A banking expert weighs up what the digital revolution has in store for the world of banking and beyond.

We are on the cusp of entering the fourth industrial revolution, known as digital revolution, which supposedly removes barriers of different known/unknown interventions and consents interplays between digital, physical and biological spheres. The speed of the current breakthrough has no historical precedent in its entirety, leave alone its velocity and scope. It would unquestionably transform the way we think, act, react, reason – almost touching a wide gamut of the principles of our working life, social mobility and existence.

The shrill reactions have subsided. Knee-jerk comments like “After Rexit, ruin,” have, fortunately, proved premature and alarmist. Now that the dust is beginning to settle over Reserve Bank of India (RBI) governor Raghuram Rajan’s surprise announcement that he will be returning to academia at the end of his term as India’s central banker, it is a good time for a reality check on how his decision will impact the Indian economy.

Government estimates show that the Swachh Bharat Mission involves an expenditure of about $10 billion over five years. But a detailed study conducted by the Centre for Policy Research, shows that this stimulus could be much larger – up to $135 billion over the next five to 10 years.