Physical banks will be irrelevant in next 3 years in India, says Niti Aayog CEO

Niti Aayog CEO Amitabh Kant says data consumption growth and data analytics are likely to further boost financial inclusion.

Niti Aayog 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.

Visitors walk past a sign for a digital or cashless economy at a Digital Wealth Fair promoting e-payments in Mumbai. (File)

“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 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.