Prime Minister Narendra Modi on Monday said the entire banking sector is undergoing major transformation with the advent of latest technology.

Modi said, 'The future of banking would not just be premises-less and paper-less, but also, eventually, currency-less, and this would help curb black money.'

'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.

The Prime Minister also said that the cost of printing currency is also comming down gradually.

Narendra Modi also stressed on the importance of banking in rural areas. 'The banking sector is poised to achieve a big boost in growth in rural areas. This would be similar to the growth achieved by the telecom sector some years ago,' he said.