Financial Inclusion Through ICT in India-Initiatives and Status

Financial inclusion is a pre-requisite for inclusive growth aiming at covering a large number of sections of the society with the provision of financial services through various initiatives. Financial inclusion denotes delivery of financial services at an affordable cost to the vast sections of the disadvantaged and low-income groups. Various efforts have been made to achieve the objectives of financial inclusion by adopting different modes. ICT adoption in the financial sector particularly in the Indian banking sector has significantly contributed towards the attainment of goals of financial inclusion. With the arrival of banking technology and realisation that poor are bankable with good business prospects, financial inclusion initiatives will strengthen further and provide resources to the banks to expand credit delivery. However, the use of ICT for the comprehensive financial inclusion both has potential as well as challenges. The present paper is an endeavour to analyse the role of ICT in the financial inclusion in the Indian perspective in the light of initiatives and key issues of concern as well as suggesting some further areas of research in this context.