Why Did RBI Reject Cred’s Bid to Raise Stake in NBFC Newtap?
The Reserve Bank of India (RBI) has dealt a setback to Kunal Shah’s Cred by declining its application to increase its ownership in the non-banking finance company (NBFC), Newtap Finance. Currently, the RBI holds a 23.6% stake in Newtap, while the remaining ownership rests with Shah. This decision, reportedly centered around concerns related to corporate…