Fino Payments Bank Names Abhilash Ankathil as CCO

Fino Payments Bank has appointed Abhilash Ankathil, formerly a deputy legal advisor at the Reserve Bank of India (RBI), as its new Chief Compliance Officer (CCO). The appointment, effective April 6, was approved by the bank’s board.

Ankathil’s term as CCO will be three years. He brings over 25 years of experience in banking, non-banking, and payment system regulation, including legislative drafting and enforcement, according to a regulatory filing by Fino Payments Bank.

This appointment follows the departure of Aashish Pathak, the previous CCO, who resigned citing personal reasons. Pathak had been with Fino Payments Bank since 2023.

The leadership change occurs amidst increased regulatory scrutiny. In February, the Directorate General of GST Intelligence (DGGI) arrested Fino Payments Bank’s MD and CEO, Rishi Gupta, in connection with an alleged GST evasion case involving online betting platforms. Fino Payments Bank has stated that the investigation is unrelated to its own GST compliance.

Despite these challenges, Fino Payments Bank reports growth in other areas. The bank opened approximately 700,000 new accounts in the last quarter, bringing its total customer base to 17.5 million. Deposits reached a high of ₹2,950 Cr in March 2026, and renewal income hit ₹62.2 Cr during the same period.

Loan referral disbursements also saw growth, increasing 96% over the previous quarter to ₹600 Cr through partner institutions. However, transaction business and digital payment services experienced declines of 30% and 25%, respectively, which the bank attributed to a risk-calibrated approach and recent industry developments.

Fino Payments Bank is currently working on strengthening its merchant base and stabilizing its operations. The bank is also pursuing a transition to a small finance bank (SFB) model, focusing on building its liability franchise and secured lending portfolio, with in-principle approval from the RBI received in December.