Fino Payments Bank has named its Chief Financial Officer (CFO), Ketan Merchant, as the interim Chief Executive Officer (CEO) following the recent arrest of its Managing Director (MD) & CEO, Rishi Gupta. The decision, approved by the Nomination and Remuneration Committee, appoints Merchant for a maximum of four months, pending approval from the Reserve Bank of India (RBI). Anup Aggarwal will take over as the interim CFO during this period to ensure operational continuity.
In response to ongoing challenges, the company has initiated a review of its Goods and Services Tax (GST) compliance with the appointment of a special consultant, as recommended by the Audit Committee. Despite Gupta’s arrest related to alleged GST non-payment activities, the bank affirms that these issues are attributed to a business partner and are not reflective of its operations or leadership.
With a dedicated committee overseeing daily functions, Merchant will lead the bank through this transitional phase, emphasizing stability and adherence to regulatory guidelines. The board’s strategic measures aim to uphold operational efficiency and financial integrity during this pivotal period.
Source: Inc42 Media