Fino Payments Bank Appoints Ex-RBI Counsel Abhilash Ankathil As CCO

Fino Payments Bank has appointed Abhilash Ankathil, a former executive at the Reserve Bank of India (RBI), as its new Chief Compliance Officer (CCO). The appointment was approved by the bank's board and will take effect from April 6. Ankathil's tenure as CCO is set to last for three years from the effective date of his employment.

Ankathil, who served as a deputy legal advisor at the RBI until 2025, brings over two decades of experience in the banking and non-banking ecosystems, payment system regulation, legislative drafting, and enforcement actions. Fino Payments Bank highlighted in a regulatory filing that Ankathil has led legal teams at the RBI, advised operational units, and significantly contributed to shaping regulatory frameworks through drafting, interpretation, and enforcement of laws.

This appointment follows the recent departure of Fino's previous CCO, Aashish Pathak, who resigned citing personal reasons. Pathak had joined Fino as a senior vice president in 2023 and remained with the company until March 31. The move in Fino's top management comes amid heightened regulatory scrutiny on the bank.

In February, the Directorate General of GST Intelligence (DGGI) arrested the bank's MD and CEO, Rishi Gupta, in connection with an alleged ₹840 crore GST evasion case linked to online betting platforms. The agency accused Gupta of being part of a syndicate that routed funds through shell entities and programme managers. Fino Payments Bank has maintained that the probe is unrelated to the bank's own GST compliance.

Despite the regulatory issues, Fino has claimed to have maintained a strong business trajectory. In a performance update for the fourth quarter of FY26, the company reported opening about 7 lakh new accounts during the quarter, taking its total customer base to around 1.75 crore. According to its provisional business update shared with stock exchanges, Fino's deposits touched an all-time high of over ₹2,950 crore in March 2026, while renewal income reached a record ₹62.2 crore during the quarter. On the lending front, the bank reported significant growth, though the exact figures were not disclosed.

The appointment of Ankathil as CCO is seen as a strategic move by Fino to strengthen its compliance framework amid the regulatory challenges it is currently facing. With extensive experience in banking and regulatory affairs, Ankathil is expected to play a crucial role in ensuring that the bank adheres to all applicable regulations and maintains its business operations smoothly.

Fino Payments Bank's recent financial performance highlights its resilience in the face of regulatory scrutiny. The bank's ability to grow its customer base and deposits, despite the challenges, underscores its strong market position and customer trust. The appointment of Ankathil as CCO is likely to provide the bank with the necessary expertise to navigate the regulatory landscape effectively and ensure continued growth.

In conclusion, the appointment of Abhilash Ankathil as the new CCO at Fino Payments Bank marks a significant development in the bank's management structure. With his extensive experience in banking and regulatory affairs, Ankathil is expected to strengthen the bank's compliance framework and help it navigate the regulatory challenges it is currently facing. The bank's recent financial performance, despite the regulatory issues, demonstrates its strong business trajectory and customer trust, positioning it well for future growth.