KV Kamath, Chairman of Jio Financial Services Ltd., at the Global Fintech Fest in Mumbai, India, on Thursday, October 9, 2025. The conference runs through today. Photographer: Dhiraj Singh/Bloomberg | Photo credit: DHIRAJ SINGH
Growth of around 7 percent gives the country the momentum, on a strong foundation, said KV Kamath, Chairman and Independent Director of Jio Financial Services Limited
“And the foundation is strong. We just have to ride the trail. And I’m sure the young people will ride the trail. They will also evolve. They will also figure out how to make sure you get on your feet,” he said at the Global Fintech Fest.
Kamath emphasized that the country has had a very stable run, be it in business, governance, regulation or the government itself.
“So that again offers us a huge opportunity to grow on that. And the foundation has already been laid.
“I keep my optimism at a very high level because I clearly see a 25-year growth horizon. And most people here will go through that horizon and realize their ambitions. So that is a very important point for me,” he said.
Fintech and banking
Kamath, who served as the first elected president of the New Development Bank for five years until 2020, noted that innovation in banking is led by fintechs, and not necessarily by the banks.
“So the fintechs are going to trick the banks into doing business. And in most cases they’re doing things in parallel. So to put this in context, there’s a digital bank, some of you or most of you may have heard of it, I won’t name it, with 400 million customers, operating with 4,000 people. It’s a digital bank.”
“So this is what the competition could be tomorrow, when things open up. And we have to introduce a new set of competition… We’ll see where things go,” he said.
Published on October 9, 2025
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