ATM cards of no use in next 3-4 years, said CEO of NITI Ayoag.
Saurabh Kumar
13/11/2017 Saurabh kumar
On Saturday a convocation Program held in Amity university. iWhile speaking at the program chief executive officer (CEO) of NITI Aayog, Amitabh Kant, said that Automated Teller Machines (ATMS) and credit/debit cards will become redundant in three-four years with the digitalization of the banking sector.
He was awarded an honorary doctorate during the convocation program of the university.“India is the only country in the world with a billion bio metrics, billion mobiles and billion bank accounts. Therefore, in future, India will be the only country which will make a lot of disorder. It will make credit cards, debit cards and ATMS technologically redundant in the next three-four years and we all will be using mobile phones for banking and other transactions,”said Kant.
The CEO also said that the young demography of the country is an asset.“We are passing through a phase of demographic transition, which rarely happens in history. 72% of India’s population is below the age of 32 and the population will only keep getting younger till 2040 while the population across America and Europe will get older. We need a society that will constantly innovate and constantly disrupt,” said Kant.
Speaking on the rate of growth, he said that incubation and innovation centers can become catalysts for creating jobs since all job seekers would become job creators, leading to India becoming a country of young entrepreneurs.
“India is growing at a rate of around 7.5% per annum at the time when the growth rate is slow it is at the time when the whole economic landscape across the world but our challenge is to grow at even higher rates, of 9%-10% per annum,” said Kant.Tushar Mehta, the additional solicitor general of Supreme Court, was also awarded an honorary degree by the university.
“The real examination for students will be taken by the society and the world. Those examinations will be in form of challenges life which will you face in your day to day life . It will only be in the later stages of life that you will realize that it was education, coupled with family values, which helped you succeed,” said Mehta.
