ICICI Digital Village

ICICI Bank has announced the creation of the “ICICI Digital Village” at Akodara in Sabarkantha district of Gujarat.

ICICI : Industrial Credit and Investment Corporation of India.

Salient features of Digital village:

  • It enables villagers to use technology in banking, payments, education, health care and other services.
  • It aspires to include cashless transactions, paperless textbooks, with children reading books on LED screens and tablets, telemedicine and Wi-Fi connectivity.
  • The digital village initiative had three dimensions —
    1. Access to banking and seamless banking services;
    2. Leveraging technology in social sectors for improvement in the lives of the villagers
    3. Creating enabling infrastructure to make technology available and access and disseminate information.
  • The digital village is not limited to providing cashless banking through digital platforms, but was focused on use of technology in all aspects of every resident there.
  • Banks can be agents of social transformation, and cashless transactions will bring down black money significantly in the system.
  • (This village, named Akodara, in Sabarkantha district of Gujarat incidentally happens to be the same place where Modi started Gujarat’s first animal hostel in 2011 when he was the Chief Minister of the state.)
  • The Industrial Credit and Investment Corporation of India (ICICI) was originally set up as an Indian financial institution at the initiative of the World Bank, the Government of India and representatives of Indian industry to provide project financing to Indian businesses.
  • It later got merged with ICICI Bank, which was set up in 1994.

Sources: The Hindu.

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