FINOPB - Fino Payments
📢 Recent Corporate Announcements
Fino Payments Bank has filed its quarterly compliance certificate for the period ending March 31, 2026, as required by SEBI (Depositories and Participants) Regulations. The certificate, issued by the bank's Registrar and Share Transfer Agent, KFin Technologies Limited, confirms the status of share processing. Notably, the report states that zero Demat or Remat requests were processed during the January to March 2026 quarter. This is a standard administrative filing and does not impact the bank's financial or operational standing.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Registrar KFin Technologies confirmed that no Demat or Remat requests were processed during the period.
- The filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- The document was officially signed and submitted to BSE and NSE on April 20, 2026.
Fino Payments Bank has successfully migrated its Core Banking System (CBS) to Finacle, investing approximately ₹200 crore to support its transition to a Small Finance Bank (SFB). The bank received in-principle approval from the RBI for SFB conversion in December 2025 and this tech upgrade is a critical milestone for that roadmap. While the migration led to a temporary moderation in business volumes during Q4 FY26, the new modular architecture is designed to handle higher transaction throughput and faster product launches. The bank processed ₹3.6 lakh crore in transactions during 9M’26, reflecting an 8% YoY growth prior to the migration phase.
- Invested ~₹200 crore in a scalable, modular Finacle Core Banking System to enable SFB operations.
- Successfully completed migration within anticipated timelines despite a temporary volume dip in Q4 FY26.
- Processed ₹3.6 lakh crore in transactions in 9M’26, with 55% digital throughput.
- New architecture supports 'Hollow the Core' initiative to offload high-frequency transactions and reduce failure rates.
- The Finacle license will extend to the upcoming Loan Management System (LMS) for future lending operations.
Fino Payments Bank has informed that its MD & CEO, Mr. Rishi Gupta, has been unavailable for more than 45 days in a rolling 90-day period due to a pending re-assessment of his 'fit and proper' status. The bank is awaiting a final view from the Reserve Bank of India (RBI) and its own Board of Directors regarding his resumption of office. An Interim CEO has been appointed with RBI approval to manage operations, which the bank claims remain stable. Despite this leadership uncertainty, the bank reported its highest-ever deposit balance in March 2026 and strong momentum in its referral lending business.
- MD & CEO Rishi Gupta unavailable for >45 days in a 90-day rolling period due to 'fit and proper' status re-assessment.
- Interim CEO appointed with RBI approval to ensure uninterrupted business operations.
- Bank recorded its highest-ever deposit balance during the month of March 2026.
- Strong growth momentum reported in the referral lending business segment.
- Final decision on CEO's return depends on NRC, Board, and RBI's regulatory view.
Fino Payments Bank Limited (FINOPB) has scheduled a one-on-one meeting with Infinity Alternatives Advisors LLP on April 1, 2026. The meeting is an in-person interaction set to take place in Mumbai from 3:00 PM to 4:00 PM IST. The bank has clarified that the discussion will be limited to information already available in the public domain. This meeting is part of the bank's regular engagement with institutional investors and analysts.
- One-on-one meeting with Infinity Alternatives Advisors LLP scheduled for April 1, 2026.
- The meeting is an in-person session held in Mumbai for a duration of one hour.
- The bank confirmed that no unpublished price sensitive information (UPSI) will be shared.
- Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Fino Payments Bank has announced that Mr. Aashish Pathak, the Chief Compliance Officer and Senior Management Personnel, has resigned from his position. The resignation was tendered on March 13, 2026, citing personal reasons. His final working day at the bank is scheduled for March 31, 2026. This transition in the compliance department is a key management update for the end of the 2025-26 fiscal year.
- Mr. Aashish Pathak resigned as Chief Compliance Officer effective March 31, 2026.
- The resignation was officially tendered on March 13, 2026, citing personal reasons.
- The departure is classified as a change in Senior Management Personnel (SMP) under SEBI regulations.
- No immediate successor has been named in the current regulatory filing.
Fino Payments Bank shareholders have approved the remuneration for MD & CEO Rishi Gupta for FY 2024-25 with a 99.65% majority through a postal ballot. Notably, the resolution for Mr. Gupta's re-appointment was withdrawn by the Board via an addendum issued on March 26, 2026, shortly before the voting concluded. While promoters and institutions voted 100% in favor of the remuneration, participating retail investors showed significant dissent, with 90.22% of their polled votes against the proposal. The withdrawal of the re-appointment resolution suggests a potential shift in top leadership or corporate strategy.
- Special resolution for MD & CEO Rishi Gupta's FY 2024-25 remuneration passed with 99.65% total votes in favor.
- Resolution No. 2 regarding the re-appointment of Mr. Rishi Gupta was withdrawn by the Board on March 26, 2026.
- Promoter and Institutional groups cast 100% of their votes in favor of the remuneration resolution.
- Public Non-Institutional (retail) voters showed 90.22% dissent on the remuneration resolution, though their total voting weight was low.
- Total valid votes cast amounted to 2,18,40,845 shares, representing approximately 26.45% of the total paid-up capital.
Fino Payments Bank Limited has announced a one-on-one meeting with investor Manu Dev scheduled for March 30, 2026. The meeting is set to take place in person at the bank's registered office in Navi Mumbai from 03:30 PM to 04:00 PM IST. This disclosure is a routine compliance filing under Regulation 30 of the SEBI Listing Regulations. The bank has explicitly stated that no unpublished price sensitive information will be shared during this interaction.
- One-on-one meeting scheduled with investor Manu Dev on March 30, 2026
- Meeting duration set for 30 minutes between 03:30 PM and 04:00 PM IST
- Interaction to be held in person at the bank's registered office in Navi Mumbai
- Compliance confirmed with SEBI Listing Regulations regarding non-disclosure of UPSI
Fino Payments Bank has withdrawn a postal ballot resolution for the re-appointment of MD & CEO Rishi Gupta for a three-year term (2026-2029). This decision follows the MD's recent arrest and the dismissal of a writ petition by the Telangana High Court, although he was granted bail on March 26, 2026. While the bank maintains that the investigation involves third-party program managers and not the bank's GST compliance, the board is re-assessing his 'fit and proper' status. A separate resolution for his FY 2024-25 remuneration of ₹5.70 crore remains active for shareholder voting.
- Withdrawal of agenda for re-appointment of Rishi Gupta as MD & CEO for 3 years starting May 2, 2026.
- MD Rishi Gupta was granted bail on March 26, 2026, following legal proceedings in Hyderabad.
- Resolution for FY 2024-25 total remuneration of ₹5.70 crore (including ₹3.26 crore variable pay) remains unchanged.
- Board to re-assess 'fit and proper' status of the MD before seeking future regulatory and shareholder approvals.
- Bank operations reported as stable and uninterrupted despite the ongoing legal investigation.
Fino Payments Bank has withdrawn the postal ballot resolution for the re-appointment of Mr. Rishi Gupta as MD & CEO for a three-year term (2026-2029). This follows his recent arrest and subsequent bail in an investigation involving program managers, which the bank clarifies is not related to its own GST compliance. The Board will reassess his 'fit and proper' status and consult with the RBI before re-submitting the proposal at an appropriate time. While the remuneration resolution for FY 2024-25 remains active, the leadership transition is now under significant uncertainty.
- Withdrawal of agenda for re-appointment of Rishi Gupta as MD & CEO for a 3-year term starting May 2, 2026
- Decision follows MD & CEO's arrest and subsequent bail by the Special Judge for Economic Offences
- Bank to conduct a 'fit and proper' reassessment and seek RBI views before any future re-appointment
- Resolution for payment of remuneration for FY 2024-25 remains active and will proceed for voting
- Bank maintains that operations remain stable and the investigation does not relate to its GST compliance
The Hon’ble Special Judge for Economic Offences, Hyderabad, has granted bail to Mr. Rishi Gupta, MD & CEO of Fino Payments Bank, on March 26, 2026. This legal update follows earlier disclosures regarding an investigation into program managers associated with multiple banks, which the bank clarifies is not related to its own GST compliance. Despite the legal proceedings, the bank reports that its operations remain stable and uninterrupted. Management highlighted that the core business continues to see healthy momentum in deposits and referral assets.
- MD & CEO Rishi Gupta granted bail on March 26, 2026, by the Special Judge for Economic Offences.
- Investigation involves program managers associated with multiple banks and is not related to the bank's GST compliance.
- Bank reports sustained increase in deposits and growth in referral assets despite the ongoing matter.
- Management maintains that operations remain stable, uninterrupted, and in compliance with governance practices.
Fino Payments Bank's MD & CEO, Rishi Gupta, was granted bail by the Special Judge for Economic Offences on March 26, 2026. The ongoing investigation relates to program managers associated with multiple banks and is not linked to the bank's GST compliance. Despite the legal proceedings, the bank reports that its operations remain stable and uninterrupted. Management highlighted sustained growth in deposits and referral assets, indicating that core business momentum remains healthy.
- MD & CEO Rishi Gupta granted bail by the Hon’ble Special Judge for Economic Offences on March 26, 2026.
- Investigation pertains to program managers across multiple banks, not the bank's own GST compliance.
- Bank reports healthy business momentum with sustained increase in deposits and referral assets.
- Management confirms that operations remain stable and the bank continues to cooperate with authorities.
Fino Payments Bank Limited (FINOPB) has announced a one-on-one meeting with One-Up Financial Consultants Private Limited. The meeting is scheduled for March 27, 2026, between 3:30 PM and 4:30 PM IST in Mumbai. This is a routine interaction under SEBI Listing Regulations to engage with institutional investors. The bank has clarified that no unpublished price sensitive information (UPSI) will be disclosed during the meeting.
- One-on-one meeting scheduled with One-Up Financial Consultants Private Limited.
- Meeting date set for March 27, 2026, at BKC, Mumbai.
- The interaction is scheduled for a 1-hour window from 3:30 PM to 4:30 PM IST.
- Bank confirms only public domain information will be shared during the discussion.
Fino Payments Bank Limited has announced the closure of its trading window for designated persons starting April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the bank's financial results announcement. The closure covers both the audited financial results for the full year and the unaudited results for the fourth quarter ending March 31, 2026. The trading window will reopen 48 hours after the financial results are officially declared to the exchanges.
- Trading window closure effective from April 1, 2026
- Closure pertains to financial results for the quarter and year ending March 31, 2026
- Restriction applies to all designated persons and their immediate relatives
- Window to remain closed until 48 hours after the declaration of financial results
Fino Payments Bank Limited (FINOPB) has informed the exchanges about a scheduled meeting with institutional investor Manu Dev. The one-on-one interaction is set to take place in person on March 26, 2026, in Mumbai. The bank has clarified that the discussion will focus solely on publicly available information, ensuring compliance with SEBI regulations regarding unpublished price-sensitive information. This meeting is part of the bank's ongoing investor relations and engagement efforts.
- One-on-one meeting scheduled with investor Manu Dev on March 26, 2026.
- The meeting is scheduled for a 1-hour duration from 10:00 AM to 11:00 AM IST.
- The interaction will be held in person at Santacruz, Mumbai.
- Disclosure made under Regulation 30 of SEBI Listing Regulations 2015.
Fino Payments Bank reported a sharp acceleration in its referral lending business, with Q4 FY26 disbursements reaching ₹540 crores as of March 20. The bank is on track to record approximately ₹1,300 crores in total disbursements for FY26, nearly doubling the ₹700 crores achieved in the first nine months. This growth is a strategic precursor to its transition into a Small Finance Bank (SFB), leveraging its 20 lakh merchant points to source secured loans for NBFC partners. The bank also reported reaching its highest-ever deposit balance during the current month.
- Q4 FY26 referral loan disbursements reached ~₹540 crores as of March 20, 2026.
- Full-year FY26 disbursements projected to reach ~₹1,300 crores, a significant jump from ₹700 crores in 9M FY26.
- Q4 performance is expected to close at 90% of the total volume seen in the first three quarters combined.
- The bank utilizes a massive network of 20 lakh merchant points and 1.7 crore CASA customers for credit sourcing.
- Strategic focus remains on secured products like Home Loans, Gold Loans, and LAP in partnership with NBFCs.
Financial Performance
Revenue Growth by Segment
The 'Growing Business' segment (CASA & Digital Payment Services) grew 5% YoY to INR 222.9 Cr in Q2 FY26, now contributing 56% of total revenue. The 'Stable Business' (CMS & BC Banking) declined 11% YoY to INR 65.6 Cr, while the 'Traditional Business' (DMT, MATM & AePS) saw a significant 46% YoY contraction to INR 78.6 Cr due to regulatory shifts and UPI adoption.
Geographic Revenue Split
Not disclosed in available documents, though the bank mentions testing secured lending products in 4-5 specific states as a precursor to its Small Finance Bank (SFB) transition.
Profitability Margins
Net Revenue Margin improved significantly by 575 bps YoY to 37.1% in Q2 FY26. Operating profit margin stood at 5.9% for FY25, while Net Profit Margin was 5.0%. The margin expansion is driven by a structural shift from low-margin transaction business (20% of mix) to high-margin CASA products (40% of mix).
EBITDA Margin
EBITDA margin reached a record high of 15.4% in Q2 FY26, expanding 284 bps YoY from 12.6%. This was achieved through disciplined cost control and a better product mix, with H1 FY26 EBITDA rising 12% YoY to INR 123.3 Cr.
Capital Expenditure
Not disclosed in absolute INR Cr, but the bank is investing in technology, data, and partnerships to build scale for its SFB conversion, including a core banking system implementation planned for the end of the calendar year.
Credit Rating & Borrowing
The bank holds an [ICRA]BBB+ (Stable) and [ICRA]A2+ rating. Borrowings have increased to fund treasury operations, with the bank maintaining an efficient liability structure featuring a cost of funds at just 1.9% in Q2 FY26.
Operational Drivers
Raw Materials
The primary 'input costs' for the bank are interest expenses on deposits (Cost of Funds at 1.9%) and merchant commissions/product costs, which resulted in a product cost margin leaving a net revenue margin of 37.1%.
Import Sources
Not applicable for a payments bank; sourcing is domestic through a network of merchants and digital channels across India.
Key Suppliers
Not applicable; the bank relies on a distribution-led network of merchants and technology partners for its asset-light model.
Capacity Expansion
The bank operates an asset-light distribution network. It is currently transitioning to a Small Finance Bank (SFB) model, which will allow it to expand from a payments-only entity to a full-service lending institution.
Raw Material Costs
Product costs are the primary variable expense; the bank achieved a 37% revenue margin after product costs in Q2 FY26, the highest in its history, by reducing dependence on low-yield transaction products.
Manufacturing Efficiency
Not applicable; however, the bank tracks 'Throughput' (gross value of transactions), which saw a moderation in digital payments due to a risk-calibrated approach and enhanced regulatory scrutiny.
Logistics & Distribution
Distribution is handled via a merchant network; renewal income from this network grew 36% YoY to INR 62 Cr, indicating high customer and merchant stickiness.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
The bank is executing its 'TAM' (Transaction, Acquisition, Monetization) strategy, focusing on converting to a Small Finance Bank (SFB). This transition is expected to double Net Interest Margins (NIM) by allowing the bank to lend its deposits (costing 1.9%) at higher yields, moving away from a fee-only model.
Products & Services
CASA accounts, Cash Management Services (CMS), Remittances (DMT), Micro ATM (MATM) transactions, AePS, UPI payments, and third-party insurance/investment products.
Brand Portfolio
Fino Payments Bank, Fino 2.0 (Digital)
New Products/Services
Foray into secured lending products and expanded liability franchise following SFB conversion; digital payment services now account for 21% of revenue.
Market Expansion
Targeting 'Bharat' (rural/semi-urban India) through an asset-light model; testing lending sourcing in 4-5 states to explore geographical potential.
Market Share & Ranking
The bank's UPI transactions contribute 1.45% of the overall UPI ecosystem as of Q2 FY26.
Strategic Alliances
Collaborations with 230 companies for CMS, including NBFCs, e-commerce, and logistics firms to manage cash efficiently.
External Factors
Industry Trends
The industry is shifting from traditional transaction rails (MATM/AePS) to UPI and annuity-based relationship banking. Regulatory oversight on fintechs is increasing, requiring higher compliance standards.
Competitive Landscape
Intense competition from traditional banks and fintech giants like Paytm, PhonePe, and Razorpay who are leading in the digital payments space.
Competitive Moat
Moat is built on a massive, asset-light merchant distribution network and a very low cost of funds (1.9%). This network effect is sustainable as it provides 'last-mile' connectivity that traditional banks struggle to reach profitably.
Macro Economic Sensitivity
Sensitive to Indian GDP growth (6.5% in FY25) and rural economic health, as it targets the 'remotest areas' for financial inclusion.
Consumer Behavior
Rapid adoption of UPI is changing payment behavior, leading the bank to focus more on 'Customer Ownership' and average deposit growth (+36% YoY).
Geopolitical Risks
Minimal direct impact, though broader economic uncertainty (e.g., US election impacts on FDI) can affect the general fintech investment climate.
Regulatory & Governance
Industry Regulations
Subject to strict RBI guidelines for Payments Banks; currently holds 'in-principle' approval for SFB conversion, which requires adherence to higher governance and capital standards.
Taxation Policy Impact
The bank became a tax-paying entity starting Q2 FY25, which impacted YoY PAT comparisons (PAT down 27% to INR 15.4 Cr despite higher EBITDA).
Legal Contingencies
Not disclosed in available documents; the bank emphasizes 'robust governance' and 'compliance' as key to its SFB approval.
Risk Analysis
Key Uncertainties
Regulatory risk is paramount, as changes in remittance or digital payment norms can immediately impact 20-30% of revenue. Cybersecurity threats are also cited as a critical cost and operational risk.
Geographic Concentration Risk
Primarily focused on the Indian market, specifically rural and semi-urban 'Bharat' segments.
Third Party Dependencies
High dependency on a network of merchants for transaction execution and customer acquisition.
Technology Obsolescence Risk
The bank is mitigating this by implementing a new core banking system and investing in 'Fino 2.0' digital initiatives to keep pace with UPI and digital-first competitors.
Credit & Counterparty Risk
Currently low as a payments bank (no lending), but will increase as it transitions to an SFB and begins its foray into secured lending.