Fino Payments Bank Clarifies Media Speculation, Says No Financial Liability Expected In Ongoing Matter
· Free Press Journal
Navi Mumbai: Fino Payments Bank has issued a clarification to address a series of media reports surrounding an ongoing matter, emphasizing that the issue remains under legal consideration and that the bank is limiting its responses while the case is sub judice.
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Responds To Media Reports
The bank released a formal clarification outlining its position in response to additional media publications following earlier disclosures dated February 27, 2026, February 28, 2026, and March 2, 2026. According to the bank, the matter is currently sub judice, and therefore its responses are restricted to key factual points intended to address speculation and clarify its operational stance.
Conversion Timeline Highlighted
Fino Payments Bank also reiterated that the Reserve Bank of India had given it an 18-month timeline to complete the conversion of the bank into a Small Finance Bank. The bank expects to complete this transition before the stipulated deadline while adopting what it described as a differentiated business model supported by an assurance-first approach.
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Addressing allegations circulating in media reports, the bank stated that it is not associated with any shell companies either as merchants or program managers and does not have such entities within its group structure. It added that strict due diligence and Know Your Customer procedures are followed during the onboarding of merchants or program managers and that none of the entities involved in the matter were registered outside India.
Investigation Status Clarified
The bank clarified that, in relation to the matter being discussed, it is not subject to any investigation other than the inquiry being conducted by the Director General of GST Intelligence.
It also stated that no actions have been taken against any officials of the bank in connection with the issue apart from the details previously disclosed in its communication dated February 27, 2026. The bank further maintained that all invoices issued were based on services utilized by merchants or program managers. Fino Payments Bank said it remains committed to maintaining transparency while continuing to engage with regulatory authorities and stakeholders to ensure compliance and uphold trust in its operations.
Disclaimer: This article is based solely on the information disclosed in the official clarification issued by Fino Payments Bank Limited dated March 04, 2026. It does not rely on or include information from any external sources and reflects only the contents of the company’s regulatory filing.