‘LOL! Irony…nahi ho raha…’ says Ashneer Grover after Kotak Mahindra Bank’s share price TANKS after RBI’s action

‘lol! irony…nahi ho raha…’ says ashneer grover after kotak mahindra bank’s share price tanks after rbi’s action

Ashneer Grover on Kotak Mahindra Bank: In a surprising turn of events, former managing director of BharatPe Ashneer Grover took to social media to comment on the recent downfall of Kotak Mahindra Bank’s share price.

Kotak Mahindra Bank share price tank amid RBI action

Kotak Mahindra Bank witnessed a significant drop in its share price following the Reserve Bank of India’s (RBI) decision to temporarily halt Kotak Mahindra Bank’s onboarding of new customers through online and mobile banking channels, as well as the issuance of new credit cards. The stock plummeted by over 10% to Rs 1,643, marking a 52-week low, on the Bombay Stock Exchange (BSE) on Thursday as investors reacted negatively to the news.

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The development seemingly caught the attention of Ashneer Grover who is known for his outspoken personality. Grover took a jibe at the situation on his his X (formerly known as Twitter) account.

“LOL ! Irony: Banks se Tech nahi ho rahi. Fintech se Banking nahi ho rahi (banks can’t manage tech; Fintech can’t manage banking),” Grover wrote while sharing an article about the decline in the share price of Kotak Mahindra.

Ashneer Grover on Kotak Mahindra: How netizens reacted

Grover’s tweet sparked a flurry of reactions online. Some netizens chimed in with amusement, while others expressed concerns about the bank’s future. The incident also reignited discussions about Grover’s controversial exit from BharatPe, a fintech company partnered with Kotak Mahindra Bank for some services.

“Possibly fintech ko banking karne nahi de rahe is the right statement,” an user commented.

“It happens to those banks and fintech who crosses all the limits of GREED,” another read.

“This RBI will make sure to do the “Bedagarak” of the tech fusion, they are still latched to the same LaLa Ji Style banking technique… Old rules don’t go well with tech and tech doesn’t go easy on the rotten old mindset leaders who are absolutely unwilling for a change.. But globally Digital India ke naare buland hai…” wrote another user.

“Aap Dream11 pe team bana lijiye phir,” wrote another. “mujhse padhai nahi ho rhi,” another commented.

RBI action on Kotak Mahindra Bank

On Wednesday, the Reserve Bank of India barred Kotak Mahindra Bank from onboarding any new customers through its online and mobile banking channels and also prohibited it from issuing fresh credit cards.

The action was taken for repeated non-compliance with IT norms and after the discovery of “serious deficiencies” in Kotak Mahindra Bank’s IT risk management.

On the other hand, Kotak Mahindra Bank’s chief executive and managing director Ashok Vaswani on Thursday said the lender is “actively working” to address the concerns raised by the regulator

The private sector lender is in constant communication with the RBI to resolve any issues, he said in a statement posted on Kotak Mahindra Bank’s social media handles.

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In the communication addressed to customers, Vaswani, who assumed office in January this year, said it has “temporarily paused” the issuance of new credit cards and added that its operations continue uninterrupted for all the existing customers.

“We are actively working to address the concerns raised and are in constant communication with the regulator to resolve any issues promptly,” he said.

(With inputs from agencies)

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