Challenges in Bharat’s banking system in the digital age
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Challenges in Bharat’s banking system in the digital age
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About this listen
In the second segment of the podcast, Vishal discusses his surprise at how many cooperative banks in India still rely on outdated systems and physical branches. He saw a huge opportunity to digitize these banks and bring rural and tier-two communities into the formal economy. He highlights the slow digital adoption in cooperative banks, which still use outdated core systems, making it hard to compete with fintechs like PhonePe, Google Pay, and Paytm. He also points to the lack of digitized land records as a major bottleneck for loan disbursements in rural areas. Despite these challenges, Vishal believes digitizing cooperative banks can significantly improve financial inclusion and reduce loan processing times from months to minutes.
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