Role of online banking transactions in rural development: Challenges and opportunities

The rise of the digital economy is driving the fourth industrial revolution. Modern banking is blurring the lines between physical, digital and biological spheres. The possibility of existence of knowledge gap is higher in rural regions which may slow down the emergence of new ventures although its extremity depends upon the types of ventures and the conditions under which they are developed. In our country there are many new online digital programme exits and many more programme yet to introduced and many of them have big potential for developing our rural India. We do not have adequate qualified farmers in rural area. We should provide good skills and knowledge to our farmers though short term training/development programme for handling developing rural people. Most of rural people have very short time period experience about online banking system and only 5% people have more than 8 years’ experience of online banking transaction. After digitalisation of banking transaction there many changes happened like introductions of new technological devices etc.