In the next three years, India will not need physical banks as more people will own smartphones and the consumption of mobile data will grow, NITI Aayog Chief Executive Officer Amitabh Kant said on Thursday, according to PTI.

“Physical banks will be over,” Kant said at a press conference in Delhi.

Kant also pointed out that in the next few years, India will have a billion-plus smartphone users, which would mean more financial inclusion.

The Niti Aayog CEO said mobile data consumption in India was more than in the United States and China put together.