![Open Access](https://i-scholar.in/lib/pkp/templates/images/icons/fulltextgreen.png)
![Restricted Access](https://i-scholar.in/lib/pkp/templates/images/icons/fulltextred.png)
![Open Access](https://i-scholar.in/lib/pkp/templates/images/icons/fulltextgreen.png)
![Open Access](https://i-scholar.in/lib/pkp/templates/images/icons/fulltext_open_medium.gif)
![Restricted Access](https://i-scholar.in/lib/pkp/templates/images/icons/fulltextred.png)
![Restricted Access](https://i-scholar.in/lib/pkp/templates/images/icons/fulltext_restricted_medium.gif)
Technology Adoption by Rural Financial Institutions/ Micro Finance Institutions – Determinants, Status and Strategies
Subscribe/Renew Journal
The pace of economic development in our country is largely dependent on inclusiveness of rural areas in this process. Rural financial institutions (RFIs) and microfinance institutions (MFIs) have become an integral part of the financial landscape, and can play an important role in this regard. Technology occupies a crucial position in the process of development in modern times. The RFIs/MFIs are also required to leverage the technology to remain relevant, competitive and financially viable. This has necessitated the use of available technology to increase their outreach and expand their business. However, the socio-economic features of their clients are quite different from those in urban areas. This requires these institutions to employ suitable strategies so as to ensure adoption of technology by their clients. This paper discusses various determinants like impact of government policies and infrastructure developments, which could potentially influence these institutions and aid the diffusion of technology. The strategies adopted by these institutions for expansion of technology and the use of payment system have also been discussed in the paper. It also provides some suggestions for adoption of technology by these institutions in the days ahead.
Keywords
RFI, MFI, Technology, Aadhaar, Strategy, Awareness, Payment System
User
Subscription
Login to verify subscription
Font Size
Information
- Firstpost (2021): “Jio, Airtel add mobile subscribers in July, VIL loses 14.3 lakh users: Trai data”, Firstpost, 23 September. Accessed from https://www.firstpost.com
- Livemint (2021): “Big boost for UIDAI. Today 99% of Indian adult population holds Aadhaar Card”, Mint, 29 June. Retrieved from https://www.livemint.com
- National Bank for Agriculture and Rural Development (2021): Status of Micro Finance in India 2020-21, NABARD, Mumbai.
- Reserve Bank of India (2017): RBI Annual Report 2016-17, RBI, Mumbai.
- Reserve Bank of India (2019): Payment & Settlement Systems in India: Vision-2021 – Empowering Exceptional (E)payment Experience, Vision Documents, RBI, Mumbai. Retrieved from https://rbi.org.in
- Reserve Bank of India (2019a): Payment Systems Vision 2021 – Vision Statement, RBI, Mumbai. Retrieved from https://rbi.org.in
- Reserve Bank of India (2020): Report on Trend and Progress of Banking in India 2019-20, RBI, Mumbai. Retrieved from https://rbi.org.in
- Reserve Bank of India (2021): RBI Annual Report 2020-21, RBI, Mumbai. Retrieved from https://rbi.org.in
- Reserve Bank of India (2021a): Bank-wise ATM /PoS/Card Statistics - November 2021, RBI, Mumbai. Retrieved from https://rbi.org.in
- Reserve Bank of India (2021b): Ombudsman Scheme for Non-Banking Financial Companies, 2018, RBI, Mumbai.
- Reserve Bank of India (2021c): RBI Circular No. RBI/2021-22/98 DOR.AML.REC 48/14.01.001/2021-22 dated 13 September 2021.
- Sa-Dhan (2020): The Bharat Micro Finance Report 2020, Sadhan, New Delhi.
![](https://i-scholar.in/public/site/images/abstractview.png)
Abstract Views: 225
![](https://i-scholar.in/public/site/images/pdfview.png)
PDF Views: 0