RBI approves appointment of Pratap Singh as MD and CEO of Fino Payments Bank

According to a Business Standard report, the Reserve Bank of India has approved the appointment of Pratap Singh as the managing director and chief executive officer of Fino Payments Bank. Fino Payments Bank made an announcement regarding this on Friday, stating that the appointment will be for a period of three years. According to the bank's regulatory filing, this appointment will be effective from November 27, 2026, or the date of assuming office, whichever is earlier. The bank's board will take the necessary steps for this appointment, and it will be subject to the approval of the bank's shareholders.

At present, the bank's chief financial officer Ketan Merchant is serving as the interim CEO of the lender. In February, then managing director and CEO Rishi Gupta was arrested in a case concerning the violation of Goods and Services Tax laws, following which Ketan Merchant was appointed as the interim CEO. Rishi Gupta was arrested by the Director General of GST Intelligence over the alleged use of shell companies and payment aggregators to funnel illegal funds generated through online money gaming.

Newly appointed Pratap Singh is a banking sector veteran with over 29 years of experience in areas such as retail banking, SME banking, liabilities, digital transformation, branch-based profitability, and operating model redesign in India and the UK. He has extensive experience in building and transforming mid-sized banking franchises into liability-rich, customer-centric, and high-growth businesses.

The Reserve Bank of India is the central bank of the Republic of India. It was established on April 1, 1935, during the British Raj by the enactment of the Reserve Bank of India Act, 1934. Although owned by the Government of India, the Reserve Bank is an autonomous regulatory body for the Indian banking and financial system, enjoying significant independence and authority over the Indian economy. It is responsible for the issue, supply, and control of the Indian rupee and also manages the country's core payment systems and foreign exchange under the FEMA Act, 1999.