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The bank, following its March 2020 bailout, may have gone overboard in its quest for safety. That may soon change as it looks to acquire a microfinance business with the promise of high returns.

The beleaguered lender outperformed larger rivals—and itself—on several metrics in FY26, but one-offs and a still weak retail engine keep its investors on edge.
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.
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.