RBI approves Pratap Singh's appointment as MD & CEO of Fino Payments Bank

Fino Payments Bank on Friday said the Reserve Bank of India has approved the appointment of Pratap Singh as MD & CEO of the bank for a period of three years. The appointment is effective from November 27, 2026, or the date of taking over charge, whichever is earlier, Fino Payments Bank said in a regulatory filing. The board will take necessary steps for his appointment, which will be subject to approval of shareholders of the bank, it said. Currently, Chief Financial Officer of the bank Ketan Merchant is serving as the lender's interim CEO. Merchant was appointed interim CEO following the arrest of then Managing Director and CEO Rishi Gupta for violating laws related to the Goods and Services Tax in February. The Directorate General of GST Intelligence (DGGI) arrested Gupta for alleged use of shell companies and payment aggregators to funnel illicit funds generated by online money gaming. Singh is a banking sector veteran with over 29 years of experience across India and the UK,