Kotak Bank’s stumbles show pitfalls of ambitions

Banking glitches: A man walks past the Kotak Mahindra Bank branch in New Delhi. The bank has been barred from adding online clients and, issuing cards by India’s central bank. — Reuters

MUMBAI: Prime Minister Narendra Modi wants to export India’s digital payments system to the world.

That plan now risks stumbling as clunky technology used by Indian lenders fails to keep up with his ambitions.