Is Intelligent Banking A Far Cry For India?

India has experienced its first virtual and intelligent banking product-Digibank from DBS. The product is expected to have 5 million customer base by 2021. Payment banks are also expected to take the technology route to build large distribution networks. But, the standalone business model for payment banks is still exposed to challenges. RBI is currently not granting licenses similar to virtual banking licenses being issued in Hong Kong and the UK.