Already on a two-year extension (instead of the usual three), the banker hasn’t really moved the needle on the tasks he was set. Plus, his demand for a hike seems to be a fresh irritant for the RBI.
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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.
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.