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Fintech

The Yes Bank mess exposes India’s fintech underbelly. Only deep-pocketed players will survive here

A majority of the fintech players have only one bank processing UPI payments. This led to a complete blackout when the RBI put Yes Bank, which controlled 40% of the UPI universe, on moratorium. While the RBI never made policies from the fintech perspective, the March 5 event will have a bearing on smaller banks and fintech players.
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artisingh
12 Mar 2020 12 Mins Read 2 comments
A Yes Bank accountholder at the Laxmi Nagar branch in New Delhi on March 6, 2020. Getty Images
A Yes Bank accountholder at the Laxmi Nagar branch in New Delhi on March 6, 2020.
As the Reserve Bank of India (RBI) seized control of Yes Bank on March 5 and put a cap on withdrawals, PhonePe founder Sameer Nigam was busy piecing together a deal that would bring his platform back to life. Many worry lines were eased when PhonePe switched over to ICICI Bank within 24 hours. While Nigam claims
What do banks do differently when it comes to UPI that it should be restricted to only them,” he argues. Kumar’s view may cheer many private companies, but there’s something that will keep them grounded — in India, rules for the fintech industry are framed keeping in mind the interest of banks. ( Graphic by Sadhana Saxena)
As the Reserve Bank of India (RBI) seized control of Yes Bank on March 5 and put a cap on withdrawals, PhonePe founder Sameer Nigam was busy piecing together a deal that would bring his platform back to life. Many worry lines were eased when PhonePe switched over to ICICI Bank within 24 hours. While Nigam claims What do banks do differently when it comes to UPI that it should be restricted to only them,” he argues. Kumar’s view may cheer many private companies, but there’s something that will keep them grounded — in India, rules for the fintech industry are framed keeping in mind the interest of banks. ( Graphic by Sadhana Saxena)

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CONTRIBUTORS WHO HAVE COMMENTED ON THIS STORY

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user Beenoxi Arora Axis Bank, Former Senior Vice President

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user Arti Singh ET Prime, Assistant Editor - Fintech

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user Sadhana Saxena ET Prime, Chief Graphics Designer

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user Mahesh Gourishetty Five-Star Business Finance Limited, HR Head

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