Pratap Singh Gets RBI Nod as Fino Payments Bank MD & CEO; Three-Year Tenure Set Amid Major Banking Transition

Mumbai, November 13, 2026: Fino Payments Bank is preparing for a significant leadership transition after receiving approval from the Reserve Bank of India (RBI) to appoint Pratap Singh as its Managing Director and Chief Executive Officer (MD & CEO) for a three-year term.

The regulatory clearance comes at an important stage for the bank, which is working towards converting into a small finance bank (SFB), expanding its financial services capabilities and strengthening its operating model.

According to a regulatory disclosure submitted to the National Stock Exchange and BSE on November 13, 2026, RBI conveyed its approval through a letter dated November 12, 2026.

Singh's three-year tenure will become effective from November 27, 2026, or the date he takes charge, whichever is earlier.

However, the bank has clarified that the appointment remains subject to shareholder approval, while its Board of Directors must complete the necessary formalities. Fino will separately inform the stock exchanges once Singh officially assumes charge.

The development is among the notable BFSI appointments in November 2026, particularly because it brings an experienced retail and SME banking professional into an institution preparing for a fundamental change in its business model.

Who Is Pratap Singh? A Banking Veteran With 29 Years of Experience

Pratap Singh brings more than 29 years of professional experience spanning India and the United Kingdom, with expertise in retail banking, small and medium enterprise (SME) banking, liability management, digital transformation, branch productivity and banking business restructuring.

His career has included assignments with ICICI Bank in India, ICICI Bank UK and SBI UK.

One of his significant leadership positions was Head of Retail & SME Banking for the UK and Europe at ICICI Bank UK.

In that role, Singh helped transform the bank's business from a predominantly corporate-focused franchise into a more diversified retail and SME banking operation.

The transformation covered several important banking segments, including current accounts, remittances, commercial real estate lending, cross-border banking relationships and digital channels.

Earlier, he managed large retail and SME banking zones for ICICI Bank in India, gaining experience in branch operations, customer acquisition and the development of deposit-led banking businesses.

According to the professional profile attached to Fino Payments Bank's official filing, Singh holds an MBA in Marketing from Maastricht School of Management and a Bachelor of Science degree in Botany from Delhi University.

His background is particularly relevant to Fino's current priorities. As the institution prepares to expand beyond its payments-focused model, experience in building deposit franchises, managing business segments and improving operating efficiency could become increasingly valuable.

What RBI Has Approved—and What Remains Pending

The latest banking appointment has received the central bank's regulatory clearance, but the formal transition is not yet complete.

Fino Payments Bank's disclosure confirms that RBI has approved Singh's appointment for three years, with the tenure starting on November 27 or an earlier date if he takes charge before then.

The Board of Directors must now take the necessary steps to formalise the appointment, which remains subject to shareholder approval.

The bank also stated that Singh is not related to any of its directors or key managerial personnel.

Importantly, RBI approval should not be confused with confirmation that Singh has already assumed office. As of the November 13 disclosure, Fino had not announced his formal takeover date.

For investors, employees and customers following the latest BFSI news, the next definitive development will be the bank's announcement confirming the completion of the leadership handover.

Leadership Transition: What Happens to Ketan Merchant's Interim CEO Role?

Pratap Singh's proposed appointment follows several months of temporary leadership arrangements at Fino Payments Bank.

The bank's previous MD & CEO, Rishi Gupta, took voluntary early retirement effective May 21, 2026. During the leadership transition, Ketan Merchant, who had served as Chief Financial Officer, was entrusted with the Interim CEO responsibilities.

Merchant's temporary arrangement was subsequently extended as the institution continued the process of securing permanent leadership.

In August 2026, the bank approved another extension of his interim tenure for a period not exceeding three months from August 27, subject to RBI approval. The regulator subsequently cleared the extension.

News4Bharat previously reported the developments in its detailed coverage of Fino Payments Bank's extension of Ketan Merchant's interim CEO tenure.

The latest RBI approval for Singh establishes a path towards ending this interim leadership arrangement. However, the formal handover will become clear only when the bank issues its subsequent disclosure.

For a regulated banking institution, a permanent CEO appointment provides an opportunity to establish longer-term accountability for strategy, financial performance, organisational development and risk governance.

Why Pratap Singh's Appointment Matters for Fino's Small Finance Bank Plans

The larger significance of this leadership development lies in Fino Payments Bank's planned evolution from a payments bank into a small finance bank.

On December 5, 2025, RBI granted Fino in-principle approval for its proposed conversion. The development made Fino the first payments bank to receive such an approval.

The decision was confirmed in an official RBI press release attached to Fino's stock exchange filing.

Under the existing payments bank framework, institutions can offer permitted deposit and payment services but cannot undertake direct lending from their own balance sheets.

A small finance bank licence would open the door to a broader range of banking activities, including lending, subject to the applicable regulatory conditions.

For Fino, this transition would represent more than the introduction of additional financial products.

It would require the development of lending capabilities, credit assessment systems, collection infrastructure, stronger risk management practices and the organisational capacity to manage a more complex banking operation.

Singh's experience across liability businesses, SME banking and franchise transformation could be relevant to these requirements.

However, the bank has not publicly disclosed a specific operational mandate or individual performance targets for Singh in the November 13 appointment filing.

The distinction remains important: Fino has in-principle approval to pursue its SFB conversion, but this should not be interpreted as confirmation that its final small finance bank licence has already been issued.

As part of its broader preparations, Fino has also been strengthening its risk leadership. In October, News4Bharat reported the appointment of Arijit Chatterjee as Head of Credit Risk at Fino Payments Bank.

Together, these leadership developments provide context for how the bank is preparing its management, risk and operational capabilities for the next stage of its business.

Fino Payments Bank Q2 FY27 Results: Growth in Customers, Pressure on Profitability

Pratap Singh's appointment comes against a mixed financial backdrop.

While Fino has recorded expansion in customer accounts, digital activity and loan referral business, the bank has also faced profitability pressures.

According to its official Q2 FY27 investor presentation dated October 29, 2026, the bank reported the following performance for the quarter ended September 30, 2026.

The Strategic Questions Facing Fino's Incoming CEO

As Fino moves towards permanent leadership, several business priorities will be important for understanding the institution's next phase.

1. Strengthening deposit-led banking

Fino's growing CASA account base and deposit franchise represent an important foundation for its future business model. Improving customer engagement, deposit retention and account productivity could support a more diversified banking operation.

2. Returning to sustainable profitability

Despite growth in several operating indicators, the latest quarterly loss highlights the need for disciplined cost management, improved revenue productivity and careful execution of technology investments.

3. Preparing for credit-led expansion

A transition to small finance banking would introduce new responsibilities involving underwriting, credit monitoring and loan portfolio management. Developing these capabilities without compromising financial discipline will be central to future performance.

4. Integrating physical and digital banking channels

Fino's financial inclusion model combines assisted banking services with digital payments and customer-facing technology. Its ability to improve productivity across these channels could influence customer acquisition costs and long-term operating efficiency.

These are strategic considerations arising from Fino's disclosed business position, rather than specific targets announced for Singh.

What Happens Next?

The immediate development to monitor is the formal completion of Pratap Singh's appointment.

The bank must complete the required Board and shareholder-related processes and confirm his assumption of charge through a fresh regulatory disclosure.

Beyond the CEO appointment, attention will remain on the bank's small finance bank conversion, the readiness of its lending and risk management infrastructure, deposit growth, operating efficiency and quarterly financial results.

For readers tracking the latest BFSI appointments, the story illustrates how senior banking leadership changes can coincide with larger strategic and regulatory transitions.

Singh's experience in retail banking, SME operations, liabilities and digital transformation provides relevant expertise. Whether that background translates into stronger financial performance and successful execution of Fino's longer-term strategy will become clearer through future disclosures.