Physical banks will be irrelevant in next 3 years in India: Niti Aayog CEO Amitabh Kant

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Updated: Jan 18, 2018 11:09 PM

Niti Aayog CEO Amitabh Kant today said physical banks in India will be irrelevant in the next 3 years as data consumption growth and data analytics are likely to further boost financial inclusion.

Demonetised notes, Aligarh hotel, Demonetisation, PM Modi, Kanpur, Uttar PradeshA day after the seizure of nearly Rs 97 crore in demonetised notes in Kanpur, the Uttar Pradesh police recovered Rs 50 lakh in old notes from a hotel room in Aligarh, police said today. (Image: IE)

Niti Aayog CEO Amitabh Kant today said physical banks in India will be irrelevant in the next 3 years as data consumption growth and data analytics are likely to further boost financial inclusion. “Days of physical bank 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 here, 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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