Bengaluru-primarily based totally fintech slice on March 31 stated that it has appointed former RBI ED Eugene Karthak and ex-SBI MD S Vishvanathan as impartial director and advisor, respectively.
Karthak and Vishvanathan will be part of slice`s determine enterprise Garagepreneurs Internet Private Limited (GIPL), slice stated in a press release. This is a strategic circulate coming at a time of converting fintech governance norms and strict crackdown of lending apps via way of means of the regulators.
“Karthak will recognition on offering strategic recommendation and selling company governance and Vishvanathan will paintings on strategic decision-making,” slice stated.
As a former ED, Eugene controlled the banking regulation, supervision, Information Technology, monetary inclusion, and forex control segments in RBI.
Vishvanathan led SBI because the MD and as director at the Central Board. Prior to that, he became the MD and leader govt officer (CEO) of SBI Capital Markets Limited.
slice additionally currently overhauled its product services to supply complete bills revel in with merchandise like slice borrow, slice mini, and slice UPI. The Bengaluru-primarily based totally startup joined the Unicorn membership in November 2021 after raising $220 million in its Series-B fundraise, co-led via way of means of Tiger Global and Insight Partners.
This isn`t the primary example of a fintech startup strategically appointing former regulators on its board. Another fintech unicorn, BharatPe too delivered former RBI Deputy Governor BP Kanungo and Zomato Chairman Kaushik Dutta as impartial directors. It additionally has former SBI leader Rajnish Kumar because the chairman.
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