Fino Payments Bank Limited — Important, 09-12-2024: General Updates

Fino Payments Bank has faced a penalty of ₹0.237 Cr imposed by the Deputy Commissioner, Division VI, in Belapur, Maharashtra, regarding a wrong claim of Input Tax Credit for the financial year 2018-19. The total estimated impact, including tax, interest, and penalty, is approximately ₹0.245 Cr. The Bank is currently evaluating legal options, including an appeal, and anticipates a favorable outcome based on its assessment of the situation. Investors should monitor this development closely as it could affect the Bank's operational and financial standing.