Ashneer Grover says, ‘Banks se tech nahi ho rahi’ as Kotak Mahindra Bank share prices drop 10%; netizens react

Ashneer Grover took a dig at Kotak Mahindra Bank after the company's share prices dropped 10%. The plunge happened after the Reserve Bank of India (RBI) ordered the bank to stop adding new customers through its online platforms and halt issuing new credit cards. The directive came after problems in the bank's IT system in the past two years.

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“LOL ! Irony: Banks se Tech nahi ho rahi. Fintech se Banking nahi ho rahi (banks can't manage tech; Fintech can't manage banking),” Grover tweeted while sharing an article about the drop in share prices.

Netizens react

Ashneer’s tweet attracted a lot of attention.

“This RBI will make sure to do the "Bedagarak" of the tech fusion, they are still latched to the same LaLa Ji Style banking technique... Old rules don't go well with tech and tech doesn't go easy on the rotten old mindset leaders who are absolutely unwilling for a change.. But globally Digital India ke naare buland hai…” wrote one user.

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“Aap Dream11 pe team bana lijiye phir,” wrote another. “mujhse padhai nahi ho rhi,” came from another.

“after grand success of destroying shareholder value in Paytm, Hdfc bank, IIfl finance, Jm financial, here comes another victim of RBI-- Kotak mahindra bank,” posted one user.

Ashneer-Kotak history

Now, the BharatPe co-founder has a history with Kotak Mahindra Bank. He has an old beef with the company that goes back to 2021.

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Ashneer Grover and his wife Madhuri sent a legal notice to Uday Kotak, the managing director and CEO of Kotak Mahindra Bank, and his team in October 2021. 

They accused them of not providing help with funding and share allocation for the Nykaa IPO. This legal action became particularly notable when an argument between Grover and an employee of Kotak Group spread across social media.

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An anonymous Twitter account released an audio clip where Grover is supposedly heard using abusive language and issuing a threat against a Kotak employee. Grover responded quickly, labelling the audio as “fake”. He said it was just a scheme to extort money. He later removed his tweet about it.