Fino Payments Bank board gets RBI approval, Rishi Gupta to be the bank’s MD & CEO

MUMBAI: Payments Bank licensee Fino Paytech has announced that it has received approval for a 9- member Board of Fino Payments Bank, from RBI. The regulator has also given its nod to appoint Rishi Gupta as the chief of the soon to be launched payments bank.

The board comprises of professionals from fields as diverse as IT, Retail, FMCG, Banking & Finance, Agri & Rural, Board Advisory and Academics. Mahendra Kumar Chouhan, a leading management consultant will be the non-executive Chairman of Board. Other independent directors are Punita Kumar Sinha, former MD of Blackstone USA, Narendra Kumar Ambwani, former MD of Johnson & Jonhson (India & Indonesia), N. Venkiteswaran, former IIM-Ahmedabad professor with expertise in Mergers & Acquisitions, and Dr. Ganesh Natarajan, former MD of Zensar Technologies and the current Chairman of Nasscom Foundation.

In addition, there will be three nominee directors, Amit Jain from Blackstone, Anirudh Kamani from ICICI Bank and Pramod Sharma from BPCL, representing investors.

Fino received final nod from RBI on March 31, 2017 to start payments bank. Earlier, Fino raised Rs 400 crore for its payments bank with oil major BPCL investing Rs 251 crore helping it to reduce its foreign shareholding.