India, Feb. 28 -- Rishi Gupta, former MD and CEO of Fino Payments Bank, has been arrested for violating the law related to the Goods and Services Tax. At a special board meeting following the arrest, Ketan Merchant, the bank's Chief Financial Officer, was appointed as the organisation's head.

Gupta was arrested "under the provisions of Sections 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017," Fino Payments Bank said in a regulatory filing.

It further said, "The bank is cooperating with the authorities to provide all necessary information. Presently, there is no impact on the bank... Any further material development in this regard will be disclosed in due course."

The bank clarified that no other bank officials were involved in ...