Physical banks will be irrelevant in the next three years in India as exponential growth in data consumption and analytics are likely to accomplish the task of Financial Inclusion, said Amitabh Kant, CEO, Niti Aayog.
“Days of physical bank will be over…India will throw huge amount of data,” said Kant in New Delhi.
Data analytics and Data consumption will take over the ambitious task of Financial Inclusion in India. This is the only country that has more than one billion biometrics, he said.
“In the next three-four years, India will have a billion plus smartphones,” Kant said.
He also pointed out that the level of mobile data consumption in India is higher than the consolidated figure of United States and China.
Vijay Shekhar, Founder of Paytm has also hinted that the new banking model in this world will emerge out of india and Paytm will be an early example of that India model.
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