After the derivatives hedging fiasco triggered the resignations of top executives, indications are that the regulator expects the private lender’s board to do a thorough cleanup.
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Strapped for top-flight talent as well as differentiated products, Reliance’s financial services business hasn’t managed to move the needle in its two years of existence.
They were the app’s flagship feature until the RBI shut down new deposits into Paytm wallets a year and a half ago.
An independent investigation, in its report, blames the notional recording of profits by the bank in its internal derivatives trades.