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Fully digital banks could be commonplace in a decade: PM

“Fully digital banks with no physical branch offices are already a reality and may become commonplace in less than a decade,” Prime Minister Narendra Modi said via video conference while launching the InFinity Forum, a thought leadership event on FinTech. 

“As humans evolved, so did the form of our transactions. Today, we have progressed from the barter system to metals, from coins to notes, and from cheques to cards. In India, mobile payments surpassed ATM cash withdrawals for the first time last year,” he added.

The event is being organized on December 3 and 4 by the International Financial Services Centres Authority (IFSCA) in collaboration with GIFT City and Bloomberg under the aegis of the Government of India. Indonesia, South Africa, and the United Kingdom are partner countries in the first edition of the Forum.

The Prime Minister emphasized that it is now time to turn fintech initiatives into a fintech revolution that will help achieve financial empowerment for every single citizen of the country. 

“Fintech is supported by four pillars: revenue, investments, insurance, and institutional credit. Investment becomes possible as income grows. Insurance coverage allows for greater risk-taking and investment. Institutional credit gives wings for expansion. And we have worked on each of these pillars separately. Fintech innovation will be incomplete unless it is accompanied by fintech security innovation. Our digital public infrastructure solutions have the potential to improve the lives of citizens all over the world,” Modi added.

The Forum’s agenda is focussed on the theme ‘Beyond,’ with several sub-themes. Over 70 countries are participating in the event.

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