The resignations come close on the heels of president and COO Bhavesh Gupta stepping down from his position to move to an advisory role.
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The battle between four of India’s major fintechs and the payments orchestration leader is being fought on the issues of interoperability and fair competition. Ultimately, though, commercial factors will trump all else.
Vijay Shekhar Sharma has focused on improving compliance, cutting costs and recovering market share after the RBI shut down his payments bank last year. The fintech major is yet to recover to its earlier highs, but its turnaround is gathering momentum.
While the payments bank’s new board tries to impress RBI by scrubbing all links with its parent and founder, the regulator may well be biding its time before it pulls the plug.