Fino Payments Bank Addresses GST Evasion Allegations Against CEO, Assures Continuity and Stability

Fino Payments Bank Ltd held a business update call to address developments involving its Managing Director and CEO, Mr. Rishi Gupta, who has been named by the Directorate General of GST Intelligence (DGGI) Hyderabad in connection with an investigation into alleged GST evasion by certain program managers associated with the bank. The bank has clarified that it and Mr. Gupta, in his official capacity, have no role in the business operations of the program manager in question and remain compliant with all GST regulations and other applicable laws. The bank has discharged all its GST responsibilities and is confident about the legal tenability of the action taken. A committee has been formed to monitor the situation and ensure uninterrupted business operations. The bank has also engaged all regulators, informed the stock exchange, and communicated with employees, customers, business partners, and financial institutions to ensure continuity and stability.