Big technology platforms like Google no threat to banks, say experts

Google has a customer interface feature and the Unified Payments Interface (UPI) is a feature for mobile to mobile payment

The threat to banks from big technology platforms like Google, which are looking to offer services and products like deposits, is not close, but banks will still have to rise to the challenge and transform themselves to stay relevant by offering more digital products, said panellists at the State Bank of India’s Banking and Economics Conclave in Mumbai on Wednesday.

V Vaidyanathan, managing director and chief executive officer of IDFC First Bank, said the banking system in India has significant advantages like in the case of SBI with 200 years of existence and access across the length and breadth of