India, May 1 -- Fino Payments Bank, which has been in choppy waters since the arrest of its CEO Rishi Gupta in February, saw its net profit slump 43% YoY to Rs.52.5 Cr in FY26. In the final quarter, Q4 FY26, the payments bank's net profit plummeted 70% to Rs.7.1 Cr from Rs.24 Cr in the same quarter a year earlier.

While the arrest of its CEO brought the company under intense scrutiny in the March quarter, its revenues and profits have been on a declining trend for the first few quarters.

There are three reasons behind this. The first was the collapse of the domestic money transfer business. In November 2024, the RBI issued a circular that effectively killed a large chunk of bank-led remittance transactions. This move impacted the entire...