India is ahead of China in the race of digital banking, senior banker said this

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Digital Banking: Senior banker KV Kamat has advised banks to adopt new technologies, innovate and learn according to the changing times. He says that the banks which are not able to do this will face difficulties in the future. He said that to move ahead in business, banks will have to work together with new age fintech companies.

Senior banker KV Kamat has said that China’s banks are far behind India in terms of digitization. He said that although Chinese banks had adopted the path of digitalization much earlier than Indian banks.

Kamat, chairman of the National Bank for Infrastructure Financing and Development (NABFID), said at the three-day Global Fintech Summit, I think there are a lot of differences between what has happened there (China) and what has happened here. He said, yes, Alipay and WeChat had come much before us in the field of digital payments with Pay. But the later story is very funny.

Kamat said, if I really look at it, a Chinese bank is now much less digital than an Indian bank. They are technology pros who were there four-five years ago and probably at a better or higher level than in India.

Kamat was also the head of the Shanghai-based multilateral New Development Bank, which was established by the governments of Brazil, Russia, India, China and South Africa. He said, I can now say without any hesitation that today there is no segment in the digital sector where we are lagging behind. And that to me is the biggest driving force for us.

Let us tell you that in the last few years, many banks in India have developed partnerships with fintech companies. For example, the country’s largest bank State Bank of India (SBI) had partnered with Paytm in 2022 to launch RuPay credit card.

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