Fino Payments Bank extends interim CEO Ketan Merchant’s term by three months

Fino Payments Bank has approved a three-month extension of Ketan Merchant’s tenure as interim Managing Director and Chief Executive Officer, providing continuity in leadership as the lender awaits regulatory approval.

In a regulatory filing on Monday, the bank said its board had cleared the extension effective August 27, 2026, following a recommendation from its Nomination and Remuneration Committee. The appointment remains subject to approval from the Reserve Bank of India (RBI).

Leadership continuity amid regulatory process

The latest extension comes as Merchant’s current three-month term is scheduled to end on August 26, 2026.

According to the regulatory filing, the RBI had earlier approved a three-month extension of Merchant’s appointment from May 27, 2026. The new approval from the board would allow him to continue leading the bank for another three months, subject to the central bank’s clearance.

Key details of the extension include:

• Ketan Merchant’s interim CEO tenure has been extended by three months from August 27, 2026
• The decision was approved by the bank’s board
• The recommendation came from the Nomination and Remuneration Committee
• The extension requires approval from the RBI
• Merchant’s current term expires on August 26, 2026

Appointment followed change in top leadership

Merchant assumed charge as interim CEO after former Managing Director and CEO Rishi Gupta was arrested in February by the Directorate General of GST Intelligence (DGGI).

As reported by The Economic Times, Gupta was arrested over alleged violations of Goods and Services Tax laws. The report said the investigation involved allegations that shell companies and payment aggregators were used to channel illicit funds generated through online money gaming activities.

The leadership transition prompted the bank to appoint Merchant as interim chief while regulatory and governance processes continued.

From finance chief to interim CEO

Before taking over the top role, Merchant served as Chief Financial Officer of Fino Payments Bank.

His continued tenure provides operational stability at a time when the bank is navigating leadership changes and awaiting further regulatory approvals. The extension also signals the board’s preference for continuity while longer-term decisions regarding executive leadership are considered.

What comes next

The proposed extension will take effect only after receiving approval from the Reserve Bank of India. Until then, the bank remains focused on maintaining management continuity during an ongoing transition period.

With Merchant’s current term nearing its end, the RBI’s decision will determine the next phase of leadership at Fino Payments Bank as it continues to steer its business and governance agenda.