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The Japanese lender will cap its investment in the Indian NBFC at 20% for now, without seeking management control.
An NBFC licence and a string of approvals give the fintech firm a fresh shot at relevance. But patchy execution, intense competition and a stagnant core cast doubt on whether it can capitalize on the opportunity.
Bharti Airtel’s ambitious plan for Airtel Money is a result of excess cash. The NBFC’s success will depend on how the parent battles the formidable rivals and India’s data privacy regulations.
Divergent narratives from the Haryana government and the lender raise deeper questions on oversight, authorizations and systemic lapses—answers that may emerge only after a forensic audit.