The central bank is worried about banks not doing enough to boost their market share vis-a-vis fintechs, but there is little incentive for private sector lenders to up their UPI game.
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The Sandeep Bakhshi-helmed private lender has moved swiftly to grab a bigger slice of the corporate loan action, posing a threat to what was once HDFC Bank’s bastion.
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.
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.