RBI has been wary of allowing tech giants in the banking space
On the heels of Google Pay offering its platform for booking fixed deposits, Amazon Pay on Wednesday also tied up for a similar arrangement with a wealth management platform.
Kuvera. said it would provide “its services, products, and technical know-how to create an exclusive experience for Amazon Pay’s users to facilitate investments into mutual funds, fixed deposits, and more overtime”.
On its website, Kuvera listed three deposit buckets by Bajaj Finance. The site mentioned deposits for 12-23 months, 24-35 months, and 36-60 months, offering interest rates of 5.75 per cent, 6.20 per cent, and 6.60 per cent, respectively.
The minimum deposit size for each is Rs 25,000.
In a statement issued by Kuvera, Amazon Pay Director Vikas Bansal said the deposit offer would help its customers meet their “large need” for growing wealth and investment. The partnership will democratize Kuvera’s investing and wealth management in India, said Gaurav Rastogi, founder, and chief executive officer of the platform.
However, the association may make the banking regulator even more jittery, now that it has two tech giants to tackle in the deposit mobilization space.
Sources say the Reserve Bank of India (RBI) is uncomfortable with the idea that tech giants can get linked with retail deposits, a tightly regulated and sensitive area for the banking regulator.
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