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Total expenses surged 36% to nearly Rs 700 crore during FY26 as compared to Rs 513.8 crore in FY25.
Ketan Merchant, interim CEO, Fino, said the collaboration will help the bank develop an asset-light Small Finance Bank.
Enforcement Directorate (ED), Directorate General of GST Intelligence (DGGI) actions against online gaming and fintech companies in last couple of months.
The resignation came after the board of the payment bank had found him "fit and proper" to lead Fino as managing director and chief executive officer for a second term.
His departure adds to leadership challenges facing the payments bank, which has been under regulatory scrutiny in recent months.
This edition looks into how RBI will view Gupta's re-appointment as Fino Bank MD and CEO; and we also examine the energy cost of frivolous use of AI...
The bank clarified that withdrawing the resolution does not amount to dropping Gupta's candidacy altogether.
The development comes three days after the Telangana High Court dismissed a writ petition filed by Gupta, challenging his arrest.
After multiple adjournments, a division bench comprising Chief Justice Aparesh Kumar Singh and Justice G.M. Mohiuddin dismissed the writ petition filed by Gupta.
The appointment comes after Rishi Gupta, MD and CEO, was arrested late last month under the GST Act.
We write about the uneasy silence and fear hovering over the arrest of Fino CEO Rishi Gupta; and why Sarvam AI’s new startup programme may be less about startup support...
Fino said the "investigation is relating to business partner(s) of the Bank and not relating to the GST compliance of the Bank."
Gupta has been arrested under the CGST Act, 2017 and the SGST Act, 2017.
The company incurred an exceptional expense of Rs 3.1 crore during the quarter.
As a small finance bank, Fino will be able to finally lend to its customers from its own book.
The Bengaluru-based company will use the capital to double its branch network from 30 to 60 branches in the next 12 months.
The bank's net profit grew to Rs 92.5 crore during the period, from Rs 86.2 crore in FY24.
Finodaya will operate on a hybrid “phygital” model, blending digital services with a physical branch presence to streamline loan disbursement and underwriting.
The payments bank hired KPMG to conduct an independent investigation.
Existing investors Norwest Venture Partners, Peak XV Partners, Faering Capital, and Maj Invest also doubled down in the round.
