Need to globalize UPI
To achieve this, India must globalize its products, as we have done with software. One of India’s original ideas that Kamath believes can go global is the
India’s preparation in terms of the numerical goal will be the main differentiator. Digital technologies and fintech have made this possible, Kamath said in a conversation with
Sharing further his view on the part of the banking/finance sector he is most passionate about, the NaBFID chief said: “If this conversation had been 6-8 months ago, I would have said the tech sector financial. They come strong. But somewhere, the whole piece of digital technology, there’s a very visible challenge now that’s between the value that’s been created and then there’s an expectation of valuation. There is a disagreement between value and valuation.
Here is the full session:
“This consolidation gives us scale as a nation. We need at least 3-4 banks of this balance sheet size to drive the momentum to $5 trillion. For large incumbent banks, adopting technology is a big challenge,” Kamath pointed out.
He also praised
A big trend in the next 3 to 5 years
In 3 years we will reach 5 trillion dollars and in 7 years it should be around 7-8 trillion dollars. The economy will be strongly oriented towards digital. Over the 3-year and 8-year period, the digital economy is expected to account for 30-35% of the overall economy, Kamath explained.