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The Impact of Fintech and Digital Financial Services on Financial Inclusion in India

Author

Listed:
  • Mohammad Asif

    (College of Administrative and Financial Science, Saudi Electronic University, Riyadh 11673, Saudi Arabia)

  • Mohd Naved Khan

    (College of Administrative and Financial Science, Saudi Electronic University, Riyadh 11673, Saudi Arabia)

  • Sadhana Tiwari

    (School of Business Studies, Sharda University, Greater Noida 201310, Uttar Pradesh, India)

  • Showkat K. Wani

    (College of Administrative and Financial Science, Saudi Electronic University, Riyadh 11673, Saudi Arabia)

  • Firoz Alam

    (College of Administrative and Financial Science, Saudi Electronic University, Riyadh 11673, Saudi Arabia)

Abstract

India’s financial inclusion has significantly improved during the last several years. In recent years, there has been a rise in the number of Indians who have bank accounts, with this figure believed to be close to 80% at present. Fintech businesses in India are progressively becoming more noticeable as the Government of India (GoI) continues to strive for expanding financial services to the underbanked sector of the population. To reach the underbanked segments of the population and provide a stable operating environment for fintech businesses, India must seek to increase financial inclusion. In this study, regression and correlation were employed, together with secondary data gathered from the RBI, to analyze this influence. The aim was to determine the impact of fintech and digital financial services on financial inclusion in India. According to the results, fintech businesses have significantly aided financial inclusion in this nation, especially for the middle class. These findings will be helpful for policy-makers working hard to bring every individual in this country into an organized financial system.

Suggested Citation

  • Mohammad Asif & Mohd Naved Khan & Sadhana Tiwari & Showkat K. Wani & Firoz Alam, 2023. "The Impact of Fintech and Digital Financial Services on Financial Inclusion in India," JRFM, MDPI, vol. 16(2), pages 1-12, February.
    • Handle: RePEc:gam:jjrfmx:v:16:y:2023:i:2:p:122-:d:1069230
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    References listed on IDEAS

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    Cited by:

    1. Muhammad Suhrab & Chen Pinglu & Ningyu Qian, 2024. "Equality in the digital age: leveraging technological innovation for fostering access to financial services," SN Business & Economics, Springer, vol. 4(12), pages 1-35, December.
    2. Ozili, Peterson K, 2024. "Digital agency theory of financial inclusion: a theory of digital financial inclusion," MPRA Paper 123296, University Library of Munich, Germany.
    3. Drago, Carlo & Minnetti, Francesco & Di Nallo, Loris & Manzari, Alberto, 2025. "Uncovering patterns of fintech behavior in Italian banks: A multidimensional statistical analysis," Research in International Business and Finance, Elsevier, vol. 73(PA).
    4. Pushpkiran Singh & Tejas Dave & Ashish B. Joshi, 2024. "Moderating role of Digital Consumer Protection in Impacting the Intention to Use Digital Financial Services," International Review of Management and Marketing, Econjournals, vol. 14(5), pages 222-234, September.
    5. Weidong Huo & Wang Xiohui & Muhammad Zulfiqar & Ahmed Chand & Muhammad Rizwan Ullah, 2024. "Communication dynamics: Fintech’s role in promoting sustainable cashless transactions," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.
    6. Huo, Songtao & Ni, Likun & Basheer, Muhammad Farhan & Al-Aiban, Khalid M. & Hassan, Saira Ghulam, 2024. "The role of fintech, mineral resource abundance, green energy and financial inclusion on ecological footprint in E7 countries: New insight from panel nonlinear ARDL cointegration approach," Resources Policy, Elsevier, vol. 94(C).

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