With the founder and departing CEO due to retire next month, it won’t be easy for India’s youngest universal bank to fill the vacuum at the top.
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A gaping hole in its books in the midst of a leadership crisis has seriously impacted India’s fifth largest private sector lender. Can its MIA promoters step up and restore the confidence of depositors and investors?
The CEO’s tenure has been extended to no more than a year by the RBI, instead of the three sought by the bank. The regulator’s message is loud and clear: this might be Kathpalia’s last chance at getting his house in order.
Vijay Shekhar Sharma has focused on improving compliance, cutting costs and recovering market share after the RBI shut down his payments bank last year. The fintech major is yet to recover to its earlier highs, but its turnaround is gathering momentum.