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Fino Payments Bank CEO Arrested: FM Sitharaman to 'check' GST evasion case
Finance Minister Nirmala Sitharaman will investigate the arrest of Fino Payment Bank CEO Rishi Gupta. Gupta was apprehended by GST authorities in Hyderabad. The bank stated the probe concerns a business partner's transactions, not the bank's compliance. Social media questioned the extent of GST powers. The Finance Minister acknowledged the issue and promised to look into it.
Fino Payments Bank MD and CEO Rishi Gupta arrested; CFO Ketan Merchant takes charge
Shares of Fino Payments Bank Ltd ended at ₹192.45, down by ₹15.60, or 7.50%, on the BSE.
Fino Payments Bank MD and CEO Rishi Gupta arrested under GST Act; CFO Ketan Merchant assumes charge
Fino Payments Bank CEO Rishi Gupta was arrested under the provisions of the CGST and SGST Act. The bank has clarified that the investigation concerns business partners, not GST compliance, and that no officials are implicated. Details here.
Fino Bank MD and CEO Rishi Gupta arrested under GST provisions
Fino Payments Bank MD Rishi Gupta was arrested by DGGI Hyderabad in a probe concerning business partners under GST tax provisions. The bank stated the investigation is not related to its GST compliance, but sources indicate fake invoices caused government revenue loss. The Fino board has appointed CFO Ketan Merchant as interim head.
Fino Bank CEO Rishi Gupta arrested under GST acts
Fino Payments Bank's Managing Director and CEO, Rishi Gupta, was arrested under CGST and SGST Acts. The bank clarified the investigation involves a business partner, not its GST compliance, and is taking steps to resolve the issue. CFO Ketan Merchant will lead daily operations.
Apple in talks with ICICI, HDFC & Axis Bank to start payment service in India
Apple is in talks with ICICI Bank, HDFC Bank and Axis Bank, along with Visa and Mastercard, to launch Apple Pay in India around mid-2026, though the timeline is not final. The service is expected to support UPI as well as card payments, entering a market dominated by Google Pay, PhonePe, Amazon Pay and Paytm.
HSBC India profit rises 11% to $1.9 billion in 2025
The bank launched HSBC Innovation Bank with a $1 billion financing pool and launched new digital propositions in payments and trade.
RBI notes overall demand conditions remain upbeat, electricity demand sustains robust growth
Reserve Bank of India (RBI) stated in its latest monthly update that economic activity continued to be resilient in January, as evidenced by high-frequency indicators of energy consumption, digital payments, trade and logistics. E-way bills continued to exhibit double- digit growth supported by GST rate rationalisation. Electricity demand sustained its robust growth, primarily due to higher demand on account of the cold wave conditions across northern and eastern regions of the country, as well as from sustained industrial activity. GST revenue growth held steady. Petroleum consumption growth remained resilient, notwithstanding the deceleration. Digital payments registered steady growth in both transaction value and volume. Toll collections in January continued with the declining trend, observed post the introduction of the FASTag Annual Pass scheme in August 2025.
HC seeks RBI, Govt reply on UPI fraud safeguards
The Delhi High Court has asked the Finance Ministry, Reserve Bank of India, and National Payments Corporation of India for their response. This comes after a public interest plea highlighted a surge in digital payment frauds, particularly on UPI platforms. The court is being urged to direct financial institutions to implement better fraud prevention and recovery mechanisms for victims.
Fino Payments Bank stock recovers from 15% plunge, turns flat-to-positive after clarifications on CEO arrest
The sharp early sell-off in Fino Payments Bank stock followed the bank’s disclosure that Gupta had been arrested under the GST law. But later, Fino clarified that the arrest was linked to an investigation involving certain business partners and was not related to the bank’s own compliance.
HDFC Bank shares fall nearly 2% after report on internal probe into Rs 45 crore interest payments
The payments were allegedly structured as "differential interest" on MSRDC deposits.
Stocks to Watch Today: Shyam Metalics, Aurobindo Pharma, ACME Solar, PDS, Deep Ind, Godrej Consumer, CreditAccess, Jubilant FoodWorks in focus on 07 April
Stocks to Watch, 7 Apr | Stocks like Jubilant FoodWorks, Fino Payments Bank, CreditAccess Grameen, Gallantt Ispat, Godrej Consumer Products, PC Jeweller, Shyam Metalics and Energy, Aurobindo Pharma, ACME Solar Holdings, PDS, Deep Industries, Vivid Electromech, and Sammaan Capital will be in focus on April 7.