What happens when India’s most conservative fintech meets one of its boldest founders? A sharp back-and-forth between Zerodha’s Nithin and Nikhil Kamath reveals deep divisions over lending, risk, and the future of their NBFC ambitions.

In a recent AMA, Nikhil Kamath made the case for expanding credit access—especially for consumer durables—arguing that such lending could fuel broader industrial growth. Advertisement

“Access to credit has to go up across the board,” he said, cautioning against rigid thinking. “We don't need to stick to yesterday so closely that our tomorrow is biased disproportionately.”

Nithin Kamath, however, expressed strong reservations. “Lending is not really in our DNA,” he said. “You lend money and 30–40% don’t pay willingly… then you have to send someone to rec

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