You do know it isn’t the Royal Bank of India, right?
The Reserve Bank of India (RBI) warned about Big Tech's potential to dominate the financial services sector and overrun banks in its Financial Stability Report released yesterday. Listed alongside climate-related risks, cyberattacks, and increased competition from the entry of fintechs, the semi-annual financial report …
"The Reserve Bank of India (RBI) warned about Big Tech's potential to dominate the financial services sector and overrun banks in its Financial Stability Report released yesterday."
What rails has that sentence gone off, exactly?
It’s not a typo, though I agree that ‘off the rails’ is a bit much.
The assumption that the R in RBI is the same as the R in RBS feels like a very western mistake when dealing with a country that used to be part of the British empire but now isn’t. I’m sure it wasn’t conscious but it still feels like a little bit more than a typo (but not, to your point, ‘off the rails’).
The writer has no idea what she's talking about. She doesn't know the name of the entity she's talking about. It takes a lot of fluff to convert a dry RBI FSR into a purported "Royal" Bank of India says big tech is out to screw India claim.
She writes about the RTP system in India without mentioning anything - convenient because it would wreck the story if she did.
Summary of the whole article:
* Get the name of the central bank wrong.
* Cherrypick one paragraph within hundreds inside a regular FSR.
* Quote BIS and talk about Amazon, Google etc and not mention what they all run on in India.
* Wave hands around about China doing something else.
How the hell does someone talk about the RBI talking about the real time payments system in India and neither get the name of RBI right nor mention either of the major payments systems, or for that matter who runs them ?
Goes off the rails is putting it mildly.
> China has recently cracked down on homegrown tech companies acting as financial service companies, having forced Alibaba's Ant Group to restructure its consumer loans business before allowing it to operate in such a capacity.
Or the communist party just put their rich apparatchiks in place. I doubt they are particularly concerned about their citizens economic wellbeing.
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