Fino Payments Bank shares tumbled as much as 19% on Monday, hitting a 52-week low of ₹145.86 from the previous close of ₹168.72. The sharp decline came after a media report suggested that the Directorate General of GST Intelligence (DGGI) may recommend an investigation by the Enforcement Directorate into online gaming transactions linked to the bank. According to CNBC-TV18, the report could not be independently verified at the time of publishing. The stock has declined nearly 34% over the past one month, reflecting investor concerns over the potential regulatory scrutiny.
Fino Payments Bank has scheduled a one-to-one investor meeting for March 16, 2026 at BKC Mumbai from 4:00 PM to 5:00 PM, as disclosed under SEBI Listing Regulations. The meeting with Deep Financial Consultants Pvt Ltd will focus on publicly available information only, with no unpublished price sensitive information to be discussed. The bank has emphasized that this investor engagement represents part of its regular stakeholder communication activities, with the schedule subject to change due to exigencies. The disclosure was signed by Basavraj Loni, Company Secretary & Compliance Officer, digitally signed on March 16, 2026 at 13:24:57 +05''''30''''**, ensuring proper authentication and timestamp verification.
Fino Payments Bank has achieved its highest-ever total deposit balance of ₹2,900 crore, representing nearly 9% growth over the past two weeks. According to the bank's regulatory filing, this milestone demonstrates significant customer trust and business expansion. Simultaneously, the bank has opened approximately 1.5 lakh new banking accounts, averaging nearly 10,000 new accounts per day since late February. This remarkable customer acquisition rate reflects the bank's effective outreach and growing demand for its banking services among underserved and underbanked communities across India.
The bank has issued a comprehensive clarification addressing recent media reports, categorically denying several claims made in recent media coverage. Fino Payments Bank has refuted claims of ED/PMLA investigation expansion, bail denial references, and gaming/betting activity links, stating these are non-factual and speculative. In response to the latest speculation, the bank stated it is currently not subject to any investigation by any authority other than the DGGI Hyderabad in connection with the matter. The bank emphasized that the ongoing investigation by the Directorate General of GST Intelligence (DGGI), Hyderabad, pertains specifically to certain program managers and merchants associated with multiple banks, including the bank itself. This investigation does not relate to the bank's own GST compliance practices or its internal operations. The bank has also clarified that it does not directly or indirectly engage in or promote any gaming or betting activities through any platform, website or channel.
The bank has undergone significant leadership changes following recent developments. Rishi Gupta, Managing Director and Chief Executive Officer of Fino Payments Bank, was arrested on February 27 under provisions of the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) Acts. Following Gupta's arrest, the payments bank appointed its Chief Financial Officer, Ketan Merchant, as interim CEO. Currently, Ketan Merchant, Chief Financial Officer of Fino Payments Bank, has been appointed by the board to head the organisation. Recently, Fino Payments Bank received the Reserve Bank of India's in-principle approval for conversion into a small finance bank, making it the first among its peers to do so. The lender, which is the only publicly listed entity in the payments bank space, will be allowed to lend after the conversion, something payments banks are currently not permitted to do.