'IT experts need to pay attention to education'

Imaginatively used IT can provide answers to the country’s pressing needs in the areas of education. IT provides the means to take quality education to the most distant corners, according to C Rangarajan, chairman, Economic Advisory Council to the Prime Minister.

“In fact, our software experts need to pay attention to this and find solutions to meet our needs," he said in his address on ‘The second industrial revolution’ at ITsAP (IT and ITeS Industry Association of AP)’s 20th annual awards function here on Monday.

Stating that IT had a positive impact on the payment and settlement systems of the country, Rangarajan said with some path-breaking initiatives, the ‘electronification’ of payment system had become the hallmark of the decade that had gone by.

 

The introduction of real-time gross settlement (RTGS) system has resulted in not only compliance with international standards but also paved the way for risk-free fund transfers settled on a real-time basis, he said.

“As we look ahead, technology adoption will enable banks to further the cause of financial inclusion. Harnessing technology holds the key for faster reach even more than the brick-and-mortar model. In effect, technology will give the proverbial last-mile connectivity to the untouched segment,” he said.

Rangarajan said currently there were 700 million mobile connections in place and for achieving financial inclusion it may be worthwhile to piggyback on the mobile telephony platform

“Just as ATM or smartcard technology permits a bank customer to authenticate oneself and then conduct banking transactions in a secured fashion, it is perhaps worthwhile to consider whether the ubiquitous mobile phone that is already in the hands of most Indians can be used for authentication and banking transactions in a secured fashion,” he added.