FINO Payments Bank Clarifies Position Amid GST Probe

FINO Payments Bank Ltd has released an official statement addressing recent speculation around its operations. The bank categorically denied issuing fake invoices and clarified that it has not onboarded merchants or program managers registered outside India. It further emphasized that it has no association with shell companies, either as merchants or program managers, nor within its group structure.

The bank also highlighted that apart from the ongoing inquiry by the Directorate General of GST Intelligence (DGGI), it is not subject to any other investigation. Looking ahead, FINO Payments Bank expressed confidence in meeting the Reserve Bank of India’s (RBI) 18‑month deadline for its planned conversion into a Small Finance Bank, a move expected to strengthen its market presence and regulatory standing.

Key Highlights

• No Fake Invoices: Bank denies allegations of issuing fraudulent invoices.
• Limited Investigation: Only under DGGI scrutiny, no other probes.
• No Offshore Links: No merchants or program managers registered outside India onboarded.
• No Shell Company Association: Not connected to shell entities in any capacity.
• Future Outlook: Expects Small Finance Bank conversion before RBI’s 18‑month deadline.

Sources: Mint, The Economic Times, MoneyControl