Fino Payments Bank has announced the appointment of Abhilash Ankathil as its Chief Compliance Officer (CCO), effective April 6. This decision comes after the resignation of the previous CCO, Aashish Pathak, who left for personal reasons.
Ankathil, who previously served as a deputy legal advisor at the Reserve Bank of India (RBI), brings over 25 years of experience in banking, non-banking ecosystems, and payment system regulation. His expertise includes legislative drafting and enforcement actions, having led legal teams and advised operational units at the RBI.
The timing of this appointment is significant, as Fino Payments Bank is currently under increased regulatory scrutiny. Recently, the Directorate General of GST Intelligence arrested the bank's MD and CEO, Rishi Gupta, in connection with a substantial GST evasion case. Despite these challenges, Fino has asserted that the investigation is unrelated to its own GST compliance.
Fino Payments Bank has reported a strong business trajectory, with a recent performance update indicating the opening of approximately 700,000 new accounts, bringing its total customer base to around 17.5 million. The bank also noted that its deposits reached a record high of over ₹2,950 crore in March 2026.
However, some segments of the business experienced a decline, particularly in transaction services, which dropped by about 30% sequentially due to low activity in the early months of the year. The bank is focusing on building a robust merchant base and implementing measures to stabilize its operations.
As it transitions towards becoming a small finance bank (SFB), Fino is also working on strengthening its liability franchise and secured lending portfolio. The RBI had granted in-principle approval for this transition in December.
Following the announcement, shares of Fino Payments Bank rose by 1.7%, closing at ₹123.75 on the Bombay Stock Exchange.
