Who is Rishi Gupta and what led to his arrest?
Rishi Gupta, former Managing Director and CEO of Fino Payments Bank, was arrested for violating GST laws. His arrest was made under the provisions of Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017. (Image: Instagram)
What actions did Fino Payments Bank take following the arrest?
Following Gupta’s arrest, a special board meeting was held, and Ketan Merchant, the bank’s Chief Financial Officer, was appointed as the new head of the organisation. (Image: Instagram)
How is Fino Payments Bank responding to the investigation?
Fino Payments Bank is cooperating with the authorities by providing all necessary information. The bank has stated that there is currently no impact on its operations, and any further material developments will be disclosed in due course. (Image: Instagram)
Were other bank officials involved in the investigation?
The bank clarified that no other officials were involved in the matter. The investigation is limited to the business partner(s) of the bank. (Image: Instagram)
What is Rishi Gupta’s educational background?
According to Gupta’s LinkedIn profile, he completed his schooling at St. Xavier School in Delhi and pursued a B.Com from Shri Ram College of Commerce (SRCC). He also acquired degrees from the Institute of Cost Accountants of India and the Institute of Chartered Accountants of India. (Image: Instagram)
What was Rishi Gupta’s career trajectory before joining Fino Payments Bank?
Gupta started his career as a budget officer with Maruti Suzuki India Limited in 1994. He later assumed different roles at companies including IFC (International Finance Corporation) and ICICI. (Image: Instagram)
What was Gupta’s role and contributions at Fino Payments Bank?
Gupta joined Fino Payments Bank Ltd as part of the founding team, responsible for Finance and Corporate Functions, including strategic alliances. He also oversaw sales and business development. (Image: Instagram)
What achievements did Gupta have while leading Fino Payments Bank?
Under Gupta’s leadership, Fino Payments Bank reached profitability within three years of its launch in 2017 and became the first payments bank to be listed on the Indian stock exchanges in November 2021. (Image: Instagram)
How does Gupta remain involved in the industry despite his arrest?
Gupta is actively involved in the industry, representing the bank at the Payments Council of India. He has played a key role in transforming rural banking by taking digital-led services closer to the masses. (Image: Instagram)
What reactions did Gupta’s arrest elicit from the professional community?
Gupta’s arrest has sent shockwaves among bankers and professionals. Rajesh Narain Gupta, Chairman of the law firm SNG and Partners, questioned the immediacy of the arrest under GST laws. (Image: Instagram)
