LOL! Banks se tech nahi ho rhi, fintech se banking nahi ho rahi: Ashneer Grover on Kotak crisis

Former Shark Tank India judge Ashneer Grover took to X (formerly Twitter) to react to the RBI's action against Kotak Mahindra Bank, which barred the bank from onboarding new customers online and issuing fresh credit cards. 

"LOL! Irony: Banks se Tech nahi ho rahi Fintech se Banking nahi ho rahi (banks are failing in tech, fintechs are failing in banking)," Grover wrote.

LOL !

Irony:
Banks se Tech nahi ho rahi
Fintech se Banking nahi ho rahi https://t.co/4ftHaarVCw

— Ashneer Grover (@Ashneer_Grover) April 25, 2024

RBI's action on Kotak Mahindra Bank

The Reserve Bank of India (RBI) on Wednesday imposed restrictions on Kotak Mahindra Bank, prohibiting the bank from onboarding new customers through its online and mobile banking channels and from issuing new credit cards. 

The decision comes after the RBI identified significant deficiencies in the bank's IT systems and controls, which have not aligned with its rapid growth, leading to serious compliance failures.

Netizens reaction

"Matlab bank ke teche (behen ke take) hoo gaye sab," a user wrote.

Nykaa Pre Allotment fellow on the phone be like pic.twitter.com/GrjrkRnY0N

— Arka Bhattacharjee (@niveyshak) April 25, 2024

Politicians se sarkar nhi ho rahi😂😂

— Movie_Reviews (@Movie_reviewsss) April 25, 2024

This RBI will make sure to do the "Bedagarak" of the tech fusion, they are still latched to the same LaLa Ji Style banking technique... Old rules don't go well with tech and tech doesn't go easy on the rotten old mindset leaders who are absolutely unwilling for a change.. But…

— Rabbit🐇 (@R4Rabbitt) April 25, 2024

View this post on Instagram

A post shared by Indian Startup News (@indianstartupnews)