FINO CEO ARREST
Fino Payments Bank defers MD Rishi Gupta's reappointment; awaits RBI review
Fino Payments Bank has paused the re-appointment of its Managing Director, Rishi Gupta. This decision comes as the Reserve Bank of India will reassess Gupta's fit and proper criteria. The bank board withdrew a shareholder vote notice for his reappointment. Gupta was recently granted bail after an arrest related to GST investigations. His candidature remains unaffected pending these reviews.
PhonePe pauses IPO; Databricks' India ramp-up
PhonePe has deferred its IPO citing the Iran war. However, sources tell us pricing of the issue was a key concern. This and more in today's ETtech Top 5.
Fino Payments Bank shares crash 19% on report of possible ED probe; lender clarifies
Fino Payments Bank shares tumbled over 19% to a record low after a report said some online gaming transactions linked to the lender may attract scrutiny from the Enforcement Directorate. The bank later clarified it is not under any ED investigation and is cooperating with DGGI Hyderabad in an ongoing GST-related probe.
Gaming transactions involving Fino Bank may face ED probe
Investigators found many cases of funds routed through multiple accounts or entities to obscure their origin, necessitating a deeper scrutiny under the anti-money laundering law, they said. The matter is connected to an ongoing investigation into alleged GST evasion related to online betting applications involving transactions totalling around ₹10,000 crore.
Stocks in news: JSW Infra, Dixon Technologies, RIL, Natco Pharma, M&M
Markets experienced sharp selling pressure, nearing a key technical support level. Several companies like JSW Infra, Dixon Technologies, RIL, Natco Pharma, and M&M are in focus due to significant news. JSW Infra reported damage to a storage tank, while Fino Payments Bank addressed concerns regarding its CEO's arrest.
Fino Payments Bank says it's focused on SFB transition
Fino Payments Bank's interim head Ketan Merchant stated the arrest of CEO Rishi Gupta will not affect the bank's transition to a small finance bank. He confirmed no abnormal impact on deposits. The issue involves program managers linked to the real money gaming business. The bank continues proactive engagement with the RBI. Customer balances and business volumes remain stable.
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Fino says transition to small finance bank not impacted by CEO arrest
Fino Payments Bank is successfully moving towards becoming a small finance bank, with interim chief Ketan Merchant assuring stakeholders that the CEO's recent arrest won't hinder their plans or impact customer deposits. The bank maintains a strong line of communication with the RBI, and recent figures indicate healthy business activity and stable daily CASA openings.
Fino Payments Bank denies GST evasion, rejects betting links
Fino Payments Bank said it has not evaded GST or promoted betting after its MD & CEO Rishi Gupta was arrested by the Directorate General of GST Intelligence in a probe into alleged illicit fund flows via shell firms and payment aggregators. The bank said the investigation relates to third-party programme managers, not its own compliance, and that all onboarding and invoicing followed regulations.
Fino Payments Bank shares plummet as much as 14% after CEO's arrest
Fino Payments Bank shares tumbled after its MD and CEO, Rishi Gupta, was arrested under GST law. The bank clarified the arrest relates to business partners and not its own compliance, with the CFO taking over operations. This comes after RBI approved Gupta's reappointment and the bank's conversion to a small finance bank.
Stocks in news: Adani Ports, Fino Payments Bank, GAIL, BEL, SpiceJet
Equity markets faced pressure last week due to geopolitical tensions and tech stock weakness. Investors are reacting to the Iran-US-Israel conflict, with analysts predicting a negative near-term impact. Several stocks like Adani Ports, Fino Payments Bank, GAIL, BEL, and SpiceJet are in focus due to various news developments.
Fino Payments Bank used shell cos, payment aggregators to move illicit funds from online money gaming: Sources
GST authorities have arrested its managing director and CEO Rishi Gupta for violating the law related to the Goods and Services Tax (GST), Fino Payments Bank had said on Friday. Sources in the know of the case said that the initial investigation by the Directorate General of GST Intelligence (DGGI) is investigating a case of online money gaming, which is banned in India.
Payments Council writes to FM Sitharaman over Fino Bank CEO’s arrest
India's digital payments body, PCI, has voiced concerns to the Finance Minister following Fino Payments Bank CEO's arrest. While respecting law enforcement, PCI highlighted risks to governance continuity and trust in complex financial ecosystems. They emphasized the need for proportionality in accountability, especially for supervised institutions and their leadership.
Fino Payments Bank CEO arrest rattles fintech industry; Payments Council writes to FM
The Payments Council of India (PCI), which represents digital payments companies, has written to finance minister Nirmala Sitharaman seeking urgent intervention and calling for greater proportionality in enforcement action. Several industry leaders, including Navin Surya, founder-chairman of the Fintech Convergence Council, Vishal Gondal of Goqii and Alok Mittal of Indifi, also expressed support for Gupta on social media.
Fino Payments Bank CEO Arrested: FM Sitharaman to 'check' GST evasion case
Finance Minister Nirmala Sitharaman will investigate the arrest of Fino Payment Bank CEO Rishi Gupta. Gupta was apprehended by GST authorities in Hyderabad. The bank stated the probe concerns a business partner's transactions, not the bank's compliance. Social media questioned the extent of GST powers. The Finance Minister acknowledged the issue and promised to look into it.
Fino Bank MD and CEO Rishi Gupta arrested under GST provisions
Fino Payments Bank MD Rishi Gupta was arrested by DGGI Hyderabad in a probe concerning business partners under GST tax provisions. The bank stated the investigation is not related to its GST compliance, but sources indicate fake invoices caused government revenue loss. The Fino board has appointed CFO Ketan Merchant as interim head.
Fino Bank CEO Rishi Gupta arrested under GST acts
Fino Payments Bank's Managing Director and CEO, Rishi Gupta, was arrested under CGST and SGST Acts. The bank clarified the investigation involves a business partner, not its GST compliance, and is taking steps to resolve the issue. CFO Ketan Merchant will lead daily operations.
Net blockade leaves UP at a net financial loss
Transactional services have come to a halt, and merchants are finding it hard to conduct business.
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