Patel is well-known as a macro economics person with a hawkish take on inflation targeting.But his views on retail banking, payments and technology are yet unknown. His stand on technology companies will either be neutral or positive," said Rajat Gandhi, cofounder of peer-to-peer lending platform Faircent. Industry insiders said while Rajan was supportive of the nimble tech companies, he seemed to be pushy for innovation which created problems sometimes. However, when Rajan an nounced the Payments Bank licences, many of these wallet companies applied hoping to become a bank.To everyone's dismay other t h a n Pay t m and Fino PayTech, none of the payments companies could make the cut. "The idea even at the RBI was to make Payments Banks and Small Finance Bank licences ontap.

Source: Economic Times August 22, 2016 03:33 UTC