Banks failing to tap fintech: Ashneer

New Delhi: 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).’