The Board of Directors of Fino Payments Bank announced on Monday the approval to extend Ketan Merchant's term as interim CEO for three months, starting from August 27, 2026.
The bank specified in regulatory filings that this decision was made by the Board's Nomination and Remuneration Committee and is subject to approval by the Reserve Bank of India (RBI).
Previously, the RBI had already extended Merchant's term for another three months, starting from May 27, 2026.
Ketan Merchant was appointed interim CEO after the arrest of the bank's Managing Director and CEO, Rishi Gupta, who was detained in February for violating Goods and Services Tax (GST) laws.
The Directorate General of GST Intelligence (DGGI) arrested Gupta on suspicion of using shell companies and payment aggregators to transfer illegally obtained funds generated from online real-money gaming.
Before becoming the interim CEO, Merchant held the position of the bank's Chief Financial Officer.