Disruption in Indian banking: The Nandan Nilekani view

Banking, says Infosys Ltd co-founder and Aadhaar architect Nandan Nilekani, is witnessing its moment of “disruption” driven by mobile and Internet banking, which are not only inclusive but also cost-minimizing by nature.

Mobile banking, along with the Unified Payment Interface, a secure, mobile-first, interoperable, open-source, instant settlement system, is capable of replacing credit and debit cards. Fintech companies such as Lendbox and Faircent are also emerging as an alternative to traditional lenders like banks in the payments landscape. Here’s how Nilekani visualizes the future of banking.