1 hour ago
Ketan Merchant joined Fino Payments Bank in 2018 and has been involved in building the bank’s model since its formative years. Before joining Fino, his career included stints at HSBC, Standard Chartered and Barclays Group across retail banking and balance-sheet management.
2 Min Read
Fino Payments Bank has extended Ketan Merchant’s tenure as Interim Chief Executive Officer (CEO) for a period of up to three months, effective August 27, 2026, subject to approval from the Reserve Bank of India (RBI).
The bank’s Board of Directors approved the extension at its meeting on Monday, August 24, based on the recommendation of the Nomination & Remuneration Committee. Merchant will continue as the bank’s Key Managerial Personnel and Senior Managerial Personnel during the extended tenure.
Merchant has been serving as Fino Payments Bank’s Interim CEO since February 27, 2026.
Also read: BLS shares slump nearly 13% after reports of visa fraud; company rejects claims
Ketan Merchant’s experience
Merchant has more than 27 years of banking experience and has spearheaded finance and balance-sheet management at Fino Payments Bank, according to the company’s exchange filing.
He joined Fino Payments Bank in 2018 and has been involved in building the bank’s model since its formative years. Before joining Fino, his career included stints at HSBC, Standard Chartered and Barclays Group across retail banking and balance-sheet management.
His focus areas include growth-oriented strategies for the bank, and he played a key role in its listing in 2021, the filing said.
Under his stewardship, Fino Payments Bank has adopted a three-pronged DDD strategy — Data, Distribution and Digital — as part of its Fino 2.0 vision.
Fino Payment Bank's June quarter results
Fino Payments Bank reported a 27.4% year-on-year decline in net profit to ₹17.6 crore for the first quarter of FY26, compared with ₹24.2 crore in the year-ago period. Net interest income (NII), however, rose 52.1% to ₹32.6 crore from ₹21.4 crore.
The bank’s customer base reached 1.5 crore, with more than 6.8 lakh new accounts added during the quarter. Total throughput increased 17% year-on-year to ₹1,23,542 crore, while digital throughput rose 54% to over ₹67,800 crore.
Average deposits grew 34% year-on-year to ₹2,275 crore. Revenue from CASA increased 30% to ₹154 crore, while digital payment services revenue rose 59% to ₹106 crore. The platform recorded more than 97 crore transactions during the quarter, up 39% year-on-year.
The bank’s net revenue margin improved by 250 basis points year-on-year, driven by growth in its digital and CASA businesses.
Shares of Fino Payments Bank jumped as much as 4% following the announcement around 2.50 pm. However, the shares gave up all their gains since then, to close 0.95% higher at ₹147.32. The stock has fallen about 43% so far this year.
(Edited by : Ajay Vaishnav)
