Fino Payments Bank Extends Interim CEO Term

MUMBAI — Fino Payments Bank announced that its board of directors has approved a three-month extension for Ketan Merchant as the interim Managing Director and Chief Executive Officer. The extension, effective from August 27, 2026, is subject to final statutory approval from the Reserve Bank of India (RBI).

The decision, recommended by the bank's Nomination and Remuneration Committee, ensures uninterrupted leadership continuity as the financial institution navigates ongoing operational adjustments, retail portfolio expansions, and its broader strategic roadmap toward small finance bank conversion.

Ensuring Leadership Continuity and Governance

Merchant initially assumed the interim leadership role on February 27, 2026, following the departure of former Managing Director and Chief Executive Officer Rishi Gupta. Having successfully steered the institution through consecutive three-month terms, Merchant's continued tenure maintains steady governance across financial reporting and balance sheet management.

With over 27 years of extensive banking experience spanning major global financial institutions—including HSBC, Standard Chartered, and Barclays Group—Merchant joined Fino Payments Bank in 2018 as Chief Financial Officer. The board's decision reinforces stability while the bank scales up its retail customer acquisition frameworks, referral lending initiatives, and long-term regulatory transition objectives.

According to official regulatory filings, corporate disclosures, and banking statements:

• Extension Duration: Up to three months, effective August 27, 2026.

• Regulatory Status: Approved by the board and subject to formal clearance from the Reserve Bank of India (RBI).

• Executive Role: Ketan Merchant continues to serve as Key Managerial Personnel and Senior Management Personnel.

• Background: Over 27 years of retail banking and balance sheet management expertise.

Official Sources Section

• Reserve Bank of India (RBI) Regulatory Notifications: Official statutory guidelines governing banking leadership appointments and governance structures.

• Bombay Stock Exchange (BSE) Corporate Filings: Official material event disclosures, board resolutions, and regulatory filings by Fino Payments Bank Limited (BSE: 543386).

• National Stock Exchange (NSE) India: Corporate compliance records and executive tenure disclosures.

Quote Section

"According to official regulatory filings released by Fino Payments Bank, the extension of Ketan Merchant's tenure as interim chief executive officer was cleared by the board following recommendations from the Nomination and Remuneration Committee, pending formal clearance from the Reserve Bank of India."

Why It Matters

For retail customers, institutional shareholders, and financial partners, maintaining stable executive leadership prevents operational disruption during regulatory transitions. As Fino Payments Bank continues to focus on expanding its retail banking footprint and preparing for future structural changes, steady oversight ensures compliance, risk mitigation, and unbroken execution of strategic growth milestones.

Key Facts at a Glance

• Entity: Fino Payments Bank Limited.

• Appointee: Ketan Merchant (Interim MD & CEO).

• Effective Date: August 27, 2026.

• Condition: Pending final approval from the Reserve Bank of India (RBI).

FAQ Section

Who is Ketan Merchant?

Ketan Merchant is the Interim Managing Director and Chief Executive Officer of Fino Payments Bank, with over 27 years of banking experience across institutions like HSBC, Standard Chartered, and Barclays.

What is the duration of the approved extension?

The board approved a tenure extension for a period not exceeding three months, starting August 27, 2026.

Is the extension final?

The board's decision is subject to mandatory review and final approval from the Reserve Bank of India (RBI).

Where can stakeholders review official announcements regarding this leadership update?

Official compliance notices and stock exchange filings are published directly through the BSE Corporate Filings Portal.

Source: BSE India, NSE India, Reserve Bank of India, Exchange4Media