CFO Ketan Merchant Appointed to Lead Fino Payments Bank After CEO’s Arrest

Rishi Gupta was arrested under sections 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017. The grounds for arrest were issued on February 27, 2026, at 03:55 am (IST). The investigation relates to the bank's business partners and is not related to the bank's GST compliance.

The bank stated that it is actively taking appropriate steps to address the situation. It further stated that Chief Financial Officer Ketan Merchant has been appointed to head the organization and oversee day-to-day operations.

A special board meeting was convened on Friday, February 27th, in which Chief Financial Officer Ketan Merchant was appointed Head of the Organization. He will oversee the day-to-day operations of the bank in Rishi Gupta's absence. This will be until the board decides otherwise or until he returns to the office, whichever is earlier.

This arrest is only related to Rishi Gupta's case. The bank stated that there has been no immediate impact on its operations or finances, and that any future impact will be communicated to the stock exchanges. The matter is currently under review.