The Prime Minister said the entire banking sector is undergoing major transformation with the advent of latest technology.
"The banking sector is seeing changes. Mobile banking is coming up. Banking will be premises-less and paper-less," he said at the launch of IDFC Bank here.
PM Modi further said India is slowly moving towards a situation where the currency printing cost will come down.
"We have to take the country in that direction. As we use technology, we move to paper-less banking, currency-less business operations; the possibility of black money will gradually become negligible," he said.
He also stressed the need for banks to focus on rural areas as they have immense potential.
The Prime Minister also listed out the seven-point agenda to improve operations of the state-owned banks. It includes capitalisation, setting up of Bank Board Bureau and introduction of a framework for accountability.
He also said import duties have been hiked on certain items to help the sectors facing problems and account for distress assets of the banking sector.


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