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India’s largest lender is going out of its way to grow its mutual fund business at the cost of shareholders, raising questions of corporate governance.

As retail interest in public issuances fades, mutual funds are filling the gap—funding promoter exits and delivering subpar returns to the very investors they represent.
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.
The Bengaluru-based lender is once again gearing up to seek the RBI’s nod after the central bank returned its application last year.