India's Digital Transformation and What It Means to Banking

THE AADHAAR PROJECT LAUNCHED IN 2010 HAS SERVED NOT ONLY ASA CORNERSTONE OF INDIA’S DIGITAL IDENTITY PLATFORM, BUT ALSO CREATED A TEMPLATE FOR HOW DIGITAL PUBLIC INFRASTRUCTURE DPIS) CAN BE DESIGNED AND DEPLOYED.

- SRIKANTH NADHAMUNI

For the longest time our banking systems did not cater to the entire population, banks largely catered to the urban middle class. Bank branches did not extend much beyond cities, in spite of RBI’s efforts towards financial inclusion. The cost of branch based banking services was high and was only feasible to extend services to the urban middle class, which had sizable deposits in their bank accounts.

In recent years, India has witnessed a digital revolution, reshaping the very fabric of its banking industry and extending financial services and inclusivity to unprecedented levels.

THE BOOM OF INTERNET DATA