Supporting the government’s continuous drive to make India digital, Reserve Bank of India (RBI) deputy governor N.S.Vishwanathan has said that digitisation can help the country leapfrog over the developed countries. He also stressed on setting up of a public credit registry in India, saying that it would help to further speed up digitisation.
RBI Deputy Governor also highlighted the positive changes in banking system due to digitisation move and added that the move along with several policy changes and an enabling environment have led to increase in digital banking. He further noted recent trends in banking industry, saying that the relevance of ‘brick and mortar’ banking is diminishing and branches are now being replaced with banking outlets as the point of customer services.
Vishwanathan also said that offering of financial services by many institutions have been also reducing the need for intermediation. However, he also expressed concerns over the challenge of cyber security and made a case for strong IT systems for banks to prevent frauds.