Fino Payments Bank Limited has issued a transcript of a conference call held on March 02, 2026, with investors and analysts to address developments concerning its Managing Director and CEO, Mr. Rishi Gupta. The bank clarified that Mr. Gupta has been named by the Directorate General of GST Intelligence (DGGI) in connection with an investigation into alleged GST evasion by certain program managers associated with the bank. The DGGI's allegations relate to the involvement of real money gaming services provided by partner entities and alleged under-reporting of GST. The bank firmly stated that neither Fino Payments Bank nor Mr. Gupta in his official capacity has any role in the business operations of the program managers in question. Fino Payments Bank maintains its compliance with all GST regulations and other applicable laws. The bank's legal advisors have expressed a positive view on the legal tenability of the action, and the matter will proceed through a judicial process in Hyderabad. To ensure business continuity, a committee of board members and senior management has been formed. Mr. Ketan Merchant, Chief Financial Officer, has been requested by the Board to oversee the day-to-day functioning of the bank on an interim basis. The bank has proactively engaged with regulators including RBI, SEBI, I4C, and FIU, and has made necessary public disclosures. Communications have also been extended to employees, customers, business partners, and correspondents to prevent panic and disruption. The bank addressed media speculations, emphasizing that it does not promote betting activities and its program manager merchant onboarding process adheres to regulatory requirements. The bank does not foresee any financial liability on account of this matter, as it maintains that any alleged GST evasion pertains to the program managers, not the bank. Customer balances remained stable at approximately ₹2,250 crore as of February 26, 2026, and business volumes have been maintained without impact. The bank reiterated its commitment to trust, transparent communication, and uninterrupted services, highlighting its operational stability and sound financial standing.
