Fino Payments Bank Gets Ketan Merchant as Interim CEO
Why in the news
The Reserve Bank of India gave its nod for Ketan Merchant to lead Fino Payments Bank on an interim basis.
Key facts
- Appointee: Ketan Merchant, formerly the bank’s Chief Financial Officer.
- Position: interim CEO of Fino Payments Bank.
- Approving authority: the Reserve Bank of India.
- Validity: up to four months, as allowed under the Banking Regulation Act.
- Context: the bank is preparing to transition into a Small Finance Bank.
| Point | Detail |
|---|---|
| Person | Ketan Merchant |
| Earlier role | Chief Financial Officer |
| New role | Interim CEO |
| Maximum period | Four months |
Exam angle
- Who approves bank CEO appointments here: RBI.
- Law cited: Banking Regulation Act.
- Planned shift: Payments Bank to Small Finance Bank.