The fintech's plan to increase its stake in Newtap Finance, formerly Parfait Finance and Investments, from the current 23.6% stake suffered a setback after the regulator returned Cred's application. For now, Shah owns 76%. Shah acquired Parfait through Newtap Technologies Pvt. Ltd in 2021.
Mint could not independently ascertain the reason for RBI's decision to return the application, but one of the two executives cited above said Cred is engaged in discussions with the banking regulator to determine the reason.
"Cred applied to take control of the NBFC. But last month, the application got rejected on the grounds of corporate governance and management issues'," said a second executive, declining to be named.
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