Fino Payments Bank on Friday appointed CFO Ketan Merchant as interim Chief Executive Officer (CEO) for a period of four months.
Merchant was initially appointed the head of the organisation to carry on and oversee the day-to-day operations after the arrest of the bank's MD and CEO, Rishi Gupta, under the CGST, SGST act.
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The bank also appointed Anup Agarwal as interim Chief Financial Officer (CFO) for a period of four months with immediate effect.
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The decision regarding Merchant and Agarwal's appointment was taken at the meeting of Board of Directors.
Merchant's appointment was made as per provisions of Section 10B(9) of the Banking Regulation Act, 1949, for carrying out duties of the MD and CEO, said Fino Payment Bank in a filing.
"He is re-designated from Chief Financial Officer /Head of the Organisation to Interim CEO (Key Managerial Personnel) of the Bank, pursuant to the recommendation of the Nomination and Remuneration Committee of the Bank, subject to approval of the Reserve Bank of India."
Merchant, who joined the bank in 2018, has more than 27 years of banking experience, besides spearheading finance and balance sheet management in the bank.
He has earlier worked with HSBC, Standard Chartered and Barclays Group.
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Whereas, Anup Agarwal, a qualified Chartered Accountant, has been associated with the bank since June 2022 and leads the Head of Finance — Investor Relations & Analytics at the bank.
Earlier, he has held various positions at Deutsche bank India, Standard Chartered bank India & Maersk Group.
Meanwhile, the bank also informed about the appointment of special consultant to conduct the special review of the GST compliances and other aspects as per the approved scope of work, based on recommendation of the Audit Committee.
Following Gupta's arrest, Merchant had stated that the bank has a strong corporate governance, compliance framework and robust processes in place and is compliant with all the laws.
Stating that they have full faith in the country's judiciary, he also assured customers, investors and all our stakeholders that their business operations will continue uninterrupted and there will be no impact on their services.
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