Rakesh Bhartia withdraws nomination as Fino PB part time chairman

To continue as board member, RBI yet to approve for chairman

Rakesh Bhartia, who was proposed by Fino Payments Bank as its part-time chairman, has withdrawn his nomination citing personal reasons.

Bhartia was proposed as a part-time chairman of Fino PB on November 3, 2022 for a period of three years from the date of approval from the Reserve Bank of India.

RBI is yet to clear Bhartia’s name as part-time chairman.

Earlier in May 2022, Fino Paytech, the promoters of Fino Payments Bank, had voted against the reappointment of the then chairman, Mahendra Kumar Chouhan, and independent director Punita Sinha.

 “…we hereby inform that Mr. Rakesh Bhartia has withdrawn his nomination as Part-time Chairman of the Bank due to his personal reasons and other official commitments. He shall continue to hold the position as an Independent Director of the Bank,” Fino PB said in a communication to the stock exchanges.

Bhartia has been on the board of Fino PB since July 2022.

Bhartia started his career in 1992 with ICICI Securities & Finance Company Ltd (a JV between ICICI and JP Morgan). He has worked in various Banks including Standard Chartered Grindlays Bank, Bank of America and Rabobank. He has wide exposure to investment banking, corporate finance and commercial banking-related activities. Bhartia is a qualified Chartered Accountant, Company Secretary and Cost Accountant.

The board of Fino’s board will be meeting again to decide on another candidate for the chairman’s position.

The current board of Fino PB has 8 directors, including MD & CEO Rishi Gupta, 5 independent directors, and 2 nominee directors.