We study information theoretic geometry in time dependent quantum mechanical systems. First, we discuss global properties of the parameter manifold for two level systems exemplified by i) Rabi oscillations and ii) quenching dynamics of the XY spin chain in a transverse magnetic field, when driven across anisotropic criticality. Next, we comment upon the nature of the geometric phase from classical holonomy analyses of such parameter manifolds. In the context of the transverse XY model in the thermodynamic limit, our results are in contradiction to those in the existing literature, and we argue why the issue deserves a more careful analysis. Finally, we speculate on a novel geometric phase in the model, when driven across a quantum critical line.