Fino Payments Bank to Complete Small Finance Bank Conversion Before Timeline Despite Media Speculations

Fino Payments Bank Ltd issued a clarification regarding media reports and speculations. The bank is expected to complete the conversion to a Small Finance Bank before the 18-month timeline given by the Reserve Bank of India. The bank is not associated with any shell companies and follows adequate KYC norms. It has not onboarded any merchant or program manager registered outside India. The bank is not subject to any investigation apart from the Director General of GST Intelligence. There are no actions on any of the officials of the bank. The bank has not issued any fake invoices and does not foresee any financial liability in the matter. The bank’s operations and business remain usual. The bank is committed to transparency and compliance with regulatory authorities.