Fino Payments Bank

Telangana High Court reserves verdict on plea by Fino Payments Bank MD Rishi Gupta challenging his arrest in an alleged ₹10,000 crore GST evasion case linked to merchant transactions

Rishi Gupta's return to office subject to NRC, board reassessment and RBI view

Industry examines oversight and risks tied to programme managers

Payments bank says conversion into small finance bank will be completed before RBI's 18-month deadline and does not foresee any financial liability amid the ongoing GST probe

In Monday's session, Fino Payments Bank share price declined 14.14 per cent to a 52-week low of ₹165.01 per share on the National Stock Exchange (NSE)

Crackdown on payout API misuse in banned real money gaming may widen probe to payment aggregators and smaller banks amid heightened regulatory scrutiny

The DGGI's arrest of Fino Payments Bank MD Rishi Gupta in a probe linked to banned online gaming has intensified scrutiny of GST liability, programme managers and compliance networks

Fino is the first and the only payments bank so far to apply for conversion into an SFB

Finance Ministry sources say probe has flagged GST evasion, shell entities and payment aggregators in alleged banned online gaming operations, leading to arrest of a senior bank official

The outreach comes at a time when FM Sitharaman on social media platform X took note of the issue and said she will check on it

Fino Payments Bank says its MD Rishi Gupta and the bank had no role in alleged GST violations linked to programme managers; Finance Minister Nirmala Sitharaman says she will review the issue

Around 1:10 PM, Fino Payments Bank share price was trading near day's high, up 7.98 per cent at ₹225.35. In comparison, BSE Sensex was trading 0.31 per cent higher at 82,114.27 levels.

Profit-taking and a broader selloff drive the record fall, even as the bank gets 18 months to transition into a small finance bank with a cautious lending plan

Fresh off its RBI nod, Fino Payments Bank plans a cautious but differentiated path as it transitions into a small finance bank-with digital scale, low-cost liabilities and secured lending at its core

A payments bank is eligible to apply to transition into an SFB after completing five years of operations, subject to meeting compliance and regulatory requirements

Fino Payments Bank settled proceedings with the Securities and Exchange Board of India related to alleged violations of disclosure norms under the Sebi Regulations

Individually, AGS Transact Technologies has been the worst performing IPO in the last five years, with the stock trading at a mammoth 97% discount to its issue price.

The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on Fino Payments Bank Limited for non-compliance with certain directions on 'Licensing of Payments Banks'. The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024. Based on supervisory findings of non-compliance and related correspondence in that regard, the Reserve Bank said, a notice was issued to the Fino Payments Bank, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's reply to the notice and oral submissions made during the personal hearing, the central bank found that the charge against the bank was sustained, warranting imposition of monetary penalty, it said. "The bank breached the regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions," the

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Fino Payments Bank surged 8 per cent on the BSE to hit an over two-year high of Rs 449.95 in Thursday's intra-day trade.