Search and detentions at Fino Payments Bank in India: what is known so far
In India, searches are being conducted at Fino Payments Bank, with multiple sources reporting detentions of the bank’s top management. There have been no official comments from the financial institution itself yet.
The searches have been confirmed by several independent sources, and reports indicate that the bank’s leadership has been detained. The reasons behind the law enforcement actions have not been officially disclosed. Industry discussions suggest a possible link to the servicing of companies operating in the “grey” gambling sector. This interpretation is indirectly supported by the fact that some providers working with MID UPI Intent through the bank have suspended operations without prior notice.
These developments could affect not only the bank’s operations but also the broader fintech market in India. Given the lack of official statements, further clarifications and updates are expected in the coming days.
