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RBI Approves 3-Month Extension for Ketan Merchant as Interim CEO of Fino Payments Bank
The Reserve Bank of India (RBI) has approved the extension of Mr. Ketan Merchant's tenure as Interim CEO of Fino Payments Bank for an additional period of three months starting August 27, 2026, or until a regular MD & CEO takes charge, whichever is earlier. This extension maintains leadership continuity while the bank continues its search for a permanent top executive. The transition comes at a pivotal time as the bank reported a net loss of ₹13.72 cr on revenue of ₹306.87 cr in the quarter ended June 2026 while actively pursuing conversion into a Small Finance Bank (SFB).
Confidence: HIGH
What changedRBI approved an additional 3-month tenure extension for Ketan Merchant as Interim CEO starting August 27, 2026.
Why it mattersProvides interim executive stability, ensuring ongoing regulatory compliance and execution of the SFB transition strategy while permanent leadership is finalized.
Tenure extension period: 3 monthsEffective date of extension: August 27, 2026RBI approval date: August 25, 2026
📅 Short termEnsures seamless continuity in daily bank operations without executive disruption over the next quarter.
📈 Long termFinalizing a permanent MD & CEO will be essential for driving the bank's long-term lending strategy and SFB transition roadmap.
⚠ Risk flags
- Prolonged interim leadership pending appointment of a regular MD & CEO
- Operational turnaround required following net loss in Q1 FY27 (₹-13.72 cr)
Key Highlights
RBI approved the tenure extension vide letter dated August 25, 2026.
Tenure extended for 3 months effective August 27, 2026, or until a regular MD & CEO assumes office.
Ketan Merchant continues as Interim CEO to manage day-to-day operations and strategic priorities.
👀 What to Watch
Monitor upcoming board announcements and RBI filings regarding the selection and appointment of a permanent MD & CEO, as well as regulatory progress on the SFB license.
Fino Payments Bank Extends Interim CEO Ketan Merchant's Tenure by Up to 3 Months
Fino Payments Bank Limited has approved an extension of Mr. Ketan Merchant's tenure as Interim CEO for a period not exceeding 3 months, effective August 27, 2026. The extension remains subject to approval from the Reserve Bank of India (RBI). Mr. Merchant has been serving as Interim CEO since February 27, 2026, bringing over 27 years of banking experience. This leadership continuity comes during a challenging operating period where the bank reported a net loss of Rs 13.72 crore in Q1 FY27 (ended June 2026).
Confidence: HIGH
What changedThe Board of Directors extended Mr. Ketan Merchant's term as Interim CEO for up to 3 additional months starting August 27, 2026, pending RBI approval.
Why it mattersMaintains interim leadership stability as the bank navigates its transition toward a Small Finance Bank (SFB) license amidst recent margin pressures.
Extension tenure: not exceeding 3 monthsEffective date of extension: August 27, 2026Interim CEO start date: February 27, 2026Banking experience of Interim CEO: more than 27 years
📅 Short termEnsures administrative continuity with no immediate operational disruption as the bank awaits RBI nod.
📈 Long termProlonged interim leadership may raise questions regarding permanent succession and execution of the SFB transition strategy.
⚠ Risk flags
- RBI approval pending
- Prolonged absence of a permanent regular CEO
Key Highlights
Tenure of Interim CEO Mr. Ketan Merchant extended for a period not exceeding 3 months from August 27, 2026
Extension is subject to formal regulatory approval from the Reserve Bank of India (RBI)
Mr. Merchant has served as Interim CEO since February 27, 2026, and joined the bank in 2018
Board meeting approving the extension took place on August 24, 2026, from 02:00 p.m. to 02:24 p.m.
👀 What to Watch
Track subsequent disclosures regarding RBI's approval of the extension and announcements regarding the selection of a permanent Managing Director & CEO.
Fino Payments Bank Extends Interim CEO Ketan Merchant's Tenure by Up to 3 Months
The Board of Directors of Fino Payments Bank has approved the extension of Mr. Ketan Merchant's tenure as Interim Chief Executive Officer for a period not exceeding 3 months, effective August 27, 2026. The extension remains subject to the approval of the Reserve Bank of India (RBI). Mr. Merchant has been serving as Interim CEO since February 27, 2026, and holds over 27 years of banking experience.
Confidence: HIGH
What changedKetan Merchant's term as Interim CEO has been extended by up to 3 months from August 27, 2026, pending RBI clearance.
Why it mattersMaintains leadership stability while the bank manages ongoing operational transitions and regulatory applications, such as its proposed Small Finance Bank conversion.
Tenure extension: period not exceeding 3 monthsEffective date: August 27, 2026Interim CEO since: February 27, 2026Industry experience: more than 27 years
📅 Short termEnsures near-term management continuity; receipt of RBI approval will be the immediate milestone to monitor.
📈 Long termA permanent leadership appointment will be critical for driving long-term strategic initiatives including the SFB transition and product diversification.
⚠ Risk flags
- Pending regulatory approval from the RBI
- Prolonged interim leadership arrangement
Key Highlights
Approved tenure extension of Interim CEO Ketan Merchant for a period not exceeding 3 months.
Tenure extension is effective from August 27, 2026, subject to RBI approval.
Mr. Ketan Merchant has been serving as Interim CEO since February 27, 2026.
Mr. Merchant possesses over 27 years of banking experience across HSBC, Standard Chartered, Barclays, and Fino.
👀 What to Watch
Track subsequent disclosures on RBI approval for this extension and announcements regarding the appointment of a permanent Managing Director and CEO.
Fino Payments Bank Q1 Call: SFB Readiness on Track for Q4 FY27; Referral Loans at ₹628 Cr
Fino Payments Bank released its Q1 FY27 earnings call transcript, highlighting that the quarter was challenging due to the pause of its profitable B2B UPI P2M business, with a tentative relaunch eyed in Q4 FY27. Despite near-term profitability pressure (Q1 FY27 net loss of ₹13.72 crore), referral loan disbursements reached ₹628 crore during the quarter, already ~50% of the entire FY26 volume (₹1,285 crore). Total deposits expanded 12% YoY to ₹2,772 crore with an industry-low cost of funds at 1.4%, while fee-based income stood at ₹234 crore. Management affirmed it is on schedule to submit its Small Finance Bank (SFB) readiness to the RBI by Q4 FY27, supported by PwC and a newly built lending tech stack.
Confidence: HIGH
What changedEarnings call transcript detailing management's SFB transition roadmap, tech stack rollout timelines, and recovery plan for the paused B2B business.
Why it mattersThe transition to an SFB is the core catalyst that will permit direct on-balance-sheet lending against Fino's low-cost liability base, reducing reliance on commoditized fee income.
Q1 Referral loan disbursements: ₹628 croreFY26 Referral loan disbursements: ₹1,285 croreFee-based income (Q1): ₹234 croreAverage total deposits: ₹2,772 croreCost of funds: 1.4%Total customer accounts: 1.83 crore
📅 Short termEarnings could remain under pressure over the next 1-2 quarters while the B2B business is recalibrated ahead of its expected Q4 relaunch.
📈 Long termSFB conversion offers structural upside by enabling high-margin secured asset lending across its 20 lakh merchant distribution network.
⚠ Risk flags
- B2B UPI P2M business paused for recalibration until tentatively Q4 FY27
- Execution and regulatory approval risks around SFB transition
- Recent drop into quarterly net loss (₹-13.72 Cr in Jun 2026)
Key Highlights
Referral loan disbursements reached ₹628 crore in Q1 FY27, achieving nearly 50% of FY26's total ₹1,285 crore volume
On track to submit SFB operational readiness to RBI by end of Q4 FY27; 40 new branches planned in Year 1
Average total deposits increased 12% YoY to ₹2,772 crore, with cost of funds maintained at 1.4%
Fee-based income accounted for >75% of revenue at ₹234 crore in Q1 FY27; renewal income rose 7% YoY to ₹67.5 crore
Added 8.4 lakh customer accounts in Q1 FY27, taking the total customer account base to 1.83 crore
👀 What to Watch
Monitor milestones toward the RBI SFB readiness submission expected by Q4 FY27 and operational updates regarding the relaunch of the B2B UPI P2M vertical.
Fino Payments Bank reports Q1 FY27 loss of ₹13.7 Cr amid 32% revenue decline and SFB pivot
Fino Payments Bank reported a net loss of ₹13.7 Cr for Q1 FY27, a significant reversal from the ₹17.8 Cr profit in Q1 FY26. Total revenue declined 32% YoY to ₹306.9 Cr, primarily due to a sharp contraction in traditional transaction businesses like AePS and Remittances. However, the bank's pivot toward a liability-led model is evident, with CASA now contributing 54% of revenue and Net Revenue Margins expanding to 42.8%. The transition to a Small Finance Bank (SFB) remains on track with a targeted go-live in Q1 FY28.
Confidence: HIGH
What changedThe bank has transitioned from a profitable payments bank to a loss-making entity in the short term as it aggressively pivots its business mix and prepares for SFB conversion.
Why it mattersThe shift is structurally significant as the bank moves away from volatile transaction-led revenue toward a stable, high-margin annuity model (CASA and Lending), though the transition is currently impacting the bottom line.
Q1 FY27 Net Profit/Loss: ₹(13.7) CrRevenue Growth (YoY): -32%Net Revenue Margin: 42.8%Referral Loan Disbursals: ₹628 CrCASA Revenue Contribution: 54%SFB Go-Live Target: Q1 FY28
📅 Short termThe stock may face negative sentiment in the near term due to the reported loss and the sharp decline in top-line revenue.
📈 Long termThe long-term outlook depends on the successful conversion to an SFB, which will allow the bank to lend directly to its 1.83 Cr CASA customers and potentially double its Net Interest Margins.
⚠ Risk flags
- Cannibalization of high-margin remittance revenue by UPI
- Regulatory headwinds in the AePS and MATM segments
- Execution risk associated with the SFB transition timeline
Key Highlights
Reported a net loss of ₹13.7 Cr in Q1 FY27 versus a profit of ₹17.8 Cr in Q1 FY26.
Revenue from traditional transaction businesses (AePS, MATM, DMT) fell significantly, with DMT revenue down 55% YoY.
Referral loan disbursals surged 214% YoY to ₹628 Cr, achieving nearly 50% of the total FY26 disbursal volume in one quarter.
Net Revenue Margin improved by 925 bps YoY to 42.8%, driven by a higher share of high-margin CASA business.
Average total deposits grew 12% YoY to ₹2,772 Cr, maintained at a low cost of funds of 1.4%.
👀 What to Watch
Investors should monitor the stabilization of the transaction business revenue and the execution of the SFB transition timeline, specifically the RBI final readiness submission targeted for Q4 FY27.
32% Revenue Decline in Q1 FY27 as Fino Recalibrates for SFB Transition
Fino Payments Bank reported a 32% YoY decline in revenue to ₹306.9 crore for Q1 FY27, primarily due to the strategic suspension of its B2B UPI P2M vertical. Despite the top-line drop, net revenue margins expanded significantly by 925 bps YoY to 42.8%, driven by a higher contribution from the CASA segment which now accounts for 54% of revenue. The bank is pivoting toward its Small Finance Bank (SFB) transition, evidenced by a 214% surge in loan referral disbursals to ₹628 crore. Customer acquisition remains robust with 8.4 lakh new CASA accounts added, bringing the total base to 1.83 crore.
Confidence: HIGH
What changedThe bank has intentionally paused its high-volume B2B UPI business to focus on high-margin retail liabilities and lending preparation, leading to a temporary revenue and profit contraction.
Why it mattersThis represents a fundamental shift from a transaction-heavy payments bank to a margin-focused lending institution (SFB), which is critical for long-term ROE improvement despite short-term volatility.
Q1 FY27 Revenue: ₹306.9 croreNet Revenue Margin: 42.8%Loan Referral Disbursals: ₹628 croreAverage Total Deposits: ₹2,772 croreCASA Customer Base: 1.83 crore
📅 Short termThe stock may face pressure due to the sharp 32% revenue decline and lower profitability, though the record-high margins may provide some support.
📈 Long termThe structural transition to an SFB is the primary value driver; success depends on the bank's ability to convert its massive liability base into a profitable lending book.
⚠ Risk flags
- Significant decline in traditional high-margin remittance and AePS revenue (50% YoY)
- Execution risk associated with the transition to a Small Finance Bank model
- Digital Payments segment currently non-operational
Key Highlights
Revenue declined 32% YoY to ₹306.9 crore following the strategic recalibration of Digital Payments Services.
Net revenue margin expanded by 925 bps YoY to a record 42.8% as high-margin CASA contribution rose.
Loan referral disbursals, a pilot for future SFB lending, surged 214% YoY to ₹628 crore.
CASA customer base grew 22% YoY to 1.83 crore, with average total deposits up 12% YoY to ₹2,772 crore.
Traditional transaction business (Remittance, MATM, AePS) saw a 50% YoY revenue decline due to UPI cannibalization.
👀 What to Watch
Investors should monitor the relaunch of the Digital Payments Services vertical expected in Q4 FY27 and the progress of the final regulatory steps for the Small Finance Bank (SFB) conversion.
Rs 13.72 Cr Net Loss for Fino Payments Bank in Q1 FY27 as Revenue Slumps 32% YoY
Fino Payments Bank reported a significant swing to a net loss of Rs 13.72 Cr for the quarter ended June 30, 2026, compared to a profit of Rs 17.76 Cr in the year-ago period. Total income declined 32.3% YoY to Rs 306.87 Cr, primarily due to a massive 61.8% drop in revenue from 'Other Banking Operations' (AePS, remittances, etc.). The bank reported an operating loss of Rs 13.72 Cr as operating expenses remained high at Rs 285.26 Cr despite the revenue contraction. Capital Adequacy remains a bright spot at a robust 82.58%.
Confidence: HIGH
What changedThe bank has transitioned from a profitable entity to reporting an operating loss, driven by a sharp decline in its traditional transaction-based revenue streams.
Why it mattersThe results underscore the severe impact of UPI cannibalization and regulatory changes on the Payments Bank model, making the transition to a full-service Small Finance Bank a necessity for financial viability.
Net Profit/Loss (Q1): Rs -13.72 CrTotal Income (Q1): Rs 306.87 CrRevenue vs TTM Revenue: ~19.4%Capital Adequacy Ratio: 82.58%Other Banking Segment Revenue Growth (YoY): -61.8%
📅 Short termThe stock is likely to face downward pressure in the near term due to the unexpected loss and the sharp contraction in core segment revenues.
📈 Long termThe long-term outlook depends entirely on the successful conversion to an SFB and the bank's ability to build a profitable lending book to offset the decline in transaction fees.
⚠ Risk flags
- Operating loss
- Severe revenue contraction in core segments
- High dependency on declining transaction rails (AePS/Remittance)
Key Highlights
Net loss of Rs 13.72 Cr in Q1 FY27 vs a profit of Rs 17.76 Cr in Q1 FY26
Total Income fell 32.3% YoY to Rs 306.87 Cr from Rs 453.47 Cr
Other Banking Operations revenue plummeted to Rs 104.04 Cr from Rs 272.82 Cr YoY
Capital Adequacy Ratio (CRAR) remains high at 82.58% as of June 30, 2026
Basic EPS turned negative at -Rs 1.65 for the quarter
👀 What to Watch
Investors should closely monitor the timeline for the Small Finance Bank (SFB) conversion, which is critical to pivoting away from the declining high-margin remittance business toward lending.
304% Growth in Loan Referrals; Transaction Throughput Drops 25% in July 2026
Fino Payments Bank reported a mixed performance for July 2026, characterized by a significant shift in business mix. Loan referral disbursals surged 304% YoY to ₹241 Cr, while average total deposits grew 12% YoY to ₹2,766 Cr. However, transaction business throughput declined 25% YoY to ₹3,074 Cr, and B2B UPI P2M throughput dropped to zero from ₹3,200 Cr in the previous year. The bank continues its transition toward a Small Finance Bank (SFB) model, focusing on technology and governance processes.
Confidence: HIGH
What changedThe bank is aggressively pivoting from high-volume, low-margin transaction business toward loan referrals and digital customer acquisition.
Why it mattersThe 304% growth in loan referrals validates the bank's strategy to build a credit-ready customer base ahead of its SFB transition, although the sharp decline in transaction volumes reflects ongoing regulatory or strategic shifts in the payments landscape.
Loan Referral Disbursals: ₹241 CrAverage Total Deposits: ₹2,766 CrTransaction Throughput YoY Change: -25%B2B UPI P2M Throughput: ₹0Digitally Active Customers: 66.3 Lakh
📅 Short termThe market may focus on the sharp decline in transaction throughput and the total loss of B2B UPI volumes, which could offset the positive sentiment from loan referral growth.
📈 Long termThe structural shift toward becoming an SFB remains the primary driver; successful conversion will allow the bank to lend directly, significantly improving Net Interest Margins (NIM).
⚠ Risk flags
- Significant decline in transaction business throughput (-25%)
- Total cessation of B2B UPI P2M throughput
- Execution risk related to SFB transition timelines
Key Highlights
Loan referral disbursals grew 304% YoY to ₹241 Cr in July 2026.
Average total deposits increased 12% YoY to ₹2,766 Cr.
Digitally active customers reached 66.3 lakh, representing a 21% YoY growth.
Transaction business throughput declined 25% YoY to ₹3,074 Cr.
B2B UPI P2M throughput fell from ₹3,200 Cr in July 2025 to nil in July 2026.
👀 What to Watch
Investors should monitor the timeline for the Small Finance Bank (SFB) license conversion, which is the key catalyst for doubling margins. Watch for stabilization in transaction throughput and the impact of the discontinued B2B UPI P2M segment on overall profitability.
253% Surge in Loan Referrals; Transaction Throughput Drops 35% in June 2026 Update
Fino Payments Bank reported a mixed performance for June 2026, highlighted by a 253% YoY surge in loan referral disbursals to ₹240 crore, which serves as a pilot for its Small Finance Bank (SFB) transition. While new account openings grew 31% YoY to 3.13 lakh, traditional transaction throughput fell 35% to ₹2,830 crore as the ecosystem shifts toward UPI. Average total deposits grew 11% YoY to ₹2,755 crore, and digital engagement via FinoPay rose 38% to 8.4 lakh active users. Notably, B2B digital throughput dropped to zero from ₹3,100 crore in the previous year, reflecting a significant strategic pivot.
Confidence: HIGH
What changedThe bank is successfully pivoting from a transaction-heavy model to a liability and referral-led model, with lending referrals now reaching significant scale.
Why it mattersThe 3.5x growth in loan referrals validates the credit potential of Fino's customer base, which is critical for its planned transition to a Small Finance Bank to improve margins and ROE.
Loan Referral Disbursals: ₹240 CrNew Accounts Opened: 3,13,263Transaction Throughput: ₹2,830 CrAverage Total Deposits: ₹2,755 CrRenewal Income: ₹20.8 CrB2B Digital Throughput: nil
📅 Short termThe market may focus on the sharp decline in transaction throughput and the total loss of B2B digital volumes, which could weigh on sentiment despite strong lending referral growth.
📈 Long termThe structural shift towards an SFB model is evident; long-term value depends on converting these referral pilots into a full-fledged balance sheet lending business to double NIMs.
⚠ Risk flags
- Continued cannibalization of high-margin legacy transaction business by UPI
- 100% drop in B2B digital throughput
- Execution risk in SFB transition
Key Highlights
Loan referral disbursals grew 253% YoY to ₹240 crore, indicating strong credit potential in the ecosystem.
New deposit accounts opened increased 31% YoY to 3,13,263, taking total accounts to 1.8 crore.
Transaction business throughput declined 35% YoY to ₹2,830 crore due to UPI cannibalization.
FinoPay active customers reached 8.4 lakh, a 38% YoY increase, showing improved digital adoption.
Average total deposits rose 11% YoY to ₹2,755 crore compared to ₹2,477 crore in June 2025.
👀 What to Watch
Monitor the progress of the Small Finance Bank (SFB) license application, as the loan referral growth is a precursor to direct lending. Watch if the growth in high-margin renewal income and lending can offset the continued decline in traditional remittance and AePS throughput.
Fino Payments Bank May 2026: New Accounts Up 29%, Loan Referrals Surge 186% YoY
Fino Payments Bank reported a strong 29% YoY growth in new account openings for May 2026, reaching 2.93 lakh accounts. The loan referral business saw a massive 186% jump to ₹210 crore, aligning with its Small Finance Bank (SFB) transition strategy. However, transaction throughput fell 48% to ₹2,546 crore due to the ecosystem shift toward UPI and a strategic focus on high-quality merchants. The bank is also reassessing its B2B digital services, which saw zero throughput this month during a strategic risk recalibration.
Key Highlights
New customer acquisition grew 29% YoY with 2.93 lakh new accounts opened in May 2026.
Loan referral disbursals surged 186% YoY to ₹210 crore, supporting the SFB vision.
Average total deposits increased by 10% YoY to ₹2,762 crore.
Transaction business throughput declined 48% YoY to ₹2,546 crore due to UPI adoption and merchant quality focus.
Strategic partnership with Ezee.ai initiated for building a lending ecosystem for SFB transition.
👀 What to Watch
Investors should monitor if the high growth in loan referrals and new accounts can offset the significant 48% decline in transaction throughput. The progress on the SFB transition and the partnership with Ezee.ai are critical catalysts to watch.
Fino Payments Bank Partners with Ezee.ai for AI-Lending Tech in SFB Transition
Fino Payments Bank has entered into a strategic partnership with Ezee.ai to deploy an AI-enabled Loan Origination System (LOS) and Business Rules Engine (BRE). This collaboration is a critical milestone in the bank's transition journey from a Payments Bank to a Small Finance Bank (SFB). The partnership aims to build a technology-led, asset-light lending ecosystem focusing on automated decision-making and collections. By leveraging a no-code AI platform, the bank intends to accelerate its digital lending capabilities to expand credit access across rural India.
Key Highlights
Strategic partnership with Ezee.ai for AI-enabled Loan Origination System (LOS) and Business Rules Engine (BRE).
Deployment of an AI-powered Collections Management Platform to manage credit risk during SFB transition.
Focus on building a differentiated, asset-light Small Finance Bank model through digital innovation.
The move supports the bank's broader objective of expanding credit access across 'Bharat' using automated decisioning.
👀 What to Watch
Investors should monitor this as a key execution step in Fino's transition to a Small Finance Bank, which will allow for higher-margin lending. Watch for regulatory updates on the final SFB license and the subsequent growth of the loan book.
RBI Approves 3-Month Extension for Ketan Merchant as Interim CEO of Fino Payments Bank
Fino Payments Bank has received formal approval from the Reserve Bank of India (RBI) to extend the tenure of Mr. Ketan Merchant as the Interim CEO. The extension is granted for a further period of three months, effective from May 27, 2026. This move ensures leadership continuity while the bank likely finalizes its permanent leadership structure. The approval follows the bank's previous submission to the regulator on May 21, 2026.
Key Highlights
RBI approved the tenure extension via letter dated May 25, 2026
Extension for Mr. Ketan Merchant is for a specific duration of 3 months
The new term is effective starting May 27, 2026
The bank continues to operate under interim leadership as per SEBI Regulation 30
👀 What to Watch
Investors should view this as a move to maintain operational stability, though the focus remains on the appointment of a permanent CEO. Monitor future announcements regarding a full-time leadership transition.
Fino Payments Bank MD & CEO Rishi Gupta Retires; Interim CEO & CFO Tenures Extended
Rishi Gupta, the founding MD & CEO of Fino Payments Bank, has opted for voluntary early retirement effective May 21, 2026, despite the Board clearing him of any wrongdoing in a GST intelligence investigation. To ensure leadership continuity, the Board has extended the tenure of Ketan Merchant as Interim CEO for up to 3 months starting May 27, 2026, and Anup Agarwal as Interim CFO for up to 3 months from July 6, 2026. This transition occurs as the bank works toward operationalizing its Small Finance Bank license following in-principle approval from the RBI.
Key Highlights
MD & CEO Rishi Gupta retires early effective May 21, 2026, after 20 years with the Fino group.
Board clears Gupta of GST investigation allegations, declaring him 'fit and proper' prior to his retirement request.
Ketan Merchant's term as Interim CEO extended for 3 months from May 27, 2026, pending RBI approval.
Anup Agarwal's term as Interim CFO extended for 3 months from July 06, 2026.
Bank maintains focus on transitioning to a Small Finance Bank within RBI-stipulated timelines.
👀 What to Watch
Investors should monitor the timeline for appointing a permanent MD & CEO and the progress of the Small Finance Bank license operationalization. While the 'fit and proper' clearance for the outgoing CEO is positive, the leadership transition during a critical business pivot warrants a cautious watch.
Fino Payments Bank MD & CEO Rishi Gupta Resigns; Ketan Merchant Named Interim CEO
Rishi Gupta, the founding MD & CEO of Fino Payments Bank, has opted for voluntary early retirement effective May 21, 2026. This decision follows an investigation by the DG GST Intelligence, although the Board has cleared Gupta of any prima facie wrongdoing and deemed him 'fit and proper' to continue. To ensure continuity, the Board has extended Ketan Merchant's tenure as Interim CEO for 3 months and Anup Agarwal's tenure as Interim CFO for 3 months while the bank transitions to a Small Finance Bank (SFB).
Key Highlights
MD & CEO Rishi Gupta retires early effective May 21, 2026, after leading the bank to become India's first profitable listed payments bank.
The Board concluded no prima facie case exists against Gupta regarding the DG GST Intelligence investigation after reviewing legal reports.
Ketan Merchant's tenure as Interim CEO is extended for up to 3 months starting May 27, 2026, pending RBI approval.
Anup Agarwal's tenure as Interim CFO is extended for a period not exceeding 3 months effective July 06, 2026.
The bank remains committed to operationalizing its Small Finance Bank (SFB) license within the RBI-prescribed timelines.
👀 What to Watch
Investors should closely monitor the RBI's approval of the interim leadership and the timeline for the permanent CEO appointment, as leadership stability is critical during the bank's transition to a Small Finance Bank.
Fino Payments Bank April 2026 Update: Deposits Up 13%, Loan Referrals Surge 204%
Fino Payments Bank reported a 13% YoY growth in average total deposits to ₹2,801 crore for April 2026, signaling a strengthening liability franchise. The loan referral business showed exceptional momentum, with disbursals growing over 3x to ₹166 crore. However, transaction business throughput declined by 47% YoY to ₹2,649 crore, and B2B UPI P2M throughput plummeted 96% to ₹101 crore due to strategic recalibration. The bank is pivoting toward a liability-led model as it prepares for its Small Finance Bank (SFB) transition.
Key Highlights
Average total deposits increased 13% YoY to ₹2,801 crore.
Loan referral disbursals surged 204% YoY to ₹166 crore from ₹55 crore.
Digitally active customers grew 19% YoY to 62.1 lakh, with FinoPay users up 28%.
Transaction business throughput fell 47% YoY to ₹2,649 crore due to the shift from cash to UPI.
B2B UPI P2M throughput dropped 96% YoY to ₹101 crore following a strategic recalibration for risk management.
👀 What to Watch
Investors should monitor if the high-growth loan referral business and deposit mobilization can offset the significant decline in transaction and B2B UPI volumes. The focus remains on the bank's successful transition to a Small Finance Bank model which could re-rate the stock.
Fino Payments Bank Q4 FY26: Record Deposits of ₹2,957 Cr and Progress on SFB Transition
Fino Payments Bank reported a 22% YoY growth in its customer base to 1.75 crore, with record deposit balances reaching ₹2,957 crores. While Q4 revenue declined 31% YoY due to deliberate derisking and regulatory shifts in digital payments, renewal income hit an all-time high of ₹62.2 crores. The bank has completed its ₹200 crore Finacle migration and is on track for its Small Finance Bank (SFB) conversion following RBI's in-principle approval. Referral lending business showed strong momentum, growing 97% sequentially in Q4 to ₹592 crores.
Key Highlights
Total deposit balance reached an all-time high of ₹2,957 crores, with 3.2 lakh new accounts opened in March 2026 alone.
Full-year renewal income grew by 25% to ₹237 crores, indicating strong customer ownership and stickiness.
Referral lending book reached ₹1,300 crores for FY26, serving as a proof of concept for the upcoming SFB model.
Cost of funds remains structurally low at below 2% on the core CASA book, providing a 300 bps advantage for future lending.
Successfully completed the ₹200 crore migration to the Finacle core banking system to support future scale.
👀 What to Watch
Investors should focus on the bank's successful transition toward a Small Finance Bank and its robust deposit growth which offsets short-term digital revenue volatility. The low cost of funds and high renewal income suggest a resilient business model poised for higher margins post-SFB conversion.
Fino Payments Bank FY26 Net Profit Drops 43% to ₹52.46 Cr; CRO Re-appointed
Fino Payments Bank reported a significant decline in profitability for FY26, with net profit falling to ₹5,246 lakhs from ₹9,253 lakhs in the previous year. Total income contracted by 14% to ₹1,58,793 lakhs, primarily due to a sharp decline in 'Other Income' from banking operations. Despite the profit drop, the bank's deposit base grew by 22.7% to ₹2,37,949 lakhs, and the Capital Adequacy Ratio remains robust at 83.95%. The bank also recognized a one-time exceptional cost of ₹4.4 crore related to new labor codes and re-appointed its Chief Risk Officer for a three-year term.
Key Highlights
Annual Net Profit declined 43.3% YoY to ₹52.46 crore in FY26 compared to ₹92.53 crore in FY25.
Total Income for the year fell 14% to ₹1,587.9 crore, with Q4 revenue specifically dropping to ₹339.9 crore.
Customer deposits showed healthy growth of 22.7% YoY, reaching ₹2,379.5 crore as of March 31, 2026.
Recognized a one-time exceptional item of ₹4.4 crore due to the impact of new Labour Codes on employee obligations.
Capital Adequacy Ratio remains very high at 83.95%, up from 80.45% in the previous year.
👀 What to Watch
Investors should exercise caution as the bank faces significant revenue and margin pressure, particularly in its core fee-based segments. While deposit growth is a silver lining, the sharp decline in annual earnings suggests a need to wait for signs of operational stabilization before increasing exposure.
Fino Payments Bank Q4 FY26: PAT Drops 70% YoY to ₹7.1 Cr; SFB Transition on Track
Fino Payments Bank reported a challenging Q4 FY26 with PAT declining 70% YoY to ₹7.1 Cr and annual PAT falling 43% to ₹52.5 Cr. Despite the earnings dip, the bank achieved a critical milestone by receiving in-principle approval from the RBI to transition into a Small Finance Bank (SFB). Operational metrics remain robust, with average deposits growing 30% YoY to ₹2,403 Cr and referral loan disbursals surging 3.5x to ₹1,285 Cr for the full year. The bank has successfully migrated to the Finacle core banking platform and targets SFB operationalization by late 2026.
Key Highlights
FY26 PAT decreased by 43% YoY to ₹52.5 Cr, while Q4 FY26 PAT fell 70% YoY to ₹7.1 Cr.
Average deposits for FY26 grew 30% YoY to ₹2,403 Cr, with peak deposits reaching ₹2,957 Cr in March 2026.
Referral loan disbursals reached ₹1,285 Cr in FY26, a 3.5x increase YoY, reinforcing credit demand preparedness.
Received RBI's in-principle approval for SFB conversion and completed migration to Finacle CBS in Jan 2026.
Net Revenue Margin improved to 40.0% in Q4 FY26, up from 31.5% in the same quarter last year.
👀 What to Watch
Investors should weigh the short-term decline in profitability against the long-term value unlock of the Small Finance Bank transition. Monitor the execution of the SFB roadmap and the bank's ability to maintain its low cost of funds (1.4% in Q4) as it shifts toward a lending model.
Fino Payments Bank FY26 Revenue Falls 14% to ₹1,588 Cr; Q4 Net Margins Hit Record 40%
Fino Payments Bank reported a 14% YoY decline in FY26 revenue to ₹1,587.9 crore, though net revenue remained stable at ₹584.4 crore. Despite operational headwinds and legal issues involving leadership, the bank achieved its highest-ever quarterly net-revenue margin of 40% in Q4 FY26. Customer deposits reached a record high of ₹2,957 crore, and CASA renewal income grew 12% YoY to ₹62.2 crore. The bank is currently transitioning into a Small Finance Bank (SFB) following RBI's in-principle approval.
Key Highlights
FY26 revenue declined 14% YoY to ₹1,587.9 crore, while net revenue stayed flat at ₹584.4 crore.
Q4 FY26 net-revenue margin reached a record 40% as CASA segment contribution rose to 45%.
Total deposits hit an all-time high of ₹2,957 crore in March 2026, reflecting strong customer trust.
Referral lending business saw significant momentum with ₹1,285 crore disbursed during FY26.
Completed Core Banking Solution (CBS) migration in Q4 FY26 to support future SFB operations.
👀 What to Watch
Investors should monitor the progress of the SFB license conversion and the resolution of legal matters involving former leadership. While improving margins and deposit growth are positive, the decline in top-line revenue and throughput warrants a cautious approach.
Fino Payments Bank FY26 Net Profit Drops 43% to ₹52.46 Cr; Q4 Profit Declines Sharply
Fino Payments Bank reported a significant decline in financial performance for FY26, with net profit falling 43.3% YoY to ₹52.46 crore. Total income for the full year decreased by 14% to ₹1,587.93 crore, primarily driven by a slowdown in 'Other Banking Operations'. The Q4 performance was particularly weak, with net profit at ₹7.10 crore compared to ₹24.00 crore in the year-ago period. However, the bank maintained a strong balance sheet with deposits growing 22.7% YoY to ₹2,379.49 crore and a robust Capital Adequacy Ratio of 83.95%.
Key Highlights
FY26 Net Profit fell to ₹52.46 crore from ₹92.53 crore in FY25, a 43.3% decrease.
Total Income for FY26 declined to ₹1,587.93 crore compared to ₹1,847.10 crore in the previous year.
Deposits grew by 22.7% YoY, reaching ₹2,379.49 crore as of March 31, 2026.
Recognized a one-time exceptional expense of ₹4.39 crore due to the impact of new Labour Codes.
Capital Adequacy Ratio remains high at 83.95%, indicating significant capital buffers.
👀 What to Watch
Investors should exercise caution as the bank faces significant revenue and margin pressure across its core transaction-led segments. Monitor management's guidance on the path to recovery and any updates regarding their transition to a Small Finance Bank license.
