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The P2P lending platform is the only one that is still doing substantial business after the central bank tightened the rules last August, virtually shutting down the sector. It has carried on as though the new rules don’t exist.

The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
The regulator’s proposals to introduce checks and safety features in instant payments, if implemented, may end up testing banks.
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.