Despite multiple efforts by the regulators to lock a deal for all or parts of the bank in a bid to cover the uninsured deposits of its startup customers, an auction attempt passed without a buyer previously
However, Varun Alagh said that the reports are "largely baseless." He added, "We are still in the IPO process. We are engaging with SEBI on IPO DRHP and it is reviewing our prospectus. We are hopeful that by next month, we should get our approval."