NITI Aayog CEO Amitabh Kant. Photo: Pradeep Gaur/Mint
NITI Aayog CEO Amitabh Kant. Photo: Pradeep Gaur/Mint

Physical banks will be irrelevant in next three years in India: Amitabh Kant

NITI Aayog CEO Amitabh Kant says banking in India would move away from physical banks and data analytics would boost financial inclusion in the country

New Delhi: NITI Aayog chief executive officer (CEO) Amitabh Kant on Thursday said physical banks in India will be irrelevant in the next three years as data consumption growth and data analytics are likely to further boost financial inclusion.

“Days of physical banks will be over...India will throw huge amount of data," Kant said, adding data analytics would boost financial inclusion in the country.

While speaking at a panel discussion in New Delhi, he said India is the only country with over a billion biometrics. In the next three-four years, India will have a billion plus smartphones, Kant said.

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

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 early example of that India model.

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