“Cooperative banks must adopt the new generation of banking services” | Pune News

Pune: Chairman of the city-based cooperative Cosmos Bank, Milind Kale, said cooperative banks must quickly and flexibly adopt next-generation, technology-driven banking and lending practices to keep pace with the rest of the banking and fintech industry. .
“The fintech industry has 100 times more opportunities than the market it currently serves. But the fintech industry does not fully understand the problems in society. The Reserve Bank of India (RBI) recently issued a circular to all regulated entities, such as banks, NBFCs and others, to adopt digital banking practices All cooperative banks should aim to adopt digital banking and lending mechanisms, particularly with the objective of smaller advances. If we don’t keep up and match digital banking and lending, cooperative banks will be wiped out in terms of lending,” Kale said, on the sidelines of the launch of Pune Fintech Meetup, a conclave of fintech players in and around Pune.
“The city will have a fintech unicorn within the next two or three months. The Covid-19 pandemic has raised awareness that Pune is a much friendlier city for startups than Mumbai. Pune scores on tech talent and banking and financial services talent,” he added.

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