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Beyond the grandeur of the industry’s three-day shindig lie several challenges for India’s fintech ecosystem.

High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
Its lending business is doing the heavy lifting while payments and asset management lag, raising questions over its full-stack narrative.