Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Maneesh Mittal, Customer Care Associate, Chief Omnichannel and Digital, Shoppers Stop
- Mr. Abhishek Arun, Chief Operating Officer, Paytm Payments Bank
- Mr. P B Prakash, Head-Financial Institutions Group, IndusInd Bank
- Mr. Himanshu K, former Head Corporate Legal & Advisory, VISPL
- Mr. Kamonasish Aayush Mazumdar, Founder & CEO at Foodieverse
- Mr. Avro Mukerji, Investment Counselor- NRI Burgundy, Axis Bank
- Mr. C V Ramana, Sr Manager, Punjab National Bank
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
In this fast-paced digitized world, technology is just evolving quicker and turning things better around us. Community Member shared the Titan Partnership with SBI Bank for the payments. This triggered discussions around government institutions are more innovative compared to private.
Adding to this a member said …Well, the general perception is that fintech or private banks, or MNC banks are more agile or innovative compared to the government institutions. The fact is that the biggest innovation in the country is AADHAAR AND NPCI, both are government initiatives, isn’t it? The video on Titan again shows that government institutions (SBI) are more innovative and quick to launch a product in the market compared to the private. On the product launched, the Community members say that PIN is needed above Rs 2000 payment. And it will be a PIN-less transaction for below Rs 2000/-.
So if the watch is stolen then thieves get along with the watch Rs 2000 free. Isn’t it ?. Another member says since it is YONO based, there may be a provision to deactivate the card using the app.
Well firstly to clarify,
- It would be incorrect to call NPCI as innovation. How is NPCI innovation? It is a network or has become the nodal agency of various initiatives of multiple stakeholders and sometimes it’s own.
- To clarify again Aadhaar is not an innovation (multiple biometric-based national identity cards exists) but the scalability and universality is the unique part of it in a country like India.
- UPI is innovation. IMPS always existed; it required someone like Nandan Nilekani to move from MMID to VPA (During mobile banking for interbank transfer MMID- Mobile Money Identifier is used which is a 7 digit unique number)
- We must compliment the regulator for the rails and Mr. Nandan Nilekani/ NPCI for the software on top of it which is VPA or use of biometric in AEPS to transact. IMPS/ NEFT/RTGS continues to be the rails.
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