Banks failing at tech, fintech failing at banking, quips Ashneer Grover
The central bank has barred Kotak Mahindra Bank from taking new customers online and the RBI had imposed restrictions on Paytm Payments Bank
Taking a dig at Kotak Mahindra Bank after the Reserve Bank of India's (RBI) action, BharatPe co-founder Ashneer Grover on Thursday said that while banks are failing at implementing robust technology to cater to their customers, fintech companies are unable to perform banking operations.
The central bank has barred Kotak Mahindra Bank from taking new customers online and issuing fresh credit cards with immediate effect. In a post on X social media platform, Grover said that it is ironic that "banks se tech nahi ho rahi, fintech se banking nahi ho rahi (banks are failing at tech while
fintech is failing at banking)".
Grover, however, did not directly name Paytm Payments Bank while referring to fintech. The RBI had imposed restrictions on Paytm Payments Bank (PPBL). Paytm last week received a go-ahead from the National Payment Corporation of India (NPCI) to start the user migration to new Payment System Provider (PSP) bank handles.
Meanwhile, the RBI, in its order, stated that Kotak Mahindra Bank's Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, resulting in serious customer inconveniences.
After RBI's decision, Kotak Mahindra Bank saw its shares fall more than 10 per cent in Thursday's trade.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
06:28 PM IST