Fino Payments Bank announced on Friday through a regulatory filing that the Reserve Bank of India has officially approved the appointment of seasoned banking professional Pratap Singh as its new Managing Director and Chief Executive Officer for a three-year term. According to the filing, Singh’s tenure is set to take effect from November 27, 2026, or from the actual date he assumes charge, depending on whichever occurs earlier. Following the central bank’s clearance, the board of directors at Fino Payments Bank will proceed with the requisite procedural formalities to finalize his induction, which remains subject to the formal approval of the institution’s shareholders. Singh steps into the top executive role during a crucial period of leadership transition for the lender, taking over from Chief Financial Officer Ketan Merchant, who has been overseeing operations as the bank’s interim Chief Executive Officer. Merchant had been entrusted with interim leadership responsibilities earlier this year following the arrest of former Managing Director and Chief Executive Officer Rishi Gupta in February over alleged violations of laws governing the Goods and Services Tax. Specifically, Gupta was taken into custody by the Directorate General of GST Intelligence amid allegations involving the utilization of shell companies and payment aggregators to channel illicit funds generated through online money gaming platforms. With the regulatory approval of Pratap Singh, Fino Payments Bank aims to bring stability and strategic direction back to its permanent executive leadership. Singh enters the organization backed by an extensive career spanning more than 29 years across the banking sectors of both India and the United Kingdom. Throughout his nearly three decades in financial services, he has cultivated deep domain expertise across diverse operational verticals, including retail banking, small and medium enterprise banking, liability management, digital transformation, branch-led profitability, and comprehensive operating model redesign. Furthermore, Singh possesses a proven track record of building and scaling mid-sized banking franchises, successfully transforming them into liability-rich, customer-centric, and higher-growth financial enterprises. As Fino Payments Bank prepares to formally onboard Singh later this month, his international perspective and experience in driving digital and retail banking expansion are expected to play a pivotal role in guiding the lender’s next phase of institutional governance and commercial growth.
