TECHNOLOGY WAY FORWARD TO FINANCIAL INCLUSION: A STUDY ON THE ROLE OF TECHNOLOGY

The country progresses not only of growth of income but it is dependent on the
sustainable growth of the economy. For the sustainable growth depends largely
upon the inclusion of all the sections of including the underprivileged and
marginalised sections of the populations into the mainstream of the society. One of
the way in which these can be brought to the mainstream is the easy accessibility of
financial products and services. Their small savings can be a great contributor to
the capital growth thereby it can be channelized credit requirement very same
marginalised groups. The central and state government are taking joint effort with
the financial institutions to bring these financial excluded groups into the
mainstream of the society. But the success rate is not much encouraging, it is evident
from the fact that there great divide between urban and rural population in availing
the financial products and services. There is great urgent need to bring these
sections of the population to the organised financial inclusion programme. In this
direction the technology can be a great asset to bring them within the formal
banking and financial channels. The formal banking and financial institution will
leverage on the cost reduction and at same time more and more customers, whereas
the general public will gain by having easier accessibility for their credit
requirement. The society will benefit with greater human development. Therefore
this paper has made an attempt to study the contribution of the technology towards

the financial inclusion in the country. The paper also examined the different
technological advancement in the banking and financial institutions. The paper
found that the if the technology used in the desired direction it can definitely bring
the marginalised groups into mainstream society which in turn lead to better society
and the human development of the country will also enhanced