Face off

Barbarians at the gate

Banks must learn to compete with dozens of nimble, focused and ruthless fintech and payments startups out to disrupt them. Using data


Something rather unprecedented happened at the Nasscom India Leadership Forum 2017 in Mumbai, on 17 February 2017. Aditya Puri, who has been leading HDFC Bank, India’s largest private sector bank, for nearly a third of his life, said: “Wallets have no future.” New payment banks were making chicken curry without any chicken in it, said the 66-year-old Puri. The chickens he was referring to are the customers. “You get me the chicken and then I’ll tell you how much competition they [payment banks] will be,” he said…

To access this content, you must purchase Monthly Recurring or Quarterly, or log in if you are a member.

Read the full story now. Subscribe to The Ken

Stories on The Ken are available only for its subscribers. Join us now to get instant access.

Have an account?

Related stories

More stories in /Business & /Reportage

See all in Business & Reportage

This story is exclusively for premium subscribers. Subscribe now to get access.

Read the full story now. Subscribe to The Ken

Why should I pay for reading your stories?

Lots of effort We go to lengths to put in time and resources required to get the most factual, honest stories out there.

Advertising independent Our primary allegiance will always be to our readers. We won't be swayed by our advertisers and investors.

We can't do all of this by giving away our journalism for free and selling our readers by the thousands to advertisers.

Get premium access