In his statement, Gill, hinted at the popular trend of 'future of banking’, with banks courting technology companies to build partnership or allowing ownership in order to address challenges the banking sector faces. CICC is banking on the two tech behemoths to gain access to user data and advanced technology to explore new growth areas. Will the new technology investor be a panacea for Yes Bank’s woes, and by extension for the Indian banking sector? Banking scams, such as one involving PMC Bank in recent weeks, has widened the trust deficit between banking institutions and depositors. And while technology may help overcome challenges in future, banks need to carry and resolve the past mistakes and missteps.

Source: Mint October 21, 2019 07:30 UTC