Fino Payments Bank Names Abhilash Ankathil as CCO
Banking executives in a meeting, with a clear focus on a compliance officer presenting documents.
Key Highlights
Fino Payments Bank appoints Abhilash Ankathil, ex-RBI executive, as Chief Compliance Officer, effective April 6. He brings 25+ years of banking compliance experience.
Fino Payments Bank’s board has appointed Abhilash Ankathil, a former executive at the Reserve Bank of India (RBI), as its chief compliance officer (CCO). The appointment took effect on April 6.
According to a regulatory filing by Fino Payments Bank, Ankathil’s term as CCO will span three years from his employment’s effective date.
Ankathil, who served as a deputy legal advisor with the RBI until 2025, brings over 25 years of experience in the banking and non-banking sectors, including payment system regulation, legislative drafting, and enforcement actions.
Fino stated that Ankathil has previously led legal teams at the RBI, advised operational units, and played a significant role in shaping regulatory frameworks through the drafting, interpretation, and enforcement of laws.
This appointment follows the departure of Fino’s former CCO, Aashish Pathak, who resigned citing personal reasons. Pathak had been with the company since 2023, serving as senior vice president until March 31.
The change in leadership occurs amidst increased regulatory scrutiny of the bank. In February, the Directorate General of GST Intelligence (DGGI) arrested MD and CEO Rishi Gupta concerning an alleged ₹840 Cr GST evasion case linked to online betting platforms. Gupta was accused of being part of a syndicate that channeled funds through shell entities and program managers.
Fino has asserted that the investigation is unrelated to the bank’s GST compliance and maintains that it has sustained a strong business trajectory despite these regulatory challenges.
In a performance update for the fourth quarter of FY26, Fino reported opening approximately 7 Lakh new accounts, bringing its total customer base to around 1.75 Cr.
According to its provisional business update shared with stock exchanges, Fino’s deposits reached a high of over ₹2,950 Cr in March 2026, with renewal income reaching ₹62.2 Cr during the quarter.
Regarding lending, the bank reported a 96% sequential growth in loan referral disbursements over Q3 FY26, reaching about ₹600 Cr through partner institutions. This growth reflects increasing credit demand as the bank progresses toward its transition into a small finance bank (SFB).
However, some business segments experienced a slowdown during the quarter. Fino noted that its transaction business, including remittances, micro-ATMs, and AePS, declined by around 30% sequentially, primarily due to reduced activity in January and February before recovering in March.
Similarly, digital payment services decreased by about 25% compared to Q3FY26, which the bank attributed to its risk-calibrated approach and recent industry developments.
The company is focusing on building a high-quality and active merchant base while implementing stabilization measures expected to drive recovery in the coming quarters.
The company, currently led by ex-CFO Ketan Merchant as interim CEO, is also focused on strengthening its liability franchise and secured lending portfolio as part of its strategy for transitioning to a small finance bank (SFB) model.
In December, the RBI granted in-principle approval for the payments bank to convert into a SFB.
Shares of the bank closed 1.7% higher at ₹123.75 apiece on the .