Fino Payments Bank on Monday said its board has approved a three-month extension of Ketan Merchant’s tenure as interim managing director and chief executive officer, effective August 27, 2026.
The extension, recommended by the bank’s Nomination & Remuneration Committee, is subject to approval from the Reserve Bank of India (RBI), Fino Payments Bank said in a regulatory filing.
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Merchant’s current three-month tenure, which began on May 27, 2026, is set to expire on August 26. The RBI had previously approved an extension of his appointment for three months from May 27.
Merchant took charge as interim CEO after the bank’s managing director and CEO, Rishi Gupta, was arrested in February by the Directorate General of GST Intelligence (DGGI) over alleged violations of Goods and Services Tax laws.
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Gupta was arrested in connection with allegations that shell companies and payment aggregators were used to funnel illicit funds generated through online money gaming.
Before taking over as interim CEO, Merchant was serving as the Chief Financial Officer of Fino Payments Bank.
