Google and Facebook have no business in banking: Uday Kotak
Kotak said banks work at a leverage of 10:1 wherein they lend out Rs 10 for every rupee of capital which they have. It is a high risk business, but perceived to be safe, Kotak said, stressing banks have "no choice" but to manage the risks well.
Kotak also sounded peeved at the high cost of accessing IT services, exhorting software players to offer services at lower cost and said they need to offer services at 1-2 percent of the cost they are charging now. Image source: Reuters