Daijiworld Media Network - Mumbai

Mumbai, Nov 13: The Reserve Bank of India (RBI) has approved the appointment of Pratap Singh as Managing Director and Chief Executive Officer of Fino Payments Bank for a period of three years, the bank said on Friday.

The appointment will be effective from November 27, 2026, or the date he takes charge, whichever is earlier, according to a regulatory filing by the bank.

The bank’s board will take the necessary steps to formalise the appointment, which will be subject to approval by shareholders.

Currently, the bank’s Chief Financial Officer Ketan Merchant is serving as interim CEO. He was appointed to the position following the arrest of then MD and CEO Rishi Gupta in February over alleged violations of Goods and Services Tax laws.

The Directorate General of GST Intelligence had arrested Gupta over allegations that shell companies and payment aggregators were used to channel illicit funds generated through online money gaming.

Singh brings over 29 years of experience in the banking sector, having worked in India and the United Kingdom. His experience spans retail and SME banking, liabilities, digital transformation, branch-led profitability and operating model redesign.

He has also been involved in building and transforming mid-sized banking businesses into customer-centric, liability-rich and growth-oriented institutions.