Fino Payments Bank Gets New MD & CEO
Over six months after Rishi Gupta stepped down from his role as CEO of Fino Payments Bank, the fintech company…
ICICI Bank executive Pratap Singh has been appointed as the new managing director and CEO of Fino Payments Bank, a move announced today by the Reserve Bank of India (RBI). Singh, who has 29 years of experience in the banking sector across India and the UK, assumes the role effective November 27. The bank plans to inform stock exchanges once Singh officially takes over.
The appointment follows a turbulent year for Fino, which saw its former CEO, Rishi Gupta, arrested in February 2026 over alleged GST evasion. Gupta subsequently requested voluntary retirement, and interim CEO Ketan Merchant has been leading the bank since May. Singh's new role comes as Fino aims to convert to a small finance bank (SFB), receiving an 'in-principle' approval from the RBI in December 2025 but required to complete the transition within an 18-month window and achieve a net-worth of ₹300 Cr.
Despite regulatory challenges and a decline in financial performance, including a net loss of ₹20.9 Cr in Q2 FY27 and a 16.6% YoY drop in total income, Fino remains committed to meeting the timeline for the SFB conversion.
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