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Low cost Internet based transactions and business efficiency due to technology advancements are expected to kill physical banks in next 5-6 years, NITI Aayog CEO Amitabh Kant said.
"My view is in next 5-6 years you will see 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," Kant said at an IAMAI event.
He said that with proliferation of mobile phones and Internet based transaction, it will be easy for financial technology firm to do analysis and provide loans to person who requires it and has good credit history.
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