Paytm shifts Renu Satti!
I finished listening to a TED Talk - wherein an Chetna Sinha, an Indian NGO/Entrepreneur was talking about how she launched the successful rural women bank inspired by a group of village women who are illiterates. They inspired the Chetna Sinha with a profound statement that reads like this "A Banker doesn't need to know how to read and write, but need to know how to count, how to calculate interests, principle, inflow,outflow etc. Then, woke up to the news of Renu Satti shifted from her role for she is not a capable traditional banker!
RBI has recently found some KYC non-compliance issues with Paytm payment bank and ordered that the CEO Renu Satti to be removed as she was not "Capable" of leading a Bank.
Renu Satti has been instrumental along with the team Paytm in creating Paytm model and putting us all in the map of global players in digital payment systems. Even the veteran investor Warren Buffett chose Paytm as an instrument to invest in an internet based startup against the previously upheld beliefs.
A true financial inclusion that made it possible for us to pay Rs.50 (1/2 of 1 $) in digital payment with 0 cost to the recipient and to the sender, that was possible only by these non-traditional bankers.
If it is a compliance issue, are we made to believe that all the traditional capable bankers led banks are 100% compliant? The non-compliance of traditional Banks are all in the public domain.
It's these whole system of "capable" traditional banking systems run by "capable" bankers , that made it incapable of providing financial services to the masses - thus leading to the formation of these payment banks. What is the point in installing traditional bankers in non - traditional banking systems and re-create a model where only traditional bankers can lead the banks and only a traditional elites can avail banking services? Wouldn't that augur a grinding halt to all the innovations we may need for the true financial inclusion in this country.
Renu Satti, you may be "incapable" in the eyes of RBI, but you have already made your name as one of those capable successful digital payment leaders who revolutionised payments and financial services of India.
Channel Manager yesbank
6 年I agree with few points. But mistakes from traditional banks does not give a free walk to innovations. Innovations should be for benefits everything can't be free.