Fino Payments Bank announced on November 13 that it has received in-principle approval from the Reserve Bank of India (RBI) for the appointment of Pratap Singh as its managing director and chief executive officer (MD & CEO) for a three-year term, according to a stock exchange filing.

The RBI, through a letter dated November 12, approved Singh's appointment with effect from November 27, 2026, or the date he assumes charge, whichever is earlier. The appointment will remain subject to approval from the bank's shareholders.

Singh brings extensive banking experience, having held senior leadership positions at ICICI Bank, ICICI Bank UK and SBI UK. During his tenure at ICICI Bank UK, he served as Head of Retail and SME Banking for the UK and Europe.

The appointment comes nearly six months after former MD & CEO Rishi Gupta stepped down on May 21, 2026, following his decision to seek voluntary early retirement. Gupta's departure came after his arrest by the Directorate General of GST Intelligence (DGGI), Hyderabad, on February 27, in connection with an investigation involving business partners of multiple banking institutions.

At the time, Fino Payments Bank clarified that the investigation concerned its business partners and not the bank's own GST compliance. Subsequently, the bank's board stated that it had not found a prima facie case against Gupta.

Following Gupta's departure, Ketan Merchant, who was serving as the bank's chief financial officer, was appointed interim CEO. His tenure was subsequently extended, including for another three months from August 27, subject to RBI approval.

The leadership appointment comes at an important stage in Fino Payments Bank's business transformation. The bank is preparing to transition into a small finance bank after receiving in-principle approval from the RBI on December 5, 2025. The appointment of a new managing director and CEO is expected to provide leadership continuity as the bank works towards this transition.