India will soon implement nationwide virtual banking for its citizens, according to the country’s finance minister.
The move will bring the country in line with other countries like Singapore, New Zealand and Australia, and it will be a key feature of Prime Minister Narendra Modi’s Digital India initiative, which aims to digitize India’s public sector and private sector in the next five years.
The finance minister, Arun Jaitley, announced the news in a blog post, noting that the country would soon start taking deposits and withdrawals through mobile phones.
“The digitalisation of Indian government and corporate entities is a key element of Digital India, and the government is committed to ensure that the entire nation gets the opportunity to experience digitalisation through the implementation of mobile banking in all government and private entities in India by the end of 2017,” the finance minister said.
“India has the largest population in the world, and in a few years, the digitalisation will be so widespread that it will become the norm in every Indian home, office and office building.
This is the moment to take this step and it is a great opportunity for India.”
He said that the government had taken the decision to start rolling out the new service in an effort to “ensure that all Indians are able to access digital banking”.
The government said the move would be rolled out gradually, but the finance ministry has said it would be fully implemented in the first half of 2017.
India is the only country that has yet to implement a national mobile banking platform.
The country is expected to implement the digital banking service by the start of 2017, which is also the same year that the Indian government will introduce a bill for the internet tax.
In the past, India has struggled with poor service quality and a high number of bank branch closures in the country.
This led to a huge drop in the number of Indian citizens using online banking services, which resulted in the introduction of a national bank app in 2014.
The national bank is expected not to be launched for several years, with Modi’s digital India plan also aimed at increasing the use of online banking.
The Indian government also announced that its banking sector would soon be fully digitalized in the coming years.
“By the end 2016, all banks and payment service providers will be fully digitally connected,” the minister said in the blog post.
“For banks, it means that digitalisation is taking place across the entire banking sector, from the smallest to the largest.
The new digital banking platform will ensure that every citizen will be able to connect with their banking partner at any point of time.”
In a separate statement, the government said that in the near future, digital transactions and transactions through mobile banking will be automatically processed on the country-wide mobile banking system.
“This will provide faster access to payments and other transactions, as well as better banking infrastructure,” the statement said.
The plan to digitise the Indian economy will come at a time when Modi’s government is struggling with the global economic slowdown.
The economic slowdown has led to large falls in inflation and business confidence, which has led many businesses to shutter and lay off workers, which have also led to job losses and reduced demand.
In May, India’s central bank slashed its inflation target for the year to 6.5% from 6.7% earlier.
The government has also been facing pressure from its allies and allies abroad, including from China, to ease restrictions on bitcoin.
China has previously expressed concern about India’s plans to introduce digital banking.
On Monday, the Reserve Bank of India (RBI) said that it had taken a decision to issue a notice on bitcoin, which was issued in September 2016.
The notice said that if the Indian RBI continues to be concerned about the adoption of bitcoin in India, it would issue a formal notice on this issue in the future.