Fino Payments Bank's SFB transition on track amid GST probe
Fino Payments Bank is still moving ahead with its plan to become a small finance bank (SFB), even though CEO Rishi Gupta was recently arrested under the GST Act; the probe relates to some program managers who were linked to the now-banned real money gaming sector.
Interim head Ketan Merchant said there was no impact on SFB plans and that deposits, balances and business volumes remained intact, so it's business as usual for customers.
Key numbers remain strong
The 18-month transition timeline is unchanged, despite the ongoing probe involving three service providers who account for about 8-10% of Fino's overall annual throughput.
While these partners handle only a small share of transactions, there's only minimal impact expected on UPI services.
Meanwhile, customer balances remain solid at ₹2,250 crore, daily account openings are strong at 10,000 per day, and the stock closed at ₹192.15 before Holi—showing confidence hasn't really wavered.