In an alternate disclosure beneath Regulation 30 of the Securities and Exchange Board of India (SEBI) itemizing laws, the financial institution clarified that the investigation pertains to a enterprise associate and isn’t associated to its personal GST compliance.
The financial institution mentioned it’s actively taking applicable steps to handle and overcome the state of affairs. It additional knowledgeable that Chief Financial Officer Ketan Merchant has been appointed to move the organisation and oversee day-to-day operations.
He was arrested by the Directorate General of GST Intelligence (DGGI), the investigative arm of the Goods and Services Tax (GST) division, in Hyderabad.
“Presently there is no impact on the Bank. In case of any impact in the future, appropriate disclosure will be made to the stock exchanges,” mentioned the lender. As per the assertion, the Ground of Arrest in opposition to the CEO was issued on February 27, 2026 at 3:55 a.m.
Recently, Fino Payments Bank obtained Reserve Bank of India’s in-principle approval for conversion right into a small finance financial institution, making it the primary one amongst its friends to take action. Fino, the one publicly listed entity in funds financial institution area, is allowed to lend after the conversion, one thing which funds banks usually are not allowed to do.
