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Uday Kotak feels India's desire for cash should go down, digital banking can help manage money

The Kotak Mahindra Bank MD wants India should go cashless and depend more on digital transactions.

, ET Bureau|
Aug 07, 2019, 11.20 AM IST
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Uday Kotak dreams of a cashless society
Uday Kotak dreams of a cashless society.
When banker Uday Kotak delivered the 25th Lalit Doshi Memorial lecture on Monday in Mumbai, one of his points was about a cashless India, and the need for more digital transactions. One that does not ask “bill ya bina bill (with or without bill)”, the subtext of the question being if the transaction would be in cash (bina bill) or digital (with a bill). However, India’s desire for cash just doesn’t seem to be going down, he feels.

In a 45-minute talk, Kotak shared his thoughts on the challenges that the financial sector faces as well as the way forward. He spoke about Indians as the pioneers of the hundi system, to digital banking that’s transforming the way Indians manage their money.

The audience had many well-known names. HDFC’s Deepak Parekh and former diplomat Vijay Nambiar, (both past speakers at the lecture) were present. Anand Mahindra, an early backer of Kotak Mahindra Bank, also attended. And in a family comes first tradition, Kotak’s wife Pallavi and father Suresh were also present.

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