Fino Payments Bank’s board has approved an extension of Ketan Merchant’s tenure as Interim CEO for up to three months from August 27, 2026, subject to approval from the Reserve Bank of India.
Fino Payments Bank has decided to continue with Ketan Merchant as its Interim Chief Executive Officer for another period of up to three months. The bank’s board approved the extension on August 24, 2026. It will take effect from August 27, subject to approval from the Reserve Bank of India.
Merchant is carrying out the duties of the Managing Director and CEO during the interim period. The latest decision continues an arrangement that has been in place through different stages since February 2026.
The leadership change started on February 27, when the board appointed Merchant, then Chief Financial Officer, as Head of the Organisation to oversee daily operations. On March 6, the board approved his appointment as Interim CEO, subject to RBI approval. In May, his tenure was extended for another period of up to three months from May 27. The August decision extends that arrangement again.
For readers following Indian banks, RBI appointments and changes in bank leadership, News4Bharat maintains a dedicated Banking News India hub covering regulatory decisions, appointments, results and banking rules.
Who Is Ketan Merchant?
Ketan Merchant joined Fino Payments Bank in 2018 and has more than 27 years of banking experience, according to the bank’s disclosures.
Before moving into the Interim CEO role, he handled finance and balance sheet management at Fino Payments Bank and served as its Chief Financial Officer.
His earlier career included roles at HSBC, Standard Chartered and Barclays Group, covering retail banking and balance sheet functions. The bank has also said he was involved in developing its operating model and played a role in its capital market journey.
Merchant’s move into the Interim CEO position therefore came from within Fino Payments Bank rather than through an outside appointment.
What Does the Fino Payments Bank Filing Say?
The leadership arrangement can be traced through Fino Payments Bank’s stock exchange disclosures.
On February 27, 2026, Fino Payments Bank informed the exchanges that its then MD and CEO, Rishi Gupta, had been arrested under provisions of the CGST and SGST laws. The bank convened a board meeting and appointed Ketan Merchant, who was then CFO, as Head of the Organisation to oversee daily operations.
On March 6, the board approved Merchant’s appointment as Interim CEO for carrying out the duties of MD and CEO under Section 10B(9) of the Banking Regulation Act, 1949. The appointment was for a period not exceeding four months from the date of RBI approval.
On May 21, the board accepted Rishi Gupta’s voluntary early retirement and approved an extension of Merchant’s tenure for a period not exceeding three months from May 27, again subject to RBI approval.
The August 24 decision continues the same interim arrangement for another period of up to three months from August 27.
Readers can check the bank’s official investor disclosures and the Reserve Bank of India’s list of banks for primary regulatory information.
Fino Payments Bank Q1 FY27 Results
The leadership extension comes shortly after Fino Payments Bank reported its results for the quarter ended June 30, 2026.
For Q1 FY27, the bank reported total income of about ₹306.87 crore and a net loss of about ₹13.72 crore. In the June 2025 quarter, total income was ₹453.47 crore and the bank had reported a net profit of ₹17.76 crore.
The financial position gives investors another reason to track the management arrangement. The issue is not only who occupies the CEO office. The coming quarters will also show how the bank manages income, deposits, payments activity and costs while an interim leadership structure remains in place.
Fino Payments Bank is listed on the NSE under FINOPB and on the BSE under 543386.
For wider context on changes affecting payments in India, read News4Bharat’s UPI Rules 2026 explainer and UPI merchant charges guide.
Why Does Ketan Merchant’s Extension Need RBI Approval?
Bank leadership appointments in India operate under banking law and regulatory oversight. Fino’s March disclosure specifically referred to Section 10B(9) of the Banking Regulation Act, 1949 while approving Merchant to carry out MD and CEO duties.
This is why approval by the bank’s board does not by itself complete the process.
The Reserve Bank of India remains a key part of the appointment process.
Fino Payments Bank Leadership Timeline
| Date | Development |
|---|---|
| February 27, 2026 | Ketan Merchant, then CFO, appointed Head of the Organisation to oversee daily operations. |
| March 6, 2026 | Board approves Merchant as Interim CEO to carry out MD and CEO duties, subject to RBI approval. |
| May 21, 2026 | Board accepts Rishi Gupta’s voluntary early retirement. |
| May 27, 2026 | Previous extension of Merchant’s interim tenure takes effect for a period not exceeding three months, subject to RBI approval. |
| August 24, 2026 | Board approves another extension of Merchant’s tenure. |
| August 27, 2026 | New three-month maximum interim period is scheduled to begin, subject to RBI approval. |
What Happens After August 27, 2026?
The immediate date to watch is August 27, 2026, when the latest board-approved extension is due to take effect.
RBI approval remains the next regulatory step attached to the extension.
Because the board has approved the tenure for a period “not exceeding three months”, the current arrangement is temporary. A further leadership decision would therefore be required before the end of that period if Merchant is to continue beyond it.
News4Bharat will track three developments: RBI action on the extension, any further stock exchange disclosure on Merchant’s tenure, and any announcement concerning the longer-term MD and CEO position.
Until such a filing is made, Ketan Merchant should be described as Interim CEO of Fino Payments Bank, not as its permanent MD and CEO.