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 Yes Bank CEO ushers in a spate of changes in the retail banking business to stem its loss-making streak.
With Fullerton acquiring a controlling stake last year, the fintech startup has seen an overhaul of the current leadership, trimmed loan disbursements and a halt in product rollouts.
The decade-old company is reportedly planning to venture into food delivery and fintech. Its no-commission model might just come in handy for its expansion plans.