Formal Financial Services to Benefit from Demonetization - Uday Kotak
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Banks have had a crucial role in accelerating the pace at which the fintech space in India has emerged. From funding to providing special packages to entrepreneurs, different banks have scooped the best of the disruption of technology in this space.
Uday Kotak, Managing Director at Kotak Mahindra Bank, was speaking at the TiE Global Summit in Delhi on Friday.
Speaking on placing his bets on the fintech space Uday said, “I am ready to make bets on opportunities that don't give immediate value... The more insecure you are, the closer you are to success.”
Uday further added that risk management the single most important factor in financial services.
Demonetization – the big elephant of the financial sector
While head honchos at different banks have voiced their views on the demonetization phase, Uday said that demonetisation would be very positive for formal financial services in India. It will also have a positive impact on other banking products and services.
Speaking on interest rates, Uday said that the room for reduction of interest rates in India is very little. Earlier this month, The Reserve Bank of India left the repo rate unchanged earlier this month at 6.25 per cent.
(Writing and Editing by Sneha Banerjee in Bangalore)