Technology is advancing day by day while India is slowly but steadily progressing towards to this advancement. India has now started using digital banks instead of the physical banks. In accordance with this scenario NITI Aayog’s CEO, Amitabh Kant recently made a statement.
While attending IAMAI event he said “My view is in next 5-6 years you will see the death of physical banks. It will be very difficult for physical banks to survive because the cost of physical banks will be so enormous. It will be so enormous compared to an online instrument, many of the fintech start-up and their ability to do data analysis (and) providing lending”. He also stated that this will help banks to analyze and provide loans who has good credit history.
While appraising the digitalisation Kant quoted “There is a lot happening in India because of Internet. We have leapfrogged US technology industry with very simple and practical innovation. The cost of customer acquisition in India fell down to $1 where across America and Europe the cost of acquiring is between $28-30”.
The government of India is making things easy and simple for businesses. There have been numerous changes in the system since three years. To motivate the people Amitabh said “You and me have to change India. All of us have to be part of that change. But, people when they live abroad, come to India for 10 days and start criticizing everything about India, that’s not done”