What is the 7th Richest Indian afraid of?

[skang]

 The founder and executive vice chairman of Kotak Mahindra Bank said technological innovation does offer huge business opportunities for India's banking sector.
But it could also change the face of the industry.

"I am excited, but very challenged. I keep wondering at night, will I have a bank the next morning, or will some technology company be doing banking without needing a bank?" he told CNBC.

http://www.cnbc.com/id/102677283

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[Amitabh S]

The same way MTNL (Maharashtra Telphone Nigam Limited) got wiped out (literally) after mobile phones. It used to take about 10 years without bribes if you are lucky to get a phone. and about 5 with bribes., to shift a phone was a nightmare.

I cursed the MTNL for several years of my younger life. Now they get what they deserved. We get a connection the NEXT DAY now.

The same with Banks. They have such a pathetic service. I have had a HORRIBLE experience with KOTAK. They have scammed me out of about 5k by forcefully opening an account for me using misleading statements, and then charging me for having the account. How else do you think he became so rich?

It will be a step forward towards a better India if such banks do close.

[vennali]

The founder and executive vice chairman of Kotak Mahindra Bank said technological innovation does offer huge business opportunities for India's banking sector.
But it could also change the face of the industry.

"I am excited, but very challenged. I keep wondering at night, will I have a bank the next morning, or will some technology company be doing banking without needing a bank?" he told CNBC.

http://www.cnbc.com/id/102677283

Even though Bitcoin is already into existence, it will not be a big challenge for him as the internet is not available to everyone in the country which is a requirement for bitcoin , unless offchain transactions can be implemented. I doubt Bitcoin is a threat to the banking sector in the near future.

[legendster]

The same way MTNL (Maharashtra Telphone Nigam Limited) got wiped out (literally) after mobile phones. It used to take about 10 years without bribes if you are lucky to get a phone. and about 5 with bribes., to shift a phone was a nightmare.

I cursed the MTNL for several years of my younger life. Now they get what they deserved. We get a connection the NEXT DAY now.

The same with Banks. They have such a pathetic service. I have had a HORRIBLE experience with KOTAK. They have scammed me out of about 5k by forcefully opening an account for me using misleading statements, and then charging me for having the account. How else do you think he became so rich?

It will be a step forward towards a better India if such banks do close.

Any bank other than state governed / partially governed banks like SBI etc will snatch & claw for your money in your savings account.

I just found out Axis bank charges 500 bucks for a simple debit cum ATM card every year... not sure how many other banks do it but I find it ridiculous. They also charge you money to update your passbook IN YOUR HOME BRANCH.

Surely Kotak cant be any worse than that.

[dashingriddler]

The founder and executive vice chairman of Kotak Mahindra Bank said technological innovation does offer huge business opportunities for India's banking sector.
But it could also change the face of the industry.

"I am excited, but very challenged. I keep wondering at night, will I have a bank the next morning, or will some technology company be doing banking without needing a bank?" he told CNBC.

http://www.cnbc.com/id/102677283

Even though Bitcoin is already into existence, it will not be a big challenge for him as the internet is not available to everyone in the country which is a requirement for bitcoin , unless offchain transactions can be implemented. I doubt Bitcoin is a threat to the banking sector in the near future.

Bank charges or nil or low only when you are using their internet banking based services. Else they will suck your blood even though if you are suffering from anemia. In that case, bitcoin can definitely flourish. Yeah we would need offchain transactions through to really make it to serve a much wider base.

Regards

[skang]

The founder and executive vice chairman of Kotak Mahindra Bank said technological innovation does offer huge business opportunities for India's banking sector.
But it could also change the face of the industry.

"I am excited, but very challenged. I keep wondering at night, will I have a bank the next morning, or will some technology company be doing banking without needing a bank?" he told CNBC.

http://www.cnbc.com/id/102677283

Even though Bitcoin is already into existence, it will not be a big challenge for him as the internet is not available to everyone in the country which is a requirement for bitcoin , unless offchain transactions can be implemented. I doubt Bitcoin is a threat to the banking sector in the near future.

Hey Venalli, I am working on a system for offline bitcoin transactions.

[Amitabh S]

The founder and executive vice chairman of Kotak Mahindra Bank said technological innovation does offer huge business opportunities for India's banking sector.
But it could also change the face of the industry.

"I am excited, but very challenged. I keep wondering at night, will I have a bank the next morning, or will some technology company be doing banking without needing a bank?" he told CNBC.

http://www.cnbc.com/id/102677283

Even though Bitcoin is already into existence, it will not be a big challenge for him as the internet is not available to everyone in the country which is a requirement for bitcoin , unless offchain transactions can be implemented. I doubt Bitcoin is a threat to the banking sector in the near future.

Hey Venalli, I am working on a system for offline bitcoin transactions.

mind sharing some details about it?

[skang]

mind sharing some details about it?

Yes very soon. If I announce the system before a prototype is ready then either it'll be copied if it is good or it will be invalidated if doubtful.
This forum would be one of the first people I show it so just a little wait.

[dashingriddler]

mind sharing some details about it?

Yes very soon. If I announce the system before a prototype is ready then either it'll be copied if it is good or it will be invalidated if doubtful.
This forum would be one of the first people I show it so just a little wait.

SMS based ?

[skang]

mind sharing some details about it?

Yes very soon. If I announce the system before a prototype is ready then either it'll be copied if it is good or it will be invalidated if doubtful.
This forum would be one of the first people I show it so just a little wait.

SMS based ?

No basically a mathematical algorithm to securely exchange secrets, which will make it basically like signing checques. I have the modus operandi ready but working on simplifying the UX so that I have the first mover's advantage.

[vennali]

The founder and executive vice chairman of Kotak Mahindra Bank said technological innovation does offer huge business opportunities for India's banking sector.
But it could also change the face of the industry.

"I am excited, but very challenged. I keep wondering at night, will I have a bank the next morning, or will some technology company be doing banking without needing a bank?" he told CNBC.

http://www.cnbc.com/id/102677283

Even though Bitcoin is already into existence, it will not be a big challenge for him as the internet is not available to everyone in the country which is a requirement for bitcoin , unless offchain transactions can be implemented. I doubt Bitcoin is a threat to the banking sector in the near future.

Hey Venalli, I am working on a system for offline bitcoin transactions.

That would be great to see. I haven't really looked into offline transactions but seems there have been attempts on making a successful one. Has none of them been a success ?

[dashingriddler]

mind sharing some details about it?

Yes very soon. If I announce the system before a prototype is ready then either it'll be copied if it is good or it will be invalidated if doubtful.
This forum would be one of the first people I show it so just a little wait.

SMS based ?

No basically a mathematical algorithm to securely exchange secrets, which will make it basically like signing checques. I have the modus operandi ready but working on simplifying the UX so that I have the first mover's advantage.

Sounds great. Would wait to see it working
If your system is scalable without the need for 3rd party, then it's a BIG thing.

[digitaur]

This shows how watchful businessman is Mr Kodak. Also it means banking industry is not unaware about bitcoin and certainly there are people in industry who realize the hidden potential of digital currencies per se.