Reserve Bank of India warns against Big Tech's potential to dominate financial services

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 …

[Anonymous Coward]

You do know it isn’t the Royal Bank of India, right?

Right?

[Robert Grant]

Re: You do know it isn’t the Royal Bank of India, right?

The Register sticks closely to the British Raj's ongoing interpretation of events. Why should they get their own reserve bank anyway? They already have the delicious tea we crave!

[Raj]

Re: You do know it isn’t the Royal Bank of India, right?

The author sounds more than a little nuts when she goes off the rails in the very first sentence.

[Throatwarbler Mangrove]

Re: You do know it isn’t the Royal Bank of India, right?

First sentence:

"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?

[Bernard]

Re: You do know it isn’t the Royal Bank of India, right?

You missed the first iteration of the article. ‘Royal’ was in the title and in that first sentence.

[Raj]

Re: You do know it isn’t the Royal Bank of India, right?

And that's what happens when you show up late and don't get the joke.

[Throatwarbler Mangrove]

Re: You do know it isn’t the Royal Bank of India, right?

So the writer made a minor typo, and this is "off the rails"?

[Bernard]

Re: You do know it isn’t the Royal Bank of India, right?

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’).

[Raj]

Re: You do know it isn’t the Royal Bank of India, right?

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.

[elsergiovolador]

Communist struggle

> 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.

[Sitaram Chamarty]

Re: Communist struggle

> I doubt they are particularly concerned about their citizens economic wellbeing.

Let me fix that for you:

"I doubt they are particularly concerned about their citizens wellbeing."

[Zolko]

I understand their concerns

Since these big-tech depend on US regulations, any entity too dependent on such "services" is exposed to blackmail pressure by the US government.