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Banks will have to fight against Apple, Google, and Meta: Kota

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<p>According to Uday Kotak, Founder & Director of Kotak Mahindra Bank, Google, Meta, Apple, and Amazon will compete with the banking industry in the future.</p>
<p><img decoding=”async” class=”alignnone wp-image-453935″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-banks-will-have-to-fight-against-apple-google-and-meta-kota-tnie-import-2021-12-4–750×422.jpg” alt=”theindiaprint.com banks will have to fight against apple google and meta kota tnie import 2021 12 4″ width=”995″ height=”561″ title=”Banks will have to fight against Apple, Google, and Meta: Kota 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-banks-will-have-to-fight-against-apple-google-and-meta-kota-tnie-import-2021-12-4–750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-banks-will-have-to-fight-against-apple-google-and-meta-kota-tnie-import-2021-12-4–1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-banks-will-have-to-fight-against-apple-google-and-meta-kota-tnie-import-2021-12-4–768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-banks-will-have-to-fight-against-apple-google-and-meta-kota-tnie-import-2021-12-4–390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-banks-will-have-to-fight-against-apple-google-and-meta-kota-tnie-import-2021-12-4–150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-banks-will-have-to-fight-against-apple-google-and-meta-kota-tnie-import-2021-12-4-.jpg 1200w” sizes=”(max-width: 995px) 100vw, 995px” /></p>
<p>He projected that financial institutions of the future would be customer-focused, technology-driven risk management firms. Speaking to the crowd on February 21 at an event honoring the 68th Foundation Day of the All India Management Association (AIMA), he questioned, “What will happen if Google is allowed a bank tomorrow?”</p>
<p>Thus, he made a request that the Indian financial institutions and banks “wake up and shake up.” Speaking about India’s move toward capital convertibility and the rupee’s status as a reserve currency, Kotak said that the country can achieve macroeconomic stability and earn the confidence of the international community to entrust it with the security of other people’s money. “We would have the foundations for a reserve currency if we manage our fiscal and current account and establish institutional processes that others can trust,” he said.</p>
<p>Kotak proposed that India offer a window of convertibility for commerce and investment in the GIFT City in order to test out the rupee’s convertibility. “Observe the situation and progressively facilitate Indians’ ability to transfer money in and out,” he said.</p>
<p>Kotak praised the RBI for launching the central bank digital currency (CBDC). He suggested it might have a significant beneficial impact and alter the nation’s financial system. According to him, banks will continue to be necessary for their position as intermediates and in risk management, which has made them the backbone of the financial services industry. Speaking about cryptocurrencies, Kotak said that although he doesn’t understand or like them, they are similar to gold in that their value comes from a common conviction in their worth despite the fact that it defies logic.</p>


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