‘Banks se tech nahi ho rahi’: Ashneer Grover on RBI’s action on bank

While referring to the RBI’s (Reserve Bank of India) action on Kotak Mahindra Bank, Ashneer Grover, BharatPe co-founder said on Thursday that, “banks are failing to manage good technology; fintech are failing to manage the banking. 

Ashneer Grover made this statement while sharing the news of 10% price dropping of Kotak Mahindra Bank’s shares after RBI (Reserve Bank of India) restricted Kotak Mahindra Bank from adding new customers through its online portal and providing credit card service from the same. 

In his post on social media platform X Ashneer Grover said, “LOL! Irony: Bank se Tech nahi ho rahi. Fintech se Banking nahi ho rahi. ( banks are failing to manage good technology; fintech are failing to manage banking) while sharing bank share price drop articles.

While mentioning the fintech company, Grover did not directly point out Paytm Payment Bank, who also faced problems due to their mismanagement. RBI (Reserve Bank of India) took action against Paytm and later NPCI (National Payment Corporation of India) also asked Paytm users to shift to new PSP (Payment System Provider) bank handles.

Meanwhile, in the case of Kotak Mahindra Bank, RBI has stated in its order that Bank’s Core Banking System (CBS) and its other banking channels such as digital and online channels have faced frequent problems while providing services to customers in the last two weeks and has caused serious inconvenience to the customers. Due to the action of the RBI, Kotak Mahindra Bank experienced nearly a 10% of drop in its share on Thursday.

Ashneer and Kotak Mahindra Bank history:

This is not the first time Ashneer Grover has commented about Kotak Mahindra Bank. Kotak Mahindra Bank and Ashneer Grover had an argument in 2021 which became the hot topic back then.

Ashneer Grover and his wife Madhuri sent a legal notice to the Managing director and CEO of Kotak Mahindra Bank, Uday Kotak and his team in October 2021. This notice was regarding the IPO of Nykaa. They accused the bank for not cooperating in funding and share allocation of Nykaa IPO. This legal argument between Kotak Mahindra Bank employee and Ashneer Grover became notable when one of the arguments went viral on social media. 

An anonymous twitter account released an audio clip in which Grover was threatening Kotak Mahindra Bank’s employees by using abusive language and issuing threats. After which while responding to this tweet Ashneer said, it is a fake tweet and it is their way to extort money from us. Later he deleted his tweet.

What is netizens’ reaction?

Grover’s post on social media attracted the attention of lots of X users and while responding to Ashneer Grover’s post on X  one of users said, “ This RBI will create more problems for the tech fusion, they still want to use those old style banking techniques… old rules are not going well with technology and new technology is not going well with the old rotten mindset of leaders who don’t want to make any changes… ”

“then you create your team on Dream11,” whereas another user said “mujhse padai nahi ho rahi.”

While talking about past actions of RBI, one X user said, “After successfully destroying the shareholder value in Paytm, HDFC Bank, IIFL Finance, JM Financial, now RBI is targeting Kotak Mahindra Bank.”