IoT holds immense relevance for our rural ecosystem that is gaining strength from flagship schemes like Jan Dhan Yojana which attempts to push the boundaries of financial inclusion by making the basic banking services tangible for the poorest of poor. Opening a bank account is one thing but to make a remotely located individual access that account without any locomotion hassles is something that IoT can achieve with ease.
Banks are now paving way for business correspondents who travel to the remotest of areas to let people avail the basic banking services through smart devices such as mobile ATMs or card readers. These devices are seamlessly connected to the back offices of banks. IoT focusses on a smart interpersonal communication to avail urbane amenities over a vast network of connected things, from the comfort of home. This makes it a potential deterrent for the rural to urban migration that is flooding the urban milieu with ill-functioning slums.