Fino Bank withholds MD Rishi Gupta's reappointment as it awaits RBI review
27 Mar 2026, 03:34 PMThe bank clarified that withdrawing the resolution does not amount to dropping Gupta's candidacy altogether.
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Fino Payments Bank has put on hold the reappointment of its managing director Rishi Gupta, pending a fresh assessment of his "fit and proper" status by the Reserve Bank of India (RBI).
The bank’s board on Thursday withdrew its earlier notice seeking shareholder approval for Gupta's reappointment, it said in a late-night stock exchange filing.
The bank clarified that withdrawing the resolution does not amount to dropping Gupta's candidacy altogether. The board maintained that his case for reappointment remains intact and will be placed before shareholders again at a suitable time, once regulatory formalities are met, the board's nomination and remuneration committee reassesses his fit-and-proper status, and the central bank weighs in.
The first resolution on the ballot concerning Gupta's remuneration for the financial year 2024-25 remains active, with results expected by March 31. Any votes already cast on the reappointment resolution, however, have been declared null and void.
The bank emphasized that its day-to-day operations remain unaffected and that the ongoing investigation relates to external program managers, not the bank's own compliance processes.
On Thursday, in a relief to Gupta, he was granted bail by the sessions court in Hyderabad.
The development came three days after the Telangana High Court dismissed a writ petition filed by Gupta, who had sought to challenge his arrest in an alleged tax evasion case.
Gupta was arrested on February 27, 2026, by the Directorate General of GST Intelligence (DGGI). On March 2, he had moved the High Court, arguing that his arrest was unlawful and in violation of constitutional protections.
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