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Financial inclusion is considered to be an important tool for inclusive growth and poverty alleviation. It involves delivery of financial services at affordable cost to poor and marginalized sections of the society. Access to financial services such as bank facilities, credit and insurance at affordable rates is important to improve their general living conditions as it provides an opportunity for saving and investment. Many studies have showcased the relationship between financial inclusion and equitable development. Government of India and Reserve Bank of India adopted bank led approach and promoted several measures through the medium of commercial banks such as the opening of ‘no-frill’ bank accounts, simplifying bank account opening procedures, use ofintermediaries such as Business Correspondents or Facilitators, relaxation of branch licensing policy, direct benefit transfer, mobile banking, etc. However, several demand and supply side impediments still exist.Technology came to be viewed as a solution not only to extend banking facilities to the unbanked, but also to reduce the transaction cost for banks and make financial inclusion a viable proposition. Technology in respect of payment and settlement systems, delivery of financial services, goes a long way in promoting financial inclusion. The study makes an attempt to examine the need for and the importance of technology adoption by banks and the effectiveness of various technology related products. The study hopefully serves to direct the attention of the policy makers to the need to devise and deliver appropriate financial products leveraging technology, promote awareness, address safety concerns, achieve wider application for more inclusiveness.

Technology Adoption by Commercial Banks as an Aid in Financial Inclusion