Fino Payments Bank strengthens its Board, appoints two women Independent Directors with diverse professional expertise

Fino Payments Bank strengthens its Board, appoints two women Independent Directors with diverse professional expertise  Mumbai, 15th March 2024: As part of its preparations for the next phase of digital led growth, Fino Payments Bank has appointed two new members on its Board. Mrs. Anita Sudhir Pai and Mrs. Neeta Mukerji, banking industry veterans with over three decades of experience, have been appointed as Additional Directors in the capacity of Independent Directors of the Bank.

The appointments assume significance as they provide diversity to the Board in terms of people, thoughts and professional expertise that help in further strengthening corporate governance, risk management, stakeholder engagement and digital innovation in the ever evolving banking space.

Importantly, with the new additions, one-third of the Bank’s Board comprises of women directors out of the total Board strength of 8 members.

Mrs. Anita Sudhir Pai, till recently the COO of Yes Bank, has been appointed as an Additional Director in the capacity of Independent Director of the Bank on January 11, 2024. An alumnus of Symbiosis Institute of Business Management (Pune), Mrs. Pai’s more than three decade career includes stints at HDFC Bank, Standard Chartered and ICICI Bank in various capacities. She comes with hands-on as well as strategic leadership expertise across technology, digital banking, and operations. Mrs. Pai was also the founding member of ICICI Prudential Life Insurance Company.

Mrs. Neeta Mukerji, an alumnus of IIM Calcutta, was appointed as an Additional Director in the capacity of Independent Director of the Bank on March 05, 2024. Mrs. Mukerji comes with over 30 years of experience in premier financial institutions such as ICICI Bank, Asset Reconstruction Company of India Limited (ARCIL), GE Capital, RBL Bank and Assets Care & Reconstruction Enterprise (ACRE). She has wide ranging experience across banking with specific focus on credit, risk management and distressed debt. Her core expertise areas include setting up and managing risk management function and assessing credit risk. 

Mr. Rajat Jain, Chairman, Fino Payments Bank said, “We are delighted to have on our Board seasoned banking professionals with rich and varied expertise. Further, with their presence the board is richer in terms of diversity, fresh ideas and skill sets. On behalf of my colleagues in the Board, I welcome Mrs. Anita Sudhir Pai and Mrs. Neeta Mukerji as we embark on a journey of realizing our digital growth potential.”

Mr. Rishi Gupta, MD & CEO, Fino Payments Bank said, “As the Bank gears up for the next level of growth and gradual progression into mainstream banking, a diverse Board will certainly provide impetus to digital innovation, credit and risk management. We look forward to working collectively towards creating a differentiated digital Bank.”

The Board additions also come in at a time when the Bank had applied for Small Finance Bank license. In this context, with such a knowledgeable and diverse Board the Bank aims to reap the benefits of robust decision making, better risk management leading to improved business performance and stakeholder value creation.

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