After RBI criticises Axis Bank for missing UPI bus, MD & CEO reacts
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After being chided by RBI brass for missing the UPI bus by not investing early, a top executive of Axis Bank on Thursday said banks do not have money to burn.
After being chided by RBI brass for missing the UPI bus by not investing early, a top executive of Axis Bank on Thursday said banks do not have money to burn for building such businesses. "We didn't have ₹3,000 crore of money to make a loss on," was the quick response of Amitabh Chaudhry, the managing director and chief executive of the third largest private sector lender, when asked to comment on RBI Deputy Governor T Rabi Sankar's weekend statement. Speaking at an event organised by brokerage Motilal Oswal, Chaudhry further said businesses like Unified Payments Interface (UPI) are loss-making and also lack cash fl...