At a tech meetup in Bengaluru early in July, as product managers of leading startups sat down for an informal chat, there was palpable interest in one particular company: Slice. Everyone wanted to know how Slice would tinker with its product after a recent RBI directive impacted its core business proposition.

“Regulations are our biggest competitor. Our product is very different from the market and there is hardly any direct competition. It is only the RBI that worries us,” said a senior Slice executive, who was at the meeting.

For Slice founder Rajan Bajaj, regulations have been a major roadblock, as they impede his vision of creating a seamless user experience for his customers.