Fino Payments Bank shares gain 3% after CEO gets bail, new developments at board

Shares of Fino Payments Bank Ltd. gained as much as 3% at the open on Friday, March 27, after the lender said a special court granted bail to its MD and CEO Rishi Gupta on March 26.The bank clarified that the ongoing investigation pertains to certain programme managers associated with multiple banks and is not related to its GST compliance.

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Fino Payments Bank said it will continue to cooperate fully with authorities and maintain constructive engagement with regulators and stakeholders.Separately, the bank reiterated that its operations remain stable and unaffected, with continued traction in its core business.

It witnessed sustained growth in deposits and referral assets. Deposits rose 9% over a two-week period to hit an all-time high of ₹2,900 crore as of March 14, the bank said.

The bank also said it has withdrawn the re-appointment of Rishi Gupta as MD and CEO for now, and will seek shareholder approval at an appropriate time after receiving clarity from the RBI on his ‘fit and proper’ status.