This is something that happened just ahead of the New Year and a topic of laughter in the fintech world. It’s about this promoter who focusses on non-retail small ticket loans, whose company recently went through the regulator’s grind — something which most fintechs with a non-bank set up are being subjected to these days. Now, the regulator came up with a list of observations and sought clarification from the company.
Being quite the smartie he is, this founder, instead of clarifying the doubts raised, approached another division of the regulator with a swanky presentation on what could be done by the institution to make the life of fintechs better. Now, the big boys in the room gave him a patient listing and when the founder sought feedback, what came out was a dashing reply – “you’re trying to ride a motorised cycle when we are talking about race cars.” Grow up soon, was the word of advice.