addendum has been circulated electronically and posted on the bank’s and exchanges’ websites. The bank emphasized that the investigation does not concern its GST compliance, and any future decision on Gupta’s re-appointment will depend on reassessment of his fit-and-proper status by the nomination committee and board, as well as the Reserve Bank of India’s view, signalling a cautious governance stance amid ongoing scrutiny.

More about FINO Payments Bank Ltd.

Fino Payments Bank Ltd. operates in India’s payments banking sector, offering deposit, remittance and digital banking services with a focus on technology-led financial inclusion. The bank serves retail and small customers through a network-driven model and is listed on both BSE and NSE, reflecting its role in the country’s emerging digital payments ecosystem.

Average Trading Volume: 32,774

Technical Sentiment Signal: Sell

Current Market Cap: 10.22B INR

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