RBI deputy governor T Rabi Sankar pulled up banks for ceding the Unified Payment Interface (UPI) space to an extent where most of the business is with non-banks. He warned banks that disruption in a small area of banks' business could be quickly scaled up to disrupt other parts of their business by the competitors.
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RBI raps banks for giving up UPI space to fintechs
December 04, 2022
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