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Reserve Bank of India Rejects Cred’s Plan to Increase Stake in Newtap Finance

  • The RBI rejected Cred’s application due to corporate governance and management issues.
  • Cred currently holds a 23.6% share in Newtap Finance, with founder Kunal Shah holding 76%.
  • Newtap Technologies, under Shah, had aimed to raise $50-$70 million to enhance credit exposure to Cred’s user base.
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