RBI raps banks for giving up UPI space to fintechs

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. https://ift.tt/7u1lVzk