THE ROLE OF INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) IN FINANCIAL INCLUSION IN INDIA: SOME OBSERVATIONS

Abstract

In the modern digital world, technological advancements influence the domains of business, society, and the economy. Today, we live in an era where highly developed technologies are transforming our lifestyles, activities, and the way we engage with various processes. Information and Communication Technology (ICT), in particular, is driving rapid changes in banking operations. The methods of delivering customer services, sanctioning credit, and reaching potential customers are evolving swiftly due to advancements in ICT. A crucial aspect of these developments is financial inclusion, which focuses on providing financial services to underserved, low-income, and marginalized segments of society at affordable costs. This includes services such as credit facilities, entrepreneurial loans, mortgages, payment and remittance services, and savings accounts. The goal of financial inclusion is to ensure that everyone has access to financial services. In this context, ICT plays a pivotal role in enabling and supporting financial inclusion. This paper will explore the key components of financial inclusion and the related ICT developments that make it possible.