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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.

High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
The regulator’s proposals to introduce checks and safety features in instant payments, if implemented, may end up testing banks.