ICT's Critical Role in Financial Inclusion: An Opportunity for India

Abstract

Purpose: This chapter attempts to apply Information Communication and Technology (ICT) to explain the increase in financial inclusion in the Indian financial system. The increasing use of facts and communication technology is integrating the arena. India’s information and conversation era is an industry that embodies globalization’s possibilities to develop low-profit economies.

Design/Methodology: The study is based on secondary data. The scope of the survey will only be confined to a financial institution in the economic systems of India. Various policy documents, lectures, reports, surveys, etc. of financial regulators and ministries are explored for analysis in the context of the objectives set. One of the largest challenges Indian banks will face in the next decade is banking operations, which is 50 per cent of India’s populace of around 1.2 billion (World bank, Overview 2021). The Reserve Bank of India encourages banks to use technology to maximize and attain growth profitability within the United States’ maximum faraway regions. For instance, ICT allows unknown clients to use biometrics to prompt their financial institution debts, disposing of the need for signatures.

Findings/Conclusion: The chapter concludes with numerous suggestions for expanding the manner of financial inclusion to reach the extremes of the Indian economy.

Citation

Tandon, D. and Sood, D. (2023), "ICT's Critical Role in Financial Inclusion: An Opportunity for India", Grima, S., Sood, K. and Özen, E. (Ed.) Contemporary Studies of Risks in Emerging Technology, Part B (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 231-241. https://doi.org/10.1108/978-1-80455-566-820231012