This comes at a time when the company is fighting a number of legal battles with its stakeholders in the National Company Law Tribunal.
Rajnish Kumar has previously served as the chairman of India's largest public sector bank SBI
Byju's move to constitute a new advisory committee and rope in Pai and Kumar comes just a few weeks after its three key board members and its auditor resigned.
BharatPe chairman Rajnish Kumar answered some light-hearted questions at the sidelines of the Moneycontrol Startup Conclave 2023
"Over the period of time, banks will become fintech and fintech will become bank," says Rajnish Kumar, Chairman, BharatPe.
"Over some time, banks will become like fintechs and fintechs will become like banks," Kumar said.
Kumar said that legacy institutions like banks have advantages over fintechs but at the same time, in some spaces, fintechs lead.
'After the stupendous success of Doglapan - The Book, I am now creating: Doglapan - The Board (err bored) Game. A game of corporate ‘Ranjish’!' Ashneer Grover wrote.
Ashneer Grover alleged that it couldn't be a coincidence that the EOW filed an FIR against him at 6 PM yesterday, a couple of hours after a judge reserved his order on another case.
The former SBI chairman said he would be very happy if there is any relaxation in income tax in the Budget 2023 but it was unlikely
Ousted BhratPe co-founder Ashneer Grover had tweeted that Rajnish Kumar was his biggest hiring mistake
The comments come a few days after former ICICI Bank CEO Chanda Kochhar was arrested by the CBI in the Videocon loan scam
On January 3, CEO Suhail Sameer stepped down, following a series of other senior level exits in the company
According to Ashneer Grover’s letter, the AGM was rushed, and questions about the company's financial dealings were not answered. BharatPe rebuts saying 'these are retaliatory and diversionary tactics' in response to lawsuit
Kumar’s comments come just a month ahead of Union Budget 2023 and banking sector is eagerly looking for supportive measures for growth from government.
The company’s Board of Directors has retained a leading executive search firm to assist with succession planning and the critical CEO search
Rajnish Kumar's comments assume significance in the backdrop of a prolonged debate on autonomy, especially for public sector banks (PSBs), and the bid to privatise at least some of the state-run lenders
Rajnish Kumar, who was associated with the state-run SBI for around four decades, joined BharatPe in October 2021, and was appointed as the fintech unicorn's chairman.
The company added that former Union Bank of India Chairman Kewal Handa stepped down from the board to align with the startup's plans to ensure that the board comprises one-third of Independent Directors.
The exit of founding member Satyam Nathani comes days after chief revenue officer Nishit Sharma and head of institutional debt partnerships Chandrima Dhar resigned
Kumar will engage with the management on growth strategy and provide guidance in the financial services sector
Ashneer Grover and his wife Madhuri Jain Grover exited the company last month after allegations of misappropriation of funds surfaced following governance audits conducted by Alvarez & Marsal and PwC.
Ashneer Grover, in a letter to the board, said that he and his sister Ashima Grover might pursue a criminal defamation case against BharatPe's board and CEO Suhail Sameer if the latter failed to provide a written apology.
Rajnish Kumar, a veteran banker, currently sits on the boards of HSBC Asia Pacific, L&T Infotech, Hero MotoCorp and BharatPe.
The former BharatPe MD speaks with CNBC-TV18 Managing Editor Shereen Bhan and shares his views on his resignation from the firm and his next agenda.