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Who is Rishi Gupta? Fino Payments Bank CEO arrested for GST Act violation
After Rishi Gupta's arrest, Fino Payments Bank's Chief Financial Officer Ketan Merchant took interim charge.
Rishi Gupta, former MD and CEO of Fino Payments Bank, has been arrested for violating the law related to the Goods and Services Tax. At a special board meeting following the arrest, Ketan Merchant, the bank's Chief Financial Officer, was appointed as the organisation's head.
Why was Rishi Gupta arrested?
Gupta was arrested “under the provisions of Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017," Fino Payments Bank said in a regulatory filing.
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It further said, "The bank is cooperating with the authorities to provide all necessary information. Presently, there is no impact on the bank... Any further material development in this regard will be disclosed in due course.”
The bank clarified that no other bank officials were involved in the matter. The investigation was limited to the bank's business partner(s).
Who is Rishi Gupta?
According to his LinkedIn profile, Gupta completed his schooling at St. Xavier School, Delhi. He then pursued B.Com from Shri Ram College of Commerce (SRCC).
He later acquired degrees from the Institute of Cost Accountants of India and the Institute of Chartered Accountants of India.
He started his career as a budget officer with Maruti Suzuki India Limited in 1994. Then he assumed different roles at other companies, including IFC (International Finance Corporation) and ICICI.
His LinkedIn suggests he started at Fino Payments Bank Ltd as a “part of founding team, responsible for Finance and Corporate Functions including strategic alliances. Additionally looking after sales and business development.”
His profile is still available on the Fino Payments Bank’s official website. It reads, “His vision was instrumental in driving Fino from a fledging fintech to reaching the pinnacle in the payments bank space. He led the bank to profitability within three years of its launch in 2017 and played a pivotal role in Fino becoming the first payments bank to be listed on the Indian stock exchanges in November 2021.”
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It further reads, “He is actively involved in the industry and currently represents the Bank at the Payments Council of India, a premier payment and fintech industry association in India. Under his stewardship, the Bank is playing a key role in transforming the rural banking landscape by taking digital-led banking services closer to the masses. As a founding member of Fino Paytech, the parent company of Fino Payments Bank, Rishi brings valuable experience to his role.”
His arrest has sent shockwaves among bankers and professionals, with Chairman of the law firm SNG and Partners Rajesh Narain Gupta wondering why an immediate arrest is permitted under GST laws.
