Fino Payments Bank has decided to postpone seeking shareholders’ approval for the reappointment of Rishi Gupta as CEO and Managing Director due to ongoing regulatory scrutiny. Gupta’s reappointment was initially up for consideration for a three-year term starting May 2026. However, after Gupta’s recent arrest in connection with a GST evasion case related to online betting, the bank’s board has opted to defer the decision.
Although the Reserve Bank of India (RBI) had previously approved Gupta’s reappointment earlier this year, the situation has evolved following his arrest by the Directorate General of GST Intelligence (DGGI) over alleged tax evasion amounting to over ₹840 Crore. The investigation has implicated Gupta in a syndicate accused of funneling funds from illicit online gaming platforms through shell entities and program managers.
Fino Payments Bank clarified in an exchange filing that Gupta’s candidature for reappointment remains intact and will be revisited at a later date, pending regulatory compliance and a reassessment of his fit and proper status by the board’s nomination and remuneration committee. The final decision on Gupta’s reappointment will also be influenced by the RBI’s perspective on the matter.
Source: Inc42 Media