'Banks Se Tech Nahi Ho rahi...': Ashneer Grover Takes A Jibe At India's Banking & Tech Scene

Ashneer Grover, the former managing director and co-founder of BharatPe, on Thursday, took to his social media platform X, formerly Twitter, to make a mocking post following the RBI action on Kotak Bank.

In his post, Grover wrote," LOL ! Irony: Banks se Tech nahi ho rahi, Fintech se Banking nahi ho rahi."

He also shared an article from the Times of India alongside the post, which reported on the share plunge of the bank following the action.

RBI action on Kotak Mahindra Bank

During early trade on Thursday, the shares of Kotak Mahindra bank dropped over 10 per cent after the RBI action.

The RBI on Wednesday, April 24, barred Kotak Mahindra Bank from onboarding new customers through its through its online and mobile banking apps and from giving out new credit cards right away because of the reason that the bank was nor managing its IT risk well enough.

"Serious deficiencies and non-compliances were observed in the areas of IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc," the RBI's statement said.

For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines, it added.

Kotak Mahindra Bank shares

The shares of Kotak Mahindra Bank on Thursday at 2:07 pm IST were trading at Rs 1,639.00, down by 11.04 per cent