In an exchange filing low on details, the lender said it has appointed an external agency to crosscheck the internal finding.
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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.
The P2P lending platform is the only one that is still doing substantial business after the central bank tightened the rules last August, virtually shutting down the sector. It has carried on as though the new rules don’t exist.