The Reserve Bank of India has approved the appointment of Pratap Singh as the managing director and chief executive officer of Fino Payments Bank, according to The Hindu BusinessLine and Inc42. Singh is scheduled to assume the role on November 27, 2026, succeeding Ketan Merchant, who has served as interim CEO since February 2026. The appointment is valid for three years and remains subject to shareholder approval. The bank stated it would inform stock exchanges once Singh formally takes charge.
Singh brings nearly three decades of banking experience, having held senior roles at ICICI Bank in India and the UK, as well as SBI UK. His expertise includes retail and SME banking, digital transformation, and branch profitability. The Hindu BusinessLine noted his appointment concludes a turbulent period for the fintech company. Inc42 reported the change follows the arrest of former CEO Rishi Gupta in February 2026 for alleged GST evasion linked to online betting. Gupta stepped down in May 2026, leading to Merchant’s interim appointment and Anup Aggarwal taking over as interim CFO.
The leadership transition occurs as the bank bids to convert into a small finance bank, receiving in-principle RBI approval in December 2025. Inc42 reported the bank remains on track to meet the ₹300 crore net-worth requirement within the 18-month window. However, financial performance has deteriorated. The Hindu BusinessLine reported a net loss of ₹20.9 crore in Q2 FY27, reversing a ₹15.4 crore profit from the previous year. Total income declined 16.6% to ₹333.6 crore.
October 2026 operational metrics showed mixed results. Transaction throughput fell 18% to ₹3,541 crore, and new deposit accounts dropped 19% to 2.3 lakh. Conversely, digitally active customers rose 12% to 65.1 lakh, and loan referral disbursals surged 316% to ₹301 crore. Total deposits crossed ₹3,000 crore, peaking at ₹3,044 crore. The company’s shares have fallen nearly 50% year-to-date, closing at ₹129.95 on the BSE.