The final close of the new fund is expected by the end of next month. Last year, OAKS Asset Management had launched its second private equity fund to invest in consumer startups and mid-size companies in India.
Some partner banks of these card-based fintech firms may also stop supporting their bank PPIs to these platforms after seeking a clarification from the RBI, the people said.
“I don’t expect to see circle-level 5G deployment right away. There is space for both telcos and non-telcos on the table because at the end of the day both are deploying a new technology and will need to collaborate with different technology vendors for it,” said telecom expert Mahesh Uppal.
Government officials told ET that the RBI order, published late Monday, came after commercial lenders had raised concerns with the banking regulator over likely rule breaches by fintech companies.
Cashify will use the funds to double down on marketing, open more refurbishment facilities, and expand offline stores.
The banking regulator believes that fintechs, unlike traditional lenders, lack sufficient capital and credit underwriting capabilities, said a person familiar with the matter.
The Bengaluru-headquartered company, in a statement, said it is governed by a strong code of conduct and condemns any acts of corruption and violation of rules by way of offering or paying bribes or undue favours, either directly or indirectly.