Depositors' trust is with banks, not fintech companies: Mastercard India chief

Chairman of Mastercard India, Rajnish Kumar, on Thursday said that the trust of the depositors is with the banking system and not with fintech companies.

Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said that what the fintech companies are challenging is the legacy system in an innovative way.

"Banks are now conscious about innovative capabilities and changing fast with the times", he said.

Because of the legacy system, the challenges for the banks are much more.

"Leadership has a big role to play. Most of the public sector banks are actively adopting technology", he said.

Implementation of the core banking system (CBS) was a humongous task, but the legacy banks did it, he said.

Core banking has now changed and paved the way for app-based banking, Kumar added.