A Study On Digital Literacy For Individuals In Banking Transactions
Abstract
After demonization cashless economy is came with new culture in banking sector instead of physical bank notes or coins and uses digital money. This study will make an attempt to examine the approach of individuals towards the digital literacy. The study was conducted among sixty respondents group falls of 35 to 60 who are customers of bank. Key Words: Cashless economy, digital literacy, digital transaction, bank Introduction There are three principles of digital literacy the skills and knowledge to use a variety of digital media software applications and hardware devices, such as a computer, a mobile phone, and Internet technology; the ability to critically understand digital media content and applications; and the knowledge and capacity to create with digital technology. These principles are established and internationally accepted. [1]Digital information literacy is one aspect of this and very relevant for the 21st Century. Another term used in this context is fluency and this is where the following definition sits: 'Digital Information Fluency (DIF) is the ability to find, evaluate and use digital information effectively, efficiently and ethically. Digital Literacy is the ability to use information and communication technologies to find, evaluate, create, and communicate information, requiring both cognitive and technical skills. Whether you are new to computing or have some experience, Digital Literacy will help you develop a fundamental understanding of computers. Digitally literate persons would be able to operate computers and digital access devices like tablets, smartphones etc. Literacy implies a fuller understanding and a rounder knowledge. A literate person is aware of multiple information sources, the pros and cons of media forms, and the value and credibility of information. A literate person can process diverse data sources, and suggest macro relevance and micro application of seemingly disparate ideas. A digital education and awareness programme was organised by Centre for the Study of Social Change (CSSC) under union ministry of social justice and empowerment.
This program explained to senior citizens about how to use ordinary and smartphones phones and for banking and digital transactions. Explaining how the Business Correspondent model works, she also detailed how to carry out transaction using mobile apps for financial services and Aadhaar enabled apps for online transactions. “Digital banking and transactions will slowly become compulsory. It is in your interest to do this as you do not need to go all the way to the bank for all the work. Your mobile is now becoming your wallet and you must know how to use it with or without the internet for all your money transactions. ” She urged senior citizens to use government enabled payment systems like*99#, Rupay, UPI, BHIM, Aadhaar enabled payment systems among others for security and convenience in financial transactions. Research problemThe digital literacy concept and practice for banking sector has been in existence for time immemorial.
Digital literacy consists of a system of exercises that help a human being to achieve the work within short time with perfection. The banking industry plays important role in every indusial for their personal use and growth. It is observed that day by day banking sector frauds are increased. If we notice it is observed that main root cause of frauds is people are les aware of digital literacy and operation of banking system in digital infrastructure. The mortified person is taking advantages because people who operate banking transaction are less literate about digital infrastructure and their functions. Thus, the present study will focus on digital literacy perspective with reference to banking transactions. It may helpful them to do banking transactions safely and take advantages of d technology implementation Interdisciplinary relevanceDigital Literacy in general is a global activity of major proportions and of huge economic significance. But operators are worth learning for reasons other than its size and economic significance.
The temporary displacement of millions of people worldwide has social, cultural, and political consequences that should not be ignored. This will involve consideration of humanistic or interpretive understandings of digital Literacy status, as well as positivist, statistical, and empirical approaches to the subject. Review of research and development in the subjectAs per the 71st NSSO Survey on Education 2014, only 6 per cent of 16. 85 rural households have a computer implying that more than 15 crore rural households do not have computers and a significant number of these households are likely to be digitally illiterate. The PMGDISHA being initiated under Digital India Programme would cover 6 crore households in rural areas to make them digitally literate. As the thrust of the government is on cashless transactions through mobile phones, the course content would also have emphasis on Digital Wallets, Mobile Banking, Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD) and Aadhaar Enabled Payment System (AEPS), etc, the statement said. The implementation of the scheme would be carried out under the overall supervision of ministry of electronics and IT in active collaboration with states and union territories through their designated State Implementing Agencies, District e-Governance Society (DeGS), etc. As per Dr. Sukhamaya Swain, Dr. Lalata K Pani research title Frauds in Indian Banking: Aspects, Reasons, Trend-Analysis and Suggestive Measures the analysis stares reasons of banking sector frauds one of them is lack of digital literacy is main reason in operations for banking transactions.
HDFC Bank Limited will organise Digital Literacy camps in 100 colleges in Odisha as part of an initiative to educate more than 15,000 college students on the benefits of going cashless by conducting transactions through digital mode. During the drive, HDFC Bank officials will demonstrate through a presentation, the various transactions that can be easily, quickly, and safely conducted through NetBanking, Mobile Banking, USSD, PoS, and apps such as HDFC Banks Mobile app, UPI, and PayZapp, said Debashis Senapati, Zonal Head - Odisha, HDFC Bank in a statement today.
Prakash Borgaonkar, director, HelpAge India said, “Going cashless is the need of the hour and it is very important for senior citizens to understand how to transact digitally. Change is the rule of nature and those who change with time last longer. Today, change means going cashless. ” He added that along with MoSJE, HelpAge is organising awareness programs in rural areas and asked those present to bring more people in such awareness programmes and spread the mission. The ministry along with CSSE as its Regional Resource Centre for geriatric care is organising a series of such programmes across the city. International statusAccording to Damien O’Sullivan, CEO of ECDL Foundation:'The importance of international, and Public and Private Sector organisations supporting, funding, and/or implementing digital literacy initiatives is paramount to achieving its mission to enable proficient use of ICT that empowers individuals, organisations and society, and in doing so, raising digital literacy levels for economic development and social cohesion”. The study conducted by Smith (2003) explored on the current trend towards spiritual tourism, focusing on the quest for the enhancement of self through physical, mental and creative activities like holistic holidays, yoga tourism, ashram visit and certain kind of religious and pilgrimage tourism. The study provided an analysis of the factors that have created a need for personal and collective engagement in such forms of tourism. National statusThe Cabinet on Wednesday approved ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’ with an outlay of Rs 2,351. 38 crore to make 6 crore rural households digitally literate by March 2019. “The Union Cabinet chaired by Prime Minister Narendra Modi has approved ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’ (PMGDISHA) to make 6 crore rural households digitally literate. The outlay for this project is Rs 2,351. 38 crore to usher in digital literacy in rural India by March 2019,”. This is in line with the announcement made by the finance minister in the Union Budget 2017“PMGDISHA is expected to be one of the largest digital literacy programmes in the world,” The implementation of the scheme would be carried out under the overall supervision of ministry of electronics and IT in active collaboration with states and union territories through their designated State Implementing Agencies, District e-Governance Society (DeGS), etc. Axix Bank said, 'So far they have already educated over 2 lakh people across India through financial literacy camps.
Digi-Prayas is a three-month focused programme which targets to impact 80,000 people by training them on using various modes of digital banking. The bank has been conducting many financial literacy camps under its project 'Pragatishala' in the past and plans to continue the same across 600 rural branches. It is observe theDigital Financial Literacy week by RBI, one of the leading private banks of India- Axis Bank has initiated 'Digi-Prayas' to impart financial literacy to about 80000 people across country. It aim to make people well versed with financial tools, especially in rural areas.
Significance of the study in the context of current statusAfter the international focus on KYC, RBI brought a paradigm shift in the approach to KYC by banks in India. It moved away from introduction to document based identification - hence introduction is no more required in spite of that there is huge increments in Banking sector fraud. Frauds related to the advances portfolio accounts for the largest share of the total amount involved in frauds in the Indian banking sector. Increase in the cases of large value fraud (involving amount of Rs. 50 crore and above) in accounts financed under consortium or multiple banking arrangements involving even more than 10 banks at times, is an unwelcome trend in the banking sector. Another point that needs to be highlighted here is that public sector banks account for a substantial chunk of the total amount involved in such cases. Majority of the credit related frauds are on account of deficient appraisal system, poor post disbursement supervision and inadequate follow up. In 2014, around 65% of the total fraud cases reported by banks were technology-related frauds (covering frauds committed through / at an internet banking channel, ATMs and other payment channels like credit/debit/prepaid cards).
Business and technology innovations that the banking sector is adopting in their quest for growth are in turn presenting heightened levels of cyber risks. These innovations have probably introduced new vulnerabilities and complexities into the system. For example, the continued adoption of web, mobile, cloud, and social media technologies has increased opportunities for attackers. Similarly, the waves of outsourcing, offshoring, and third-party contracting driven by a cost reduction objective may have further diluted institutional control over IT systems and access points. These trends have resulted in the development of an increasingly boundary-less ecosystem within which banking companies operate, and thus a much broader “attack surface” for the fraudsters to exploit. The government is looking to digital India before that we need to find our chunk of people at their digital literacy level to build digital India effectively and efficiently for banking sector.
Objectives
- To identify various dread dynamic of manipulator for banking transactions in digital format.
- Review role and utilization of Digital literacy of manipulator for banking Transactions
- To recognize issues and challenges for Digital Banking Transactions for adulthood folks.
Methodology
The present research study is of exploratory and descriptive nature and has used the quantitative and qualitative research methods. The researchers are going to adopt quota Sampling technique for selection of sample from Maharashtra State and responses will be taken from bankers and middle age account operators. The sample size will be consisting of adequate respondents across the region. The ‘structured, un-disguised questionnaire’ will be developed from standard questions of relevant literature as a research instrument. For collecting data, researchers will conduct schedule interviews with the help of developed questionnaire. However, secondary data will be collecting with the help of print media like books, magazines, research articles on Google scholars and such other websites, related company literature. The Statistical Package for the Social Sciences Program (SPSS) version 19. 0 will be used in this study for all the statistical assessments. Analysis and finding Conclusion The technology development has significantly influenced our banking industry. The banking organizations have improved their services as a financial intermediary with the adoption of IT solutions. Digitalization changes face of branch banking. Today mobile is being increasingly used as a primary channel of banking and, the potency of providing relevant contextual information on mobile phones. Banking is being taken to places where Generation Y and Millennials spend most of their time – on social networks. Increasingly banks are integrating social media components into their online channels and we are beginning to see use-cases like transferring money to one’s Facebook friends or login to the bank using Facebook ID. Video banking offers banks the ability to expand the reach and convenience of customer engagement in a comparatively low-cost fashion. The most common uses of video in recent times are interactive teller, ATM with teller assists or in-branch video conferencing.
References
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