Volume : VIII, Issue : VI, June - 2019

TECHNOLOGY-BASED SERVICES IN INDIAN BANKING SECTOR FOR FINANCIAL INCLUSION

Vijayalakshmi M

Abstract :

With a large rural population, that is economically challenged, Financial Inclusion is indispensable for the sustainable growth of India. Financial Inclusion is the simplest term means “reaching the unreached”, i.e., inging the people under the financial umella who have no access to financial product or service. Financial exclusion is the lack of access by certain consumers to appropriate, low cost, fair and safe financial products and services from mainstream providers. The combination of technology and other technology–based services have been, nowadays, emerging as a viable solution for deepening the process of financial inclusion. In this regard the Government of India and the Reserve Bank of India have taken series of measures and introduced various programmes to take financial services to masses. Use of Information and Communication Technology enables the financial sustainability, cost reduction and better product and productivity. But at the same time, there are innumerable constraints to expand the same to rural areas where the exclusion is more prevalent. There is a need to develop a suitable effective model to serve the underprivileged and tap the vast untapped opportunities in the rural areas. This is the high time to discuss the role of technology–based banking services in promoting the financial inclusion in general and financial intermediaries in particular, problems and prognosis and to suggest measure to improvement.

Article: Download PDF    DOI : https://www.doi.org/10.36106/paripex  

Cite This Article:

TECHNOLOGY-BASED SERVICES IN INDIAN BANKING SECTOR FOR FINANCIAL INCLUSION, VIJAYALAKSHMI M PARIPEX‾INDIAN JOURNAL OF RESEARCH : Volume-8 | Issue-6 | June-2019

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