The lender has reposed faith in a public sector veteran to bring its retail operations and governance standards up to scratch. The markets aren’t convinced yet.
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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.
Anything that an average user can achieve with the e-rupee, they can already do with UPI. But there is a different purpose altogether for the digital currency.