Fino Payments Bank on Tuesday informed that its credit rating has been placed on watch with developing implications, following the arrest of MD and CEO Rishi Gupta and subsequent clarifications by the bank.
The bank informed about the revisited credit rating by ICRA in an exchange filing.
ICRA has maintained the existing credit rating but placed it on watch with developing implications.
“The “Long-term/Short-term – Fund-based – Overdraft” of “[ICRA]BBB+/[ICRA]A2+ remains unchanged however it has placed rating as “Watch with Developing Implications” vide its letter dated March 10, 2026,” said the bank.
ALSO READ: Fino Payments Bank Appoints Ketan Merchant As Interim CEO, Anup Agarwal Gets Temporary CFO Charge
“The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as a recommendation to buy, sell, or hold the rated instrument availed/issued by your company,” ICRA stated.
ICRA also shared details and a breakdown of credit lines.
Last week, the bank appointed CFO Ketan Merchant as Interim Chief Executive Officer (CEO) for a period of four months, who was was initially appointed the head of the organisation to carry on and oversee the day-to-day operations.
Bank’s MD and CEO, Rishi Gupta, was arrested on February 27, under the CGST and SGST act.
ALSO READ: Fino Payments Bank Sees No Financial Liability Of GST Probe
The bank also appointed Anup Agarwal as Interim Chief Financial Officer (CFO) for a period not exceeding 4 months w.e.f. March 06, 2026.
The bank has also appointment 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.
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