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The central bank hasn’t completely abandoned the plan to create an alternative to India’s flagship payment processor. But the competing consortiums, including the likes of Reliance, Tata, Google and Meta, still have a long way to go.

The fintech’s financial services business has done reasonably well in Q4 FY26. But upping its lending game without the NBFC tag will be a tall task.
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
The beleaguered lender outperformed larger rivals—and itself—on several metrics in FY26, but one-offs and a still weak retail engine keep its investors on edge.