Since you are curious about finance only, I will try to answer your question based on the Finance domain only. To elaborate let’s consider the following merits and demerits 

Merits

• Placements: IIM Ranchi is a new IIM so you cannot get front-end IB roles right off the bat. Yet it offers many roles that can be your stepping stones into the finance world. It does not offer front roles in IB, PE, VC, and bulge bracket equity research. One cannot expect such roles in the near future. But the fact is all these roles are available at the top IIMs only to the cream students. So if your profile is the same, changing the institute won’t matter. Many reputed Investment Banks offer middle office roles like Private credit, Debt capital firms, and Outsourced financial research firms. These roles can kick start your career in finance if not grant you a high-paying job.
• Faculty: The finance faculty is just average here and only those who are really motivated and determined can survive. Some even quit finance in the second year due to the same reason. The teaching quality is diverse and some may find it not at par with their expectations.
• Crowd: Most of the students opt for Finance as one of their majors in the second year. Additionally, a team even won the CFA RC India competition and represented India in the Asia Pacific finals. So the crowd is diverse and of premium quality.
• CFA: The CFA Certification aims at enhancing finance knowledge and placements at large. The class lectures combined with the theoretical knowledge of CFA will make it very easy for you to understand Finance in depth.

Demerits: 

• Lack of major front-end role opportunities 
• Tools like Bloomerang are not much common in the curriculum 
• The relatively new courses in Finance like PE/VC, alternative investments, REITs, SPACs, IPO financing, and M&A are not given enough focus.
• The teaching faculty needs to be improved

All in all I think IIM Ranchi is a decent choice for Finance and in the years to come will have improved a lot.