Fino Payments Bank Gets RBI Approval for Pratap Singh as New MD and CEO

Key numbers

Market Cap	₹1061.37 CrSmall Cap
Revenue TTM	₹273.75 CrOperating
1-Year Change	-52.88%Stock Performance
RSI	52.38Neutral Zone

Key highlights

• RBI approval granted via letter dated November 12, 2026, for a three-year tenure
• Appointment effective from November 27, 2026, or the date of taking charge
• Pratap Singh brings 29 years of experience from ICICI Bank India, ICICI Bank UK, and SBI UK
• Appointment follows three interim CEO extensions for Ketan Merchant since February 2026
• Final appointment remains subject to the formal approval of the bank shareholders

Leadership Transition Amid Small Finance Bank Roadmap

Fino Payments Bank is entering a new leadership phase as it nears the expiration of the RBI-approved interim term for Ketan Merchant on November 26, 2026. The appointment of Pratap Singh as MD & CEO arrives nearly a year after the bank received in-principle approval to convert into a Small Finance Bank in December 2025. Singh, a veteran with nearly three decades of banking experience, previously led the transformation of ICICI Bank UK from a corporate-led entity into a diversified retail and SME platform.

His expertise in digital transformation and liability franchise building is expected to guide the bank as it targets a loan book size of ₹8,000 to ₹10,000 crore over the next few years post-conversion.

Navigating Financial Volatility and Operating Margins

The leadership change comes as the bank works to stabilize its bottom line. For the quarter ended September 30, 2026, Fino Payments Bank reported a net loss of ₹20.9 crore, a 236.16% decline compared to the same period a year ago. Despite the loss, operating revenue grew 23.87% year-on-year to ₹74.46 crore, outperforming the sector revenue growth of 12.13%.

However, operating profit margins have tightened significantly to -28.07% from 35.3% four quarters ago. The bank is currently navigating a negative TTM P/E of -69.51, while the broader industry maintains a P/E of 9.83, reflecting the capital-intensive nature of its ongoing business model transition.

Pratap Singh Profile and Strategic Experience

• Holds an MBA in Marketing from Maastricht School of Management and a BSc from Delhi University
• Previously served as Head of Retail and SME Banking for ICICI Bank UK and Europe
• Led large and complex Retail and SME zones for ICICI Bank in India
• Expertise in current accounts, remittances, and Commercial Real Estate lending corridor banking
• Not related to any existing Directors or Key Managerial Personnel of the bank

What to watch next

• Shareholder approval meeting for the appointment of Pratap Singh as MD & CEO
• Submission of final operational readiness framework to RBI by March 31, 2027
• Expiry of Interim CFO Anup Agarwal's extension on January 05, 2027
• Commercial launch of Small Finance Bank operations targeted for Q1 FY28

Fino Payments Bank · financial snapshot

Share price	₹127.54
Market capitalisation	₹1,061.37 Cr
Revenue (annual)	₹248.17 Cr
Net profit (annual)	₹52.46 Cr
Revenue (latest quarter)	₹74.46 Cr+3.09% vs previous quarter
Net profit (latest quarter)	-₹20.90 Cr-52.33% vs previous quarter
P/E (TTM)	-69.51×Sector 21.16×
Promoter holding	75%0.00% QoQ
FII holding	0.03%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.