Yes Bank and RBL are doing something very unlikely of Indian banks—opening their core infrastructure for fintech firms to build products
Stealing a march on big banks, Yes Bank and RBL are taking the API route to reach customers they can’t access through traditional banking
For fintech firms, this partnership is crucial as they need access to the banks’ licenses and core banking software-supported APIs to build superior products
By working at an API-level integration, the bank stands to reap numerous benefits
But the technology needs to evolve
Partners Ka Bank. That’s how RBL or Ratnakar Bank Ltd advertised itself on the front page of The Economic Times, last week. It called itself a great bank to partner with while pitching itself to the many fintech founders who seek a banking partner.
A bank advertising to attract startups as partners? Now that’s new.
When one speaks to RBL’s executive director and head of strategy, Rajeev Ahuja, about it, one realises this is all part of a larger plan. One where Ahuja says that RBL wants to be the Amazon…
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