Notes

ICT stands for Information communication technology. A tool that makes work simpler and flying. We are leaving in highly advance technology world so every work through ICT complete in a snap. As wee see statistics after the ICT intervention from last few years the economy is growing in rapidly.
According to world bank global findex database 2014, India has 21% of adults are unbanked and only 53% of adult in the country have an account in a formal financial institution.
The government has taken several initiatives to delivering a financial product. As we all know 65% population of India is below 30 age, So the ICT technologies adoption rate is very high.

The main three objectives of paper were:
1. To identify the factors that determine the usage of ICT in rural areas.
2. To review the effect of Information and communication technologies on accessing financial services by rural
people.
3. To develop a conceptual model that measures the impact of ICT on financial inclusion

70% of the population of India are in rural area. It is very challenging to engage them in financial inclusion that the main bottleneck but the technologies adoption rate is very high so probably we can say everywhere there is a smartphone. The government started all banking services online and it can be used with an only phone, not an even requirement of smartphones.
As we said the government has several initiatives are as under that help the usage of ICT in the rural area:
Pradhan Mantri Jan Dhan Yojana (PMJDY):
-The fetching features such as zero balance accounts, overdraft facilities, and free life insurance coverage.
-Under this scheme, nearly 97% of new accounts were in public sector banks in which 72% of the account contains zero balances. The other initiatives are
Mobile Banking, General Credit Card, Kisan Credit Card, Unique Identification Number (UID), Real Time Gross Settlement (RTGS), Electronic Clearance Service (ECS), G2P Payments, Core Banking Systems, biometric ATM, Mobile ATM, Micro ATM, Smart cards, Monitoring Business Correspondents.
So, there are various initiatives taken place by the government but every scheme has their pros and cons.
As we look for the review through statistical data it is looking very effective because through this all schemes we can say there is transparency in the system because of digitization.
The relaxation of Know Your Customer (KYC) norms and PIN numbers for the smart cards would enable obstacles like fraudulence, anti-money laundering, Bankruptcies and security issues which in turn reduces the trust level of rural consumers about the financial institutions.