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No physical banks few years down the line: NITI Aayog Chief

Friday January 19, 2018 5:57 PM , News Network


New Delhi:
In the next three years, India will not need physical banks as more people will own smartphones and the consumption of mobile data will grow, NITI Aayog Chief Executive Officer Amitabh Kant said on Thursday.

"Days of the physical bank will be over. India will throw a huge amount of data", Kant said while speaking at the India Digital Summit organised by the Internet and Mobile Association of India (IAMAI) held in New Delhi.

Stating that data analytics would boost financial inclusion in the country, Kant said, "India is the only country with over a billion biometrics. In the next three-four years, India will have a billion plus smartphones."

The NITI Aayog CEO also pointed out that mobile data consumption in India is more than the US and China put together.

Stating that this is a period of huge technology disruption in the country, Kant said, “85% of the devices today are still unconnected. Therefore, there is a huge opportunity in the Internet of Things (IoT) space. The opportunity would be in the range of $70 billion by 2025."

Participating in the panel discussion, Paytm founder Vijay Shekhar Sharma said the new banking model in this world will come out of India and Paytm will be an early example of that India model.

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