KPMG Investigation Uncovers Unauthorized Actions by Fino Payments Bank Employees

Fino Payments Bank has appointed KPMG to conduct an independent investigation following complaints from clients in Mumbai and individuals in Gujarat and Maharashtra regarding non-receipt of funds linked to alleged fictitious schemes initiated by certain bank employees in their personal capacity. Preliminary findings indicate unauthorized actions and misrepresentation by the implicated staff members. The bank asserts that it bears no liability or impact from these incidents, emphasizing that standard procedures were reportedly bypassed by the complainants during transactions. Fino Payments Bank has filed a police complaint and informed regulatory authorities about the matter. 

 

Source: The Economic Times