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The financial services major is being weighed down by its digital arm’s lacklustre performance.


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.
Alongside a decent set of numbers, the Mukesh Ambani-helmed financial services co. has articulated a long-term playbook that could reshape the competitive landscape of financial services.
The domination of a few business groups—conglomerates—is a defining feature of the country’s economy. This has been enabled by policy, leading to stifled innovation and hindered progress. All of this, in turn, exacerbates inequalities.