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 was 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 has maintained that the probe is unrelated to the bank's own GST compliance.

Despite the regulatory issues, Fino Payments Bank claims 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 bolster its compliance framework amid the ongoing regulatory challenges. With extensive experience in banking and payment system regulation, Ankathil is expected to play a crucial role in ensuring the bank's adherence to regulatory requirements and safeguarding its operations in the face of increased scrutiny.

Fino Payments Bank's board is likely to view Ankathil's appointment as a way to strengthen its governance and compliance structure, particularly in the context of the ongoing regulatory investigations. The bank's leadership is focused on maintaining its business operations and growth momentum, despite the challenges posed by the regulatory environment.

In recent months, Fino has been under the spotlight due to the arrest of its CEO, Rishi Gupta, in the GST evasion case. However, the bank has consistently asserted that the probe does not affect its own GST compliance. The company's recent financial updates indicate a resilient business model, with significant growth in customer base, deposits, and renewal income.

The appointment of Abhilash Ankathil as CCO is expected to provide Fino with the necessary expertise to navigate the complex regulatory landscape and ensure that the bank remains compliant with all applicable laws and regulations. With a strong focus on governance and compliance, Fino is poised to continue its expansion and growth in the fintech sector.