Fino Payments Bank’s board has approved the appointment of former RBI executive Abhilash Ankathil as its chief compliance officer, effective April 6
The bank said that Ankathil will serve as CCO for a period of three years from the effective date of employment
In Q4 FY26, the company opened about 7 Lakh new accounts during the quarter taking its total customer base to around 1.75 Cr
Fino Payments Bank’s board has approved the appointment of former RBI executive Abhilash Ankathil as the listed fintech major’s chief compliance officer (CCO), effective April 6.
In a regulatory filing, the bank said that Ankathil will serve as CCO for a period of three years from the effective date of employment.
Ankathil, who worked with the RBI as a deputy legal advisor till 2025, brings in over twenty five years of experience in banking & non-banking ecosystems, payment system regulation, including legislative drafting & enforcement actions.
Fino said that he has led “legal teams at RBI, advised operational units, and contributed significantly to shaping regulatory frameworks through drafting, interpretation, and enforcement of laws.”
The appointment comes days after Fino’s ex-CCO Aashish Pathak quit citing personal reasons. Pathak, who joined Fino as senior vice president in 2023, was with the company till March 31.
The movement in the company’s top deck comes amid heightened regulatory scrutiny on the bank. In February, the Directorate General of GST Intelligence (DGGI) arrested MD and CEO Rishi Gupta in connection with an alleged ₹840 Cr GST evasion case linked to online betting platforms. The agency accused Gupta of being part of a syndicate that routed funds through shell entities and programme managers.
Fino has maintained that the probe is unrelated to the bank’s own GST compliance. The bank has claimed to have maintained a strong business trajectory despite the regulatory issues.
Giving a performance update for the fourth quarter of FY26 today, the company said that it opened about 7 Lakh new accounts during the quarter taking its total customer base to around 1.75 Cr.
According to its provisional business update shared with stock exchanges, Fino claims that its deposits touched an all-time high of over ₹2,950 Cr in March 2026, while renewal income reached a record ₹62.2 Cr during the quarter.
On the lending front, the bank said loan referral disbursements grew 96% sequentially over Q3 FY26, reaching about ₹600 Cr through partner institutions. The growth highlights increasing credit demand within its ecosystem as the bank works toward its small finance bank (SFB) transition.
However, some business segments saw a slowdown during the quarter. Fino said its transaction business — which includes remittances, micro-ATMs and AePS — declined around 30% sequentially, largely due to muted activity in January and February before recovering in March.
Similarly, digital payment services moderated by about 25% compared with Q3FY26, which the bank attributed to its “risk-calibrated approach” and the impact of recent industry developments.
The company added that it is currently focusing on building a high-quality and active merchant base, while implementing stabilisation measures expected to drive recovery in the coming quarters.
Besides, the company, which is being led by its ex-CFO Ketan Merchant as an interim CEO, is also actively working on strengthening its liability franchise and secured lending portfolio as part of its strategy for the planned transition to a small finance bank (SFB) model.
“The bank will continue to progress on its SFB implementation journey, building a strong liability-first and prudent secured lending franchise with differentiated distribution strategy,” it said.
In December, the RBI had granted in-principle approval for the payments bank to convert into a SFB.
Shares of the bank ended the day 1.7% higher at ₹123.75 apiece on the BSE.
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