The lender’s ho-hum ride on the stock market points at investor ire over its failure to move on getting a universal banking licence.
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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.
Fintech startups have only been able to corner a small part of the value in gold-linked financial products like gold loans and digital gold even as gold prices have shot up. Regulatory changes may pose a further challenge.