Inclusion In India Research Articles

The Role Of Non-Banking Financial Companies (NBFCS) In Enhancing Financial Inclusion In India: Opportunities And Challenges

.

The Impact of Financial Inclusion as a tool for Inclusive Development

The pursuit of financial inclusion in India has a long and storied history. Financial inclusiondescribes the policy of providing low-income people with easy and affordable access to credit and otherfinancial services. The goal of Financial Inclusion is to promote economic growth by making it such thatpeople from all socioeconomic backgrounds have equal access to, use of, and profit from the formalfinancial system. The promotion of economic parity has recently emerged as one of the most pressingissues facing modern society. In India, the concept of financial inclusion presents a challenge since thegreat majority of the population is still denied access to inclusive economic growth. Credit access isincreasingly seen as a tool for economic growth. Consider the effects of financial inclusion on inclusivedevelopment in this paper.

Enhancing financial inclusion in India: the impact of socioeconomic and macroeconomic factors

Enhancing financial inclusion in India: the impact of socioeconomic and macroeconomic factors

A Study on Accelerating Digital Financial Inclusion for positioning India through AI-enabled Banking Services

This research paper examines the role of AI-enabled banking services in accelerating digital financial inclusion in India, with a focus on positioning the country for the future. Financial inclusion, granting access to financial products and services, is crucial for India's economic growth and development. Despite progress, challenges like the digital divide and limitations of traditional banking models hinder inclusion, particularly in rural areas. The study proposes that AI-enabled banking services can be a game changer. AI can personalize financial products, improve creditworthiness assessments for under-served populations, and enhance security. By leveraging AI, India can empower its citizens, promote financial literacy, and solidify its position as a global financial leader. The study also explores the potential benefits and challenges associated with implementing AI in the Indian banking sector, considering factors such as regulatory frameworks, infrastructure requirements, and user adoption. The research explores how AI can address existing hurdles and proposes strategies for leveraging AI responsibly and ethically for inclusive financial growth. The paper aims to contribute to the ongoing dialogue on utilizing AI to empower all Indians and achieve sustainable economic development. This study used review of literature and survey as primary data to assess the impact of AI on digital financial inclusion. The present study discovered that AI has a strong influence on digital financial inclusion in areas related to behavioral finance, customer satisfaction and service efficiency.

Unveiling the factors influencing financial inclusion in India: a comprehensive analysis

Unveiling the factors influencing financial inclusion in India: a comprehensive analysis

Role of Fin-tech in Promoting Financial Inclusion in India

Role of Fin-tech in Promoting Financial Inclusion in India

Digital Finance-Fintech and it’s Impact on Financial Inclusion in India

Financial inclusion stands as a critical driver of economic empowerment and social development, ensuring that individuals across diverse socio-economic strata have access to and can effectively utilize formal financial services. In the context of India, where millions have historically been excluded from traditional banking systems, the emergence of digital finance presents a promising avenue for bridging this gap and fostering greater financial inclusion. This research paper delves into the transformative role of digital finance in driving financial inclusion in India, with a particular focus on understanding its impact on key aspects of financial access and empowerment. Central to our exploration is the definition of financial inclusion as the ability to access and effectively utilize a spectrum of formal financial services. In this context, we examine how digital tools such as credit/debit cards, internet banking, mobile banking, and the Unified Payments Interface (UPI) can empower individuals, particularly those who have been previously excluded from traditional banking systems. By investigating the impact of these digital instruments across ten key aspects of financial inclusion, including convenience, success rate of transactions, affordability, security, user-friendliness, timeliness, customer care support, internet connectivity, and overall usability, we aim to discern their strengths and weaknesses in promoting financial inclusion. Through a systematic analysis of each dimension, we seek to uncover the transformative potential of digital finance in bridging the financial gap in India. Our research will contribute valuable insights into the effectiveness of digital finance initiatives in fostering financial inclusion, providing evidence-based recommendations for policymakers, financial institutions, and fintech companies seeking to create a more inclusive financial landscape for all segments of Indian society. This research is not merely theoretical but grounded in empirical evidence and real-world observations. By synthesizing findings from existing literature and complementing it with primary data analysis, we aim to provide a comprehensive understanding of the dynamics shaping digital finance and financial inclusion in India. Our findings will be particularly relevant for policymakers, financial regulators, and industry stakeholders, informing strategic decision-making and shaping the future direction of digital finance initiatives in India.

Empowering Financial Inclusion: The Crucial Role of Public Sector Banks in Implementing Pradhan Mantri Jan-Dhan Yojana (PMJDY)

Abstract: The role of public sector banks (PSBs) in advancing the Pradhan Mantri Jan Dhan Yojana (PMJDY) is critical to achieving financial inclusion in India. PSBs play a pivotal role in ensuring the success of PMJDY by facilitating universal access to banking services, empowering individuals with financial knowledge, providing credit and insurance services, promoting digital financial transactions, and contributing to the overall economic development and well-being of marginalized populations. Their proactive involvement and strategic interventions are essential in building a more inclusive and resilient financial ecosystem in India. This paper examines the multifaceted contributions of PSBs towards PMJDY, including account opening initiatives, integration with Direct Benefit Transfer (DBT) schemes, financial literacy programs, promotion of microinsurance and credit facilities, encouragement of digital payments, and robust monitoring and reporting mechanisms

BARRIERS IN ADOPTION OF FINTECH BY STREET VENDORS AND HAWKERS IN INDIA USING INTERPRETIVE STRUCTURAL MODELING

The adoption of financial technology (fintech) has the potential to make banking and financial services more accessible and convenient for all, but there are significant barriers preventing the adoption of fintech by street vendors and hawkers in India. This study aims to identify and analyse the barriers to fintech adoption using interpretive structural modelling (ISM). The research identified nine key barriers to fintech adoption, including perceived risk, lack of trust, lack of perceived benefit, social influence, lack of awareness, cash culture, lack of literacy, perceived ease of use, and lack of financial literacy. The study utilizes ISM to develop a hierarchy of these barriers and their interrelationships. The findings suggest that to promote the adoption of fintech, it is essential to build trust and awareness of fintech services through education and out-reach programs. This research provides a comprehensive understanding of the barriers to fintech adoption among street vendors and hawkers in India and offers insights into how these barriers can be overcomed. The study contributes to the development of strategies that can help promote the adoption of fintech among marginalized populations and advance financial inclusion in India.

Financial inclusion in India: How far do grassroots institutions matter?

AbstractThough the relevance of grassroots institutions for financial inclusion (FI) is widely recognised, we still do not fully understand its differential effect on FI, particularly in relation to commercial banks. To investigate this issue, we consider the household's moneylender dependence as an indicator of financial exclusion and thus our outcome variable. Further, we have developed FI indices using indicators of commercial and cooperative banks, which we used as explanatory variables in our analysis. Our results show that, while there is a decreased dependence on moneylenders even at low levels of FI through cooperatives, commercial banks show an inverted U‐shaped relationship implying a decreasing effect only after a threshold level.

The Crucial Role of Commercial Banks in Financial Inclusion and Entrepreneurial Development

This paper explores the crucial role of commercial banks in promoting financial inclusion and entrepreneurial development, with a focus on the Indian economic landscape. It begins by defining financial inclusion and highlighting the importance of ensuring access to financial services for marginalized groups. The study outlines the research objectives, including assessing the current landscape of financial inclusion, analyzing banking practices, and proposing strategies for improvement. A review of the literature synthesizes recent scholarly research on the role of commercial banks in driving financial inclusion and supporting entrepreneurship. The paper then examines the phased evolution of financial inclusion in India, highlighting the initiatives and practices of commercial banks aimed at expanding access to finance. It discusses challenges such as last-mile connectivity and the digital divide, as well as opportunities presented by fintech solutions and partnerships. The conclusion emphasizes the importance of embracing innovation, strengthening partnerships, prioritizing financial literacy, advocating for policy reforms, and monitoring impact to advance financial inclusion and entrepreneurial development. Suggestions for stakeholders to collaborate in achieving these objectives are provided. Overall, the study underscores the transformative potential of commercial banks in fostering inclusive growth and economic empowerment in India and beyond.

Empowering Women: E-Shakti's Impact on Self-Help Groups Digitization and Financial Inclusion in India

The study assesses the influence of the National Bank for Agricultural and Rural Development’s (NABARD) Project E-Shakti on the digitization of Self-Help Groups (SHGs) and the economic position of women in India. The study evaluates the project's outcomes using data from NABARD's Status of Microfinance in India reports from 2007-08 to 2022-23. The number of SHGs credit linked, savings of SHGs, loans disbursed to them, loans outstanding against them, and non-performing assets (NPA) were the variables considered for the study. Trend analysis and correlation were applied to the available data. For the analysis of the data, the Python algorithm was used. The study's findings indicate that Project E-Shakti intensely boosted the number of districts served and SHGs linked to formal finance, reducing their dependency on informal sources. The project also resulted in a significant increase in loan disbursement to SHGs, indicating enhanced financial sustainability and accessibility. The digitization of SHGs improved women's economic conditions by allowing them to engage in income-generating activities. The programme helped to reduce non-performing assets, signifying its beneficial impact on the financial health of SHGs. Refinance to Non-Banking Financial Companies- Microfinance Institutions (NBFC-MFIs) showed a boost after E-Shakti but then a volatile pattern was observed in the subsequent years. Project E-Shakti was a success in terms of promoting digitization, increasing financial inclusion, and improving women's economic empowerment in SHGs. To maximize the long-term benefit of digitization programmes, the study proposes increasing their scope, investing in digital literacy training, and enhancing monitoring and evaluation procedures.

Financial Inclusion as a Driver For Emerging Country Like India

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” These words of Franklin D.Rosseuelt are in the line of present economic condition of underdeveloped countries like India. India's economy, which is expanding quickly, must adhere to the philosophy of everyone's support and growth. Financial inclusion (FI) has proven to be the most effective weapon in the fight for inclusive growth and sustainable development in the present scenario. It is regarded as the precursor that would enable wider participation by vulnerable groups such as weaker portions and low income group in the financial system. The objective of this study is to understand the present status of financial inclusion in India, flaws that are impeding the progress of financial inclusion and schemes providing access to inexpensive financial service like banking and insurance.

The Use of Digital Payment Methods and its Implications on Financial Inclusion: A Survey Study

In the digital era, the advent of electronic payment systems has revolutionized financial transactions, with significant implications for financial inclusion. This research paper delves into the dynamics of digital payment methods and their impact on financial inclusion in India, focusing on user demographics, adoption rates, perceptions, and barriers to usage.
 The study was underpinned by several research objectives aimed at understanding the nuances of digital payment adoption across different demographic segments, assessing the perception of security and privacy, evaluating the role of digital payments in reducing cash dependency, identifying the adoption barriers, and recommending inclusive strategies for broader access. A set of research questions and hypotheses were formulated in line with these objectives.
 A quantitative research approach was employed, involving a survey disseminated across multiple Indian states. The survey, comprising structured questionnaires, targeted a diverse population segment, accumulating a total of 500 responses. The data collected was rigorously analyzed using descriptive statistics, inferential tests (t-tests and ANOVA), and thematic analysis for open-ended responses.
 Key findings of the study indicated a higher propensity for digital payment adoption among younger individuals, with notable hesitancy among older demographics. Security and privacy concerns were prevalent, significantly influencing user behavior, particularly among females. The research also highlighted a substantial reduction in cash dependency among digital payment users, indicating an increase in financial autonomy. However, significant barriers, including digital literacy, infrastructure inadequacies, and language barriers, especially in rural areas, impede widespread adoption.
 These findings have profound implications for financial inclusion, emphasizing the need for a multifaceted approach to address the digital divide. The study underscores the necessity for stakeholder collaboration in enhancing digital infrastructure, literacy, and trust, thereby fostering an inclusive financial environment. The insights derived are of paramount importance for policymakers, financial institutions, and fintech companies aiming to innovate and expand the reach of digital financial services.

Economic Evaluation of Targeted Therapies for Anaplastic Lymphoma Kinase- and ROS1 Fusion-Positive Non-Small Cell Lung Cancer in India.

Targeted therapies, such as crizotinib and ceritinib, have shown promising results in treating non-small cell lung cancer (NSCLC) with specific oncogenic drivers like anaplastic lymphoma kinase (ALK), c-ros (ROS1) oncogene, etc. This study aims to assess the cost-effectiveness of these therapies for patients with NSCLC in India. The Markov model consisted of three health states: progression-free survival, progressive disease, and death. Lifetime costs and consequences were estimated for three treatment arms: crizotinib, ceritinib, and chemotherapy for patients with ALK- and ROS1-positive NSCLC. Incremental cost per quality-adjusted life-year (QALY) gained with crizotinib and ceritinib was compared to chemotherapy and assessed using a willingness-to-pay threshold of one-time per capita gross domestic product in India. The total lifetime cost per patient for ALK-positive NSCLC was ₹332,456 ($4,054 US dollars [USD]), ₹1,284,100 ($15,659 USD), and ₹2,337,779 ($28,509 USD) in the chemotherapy, crizotinib, and ceritinib arms, respectively. The mean QALYs lived per patient were 1.20, 2.21, and 3.34, respectively. For patients with ROS1-positive NSCLC, the total cost was ₹323,011 ($3,939 USD) and ₹1,763,541 ($21,507 USD) for chemotherapy and crizotinib, with mean QALYs lived per patient of 1.16 and 2.73, respectively. Nearly 92% and 81% reduction in the price of ceritinib and crizotinib is required to make it a cost-effective treatment option for ALK- and ROS1-positive NSCLC, respectively. Our study findings suggest that the prices of ceritinib and crizotinib need to be reduced significantly to justify their value for inclusion in India's publicly financed health insurance scheme for treatment of patients with locally advanced/metastatic ALK- and ROS1-positive NSCLC, respectively.

Financial inclusion in India: an analysis from the user-side perspective

PurposeThe aim of the paper is to examine the status and determinants of financial inclusion in India by using the recent micro-level survey data.Design/methodology/approachThe authors construct a multidimensional financial inclusion index to measure the status of financial inclusion in the selected 17 states of India. Subsequently, the authors use the probit model estimation to examine the determinants of all financial inclusion indicators.FindingsThe authors find that southern and north-eastern states perform better in the overall financial inclusion index. In contrast, states like Odisha, Madhya Pradesh, Chhattisgarh, Rajasthan and Uttar Pradesh lag behind. The estimated result shows that the probability of being financially included is higher among urban, richer, educated and salaried individuals. Further, the findings indicate the lower penetration of bank branches and ATMs in the rural parts of the country.Originality/valueWhile numerous studies have explored financial inclusion from a macro-level perspective, there exists a notable gap in the literature at the micro-level. This paper aims to address this gap and contributes to the existing literature in two ways. Firstly, it uses the recent micro-level survey data to construct a multidimensional financial inclusion index for the selected Indian states. Secondly, it examines individual-level attributes as the determining factors of financial inclusion, which has been overlooked in India.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0162

Digital Technology Improving Financial Inclusion in India: Post Covid Evidence

Technology is transforming the financial inclusion landscape and growing the digital infrastructure that is essential to accomplishing numerous national objectives. The Covid-19 pandemic and the subsequent lockdowns imposed in 2020–21 significantly impacted economies worldwide due to restricted mobility and disrupted goods and services, while also exposing the vulnerabilities of traditional financial systems. Amidst this challenging scenario, technology played a crucial role in bridging gaps and enhancing financial access.
 There has been a pivotal role of digital technology in improving financial inclusion prospects, especially during the COVID-19 outbreak, when access to digital transactions and financial services became a necessity to prevent economic collapse. Governments around the world responded by offering financial support to citizens, creating both opportunities and difficulties for promoting financial inclusion.
 Due to its ability to enhance the lives of those with low incomes, financial inclusion is still a subject of extensive investigation. Subsequent analyses highlight the mutually beneficial connections between digital technology, financial inclusion, and economic expansion.
 This research has been carried out in the Indian context using only secondary sources of data, to provide a comprehensive, evidence-based analysis of the role of digital technology in improving financial inclusion with particular reference to the Pre- and Post-Covid eras. A variety of published reports and articles, including newspaper stories, journal articles, and policy papers, have been utilized to conduct the semi-systematic evaluation.
 Drawing from secondary sources of data through documentary analysis, this study uncovers compelling evidence of how digital technology has expanded financial inclusion in India and the Covid-19 pandemic has acted as the prime catalyst of this process. The evidence presented herein also contributes to the growing body of research on financial inclusion's impact on low-income livelihoods and serves as a catalyst for future studies on leveraging technology for economic growth and improved financial well-being.
 The study's overall conclusions indicate that there is a strong correlation between the acceleration of financial inclusion in India and the Covid-19 measures for the quick, simple, and widespread accessibility of digital technology. The post-COVID increase in the RBI's Digital Payments Index (RBI-DPI) underscores India's astonishing leap in digital payment usage, which has been fuelled mostly by the success of UPI. The use of Aadhaar and digital payment options, as well as increased competition, has increased financial inclusion, all made possible through contributions from the implementation of the JAM trinity (Jan Dhan, Aadhaar, and Mobile).

Measurement of Financial Inclusion Disparity Among Indian States: An Empirical Study using Wroclaw Taxonomic Methodology

Financial inclusion is an essential aspect of economic growth. A well-designed financial system significantly aids in the development of a nation, encourages individuals to save, combats poverty and lessens inequality. Finance inclusion is usually accepted as the primary gauge for the expansion of any economic activity. Therefore, this article aims to provide more exhaustive insight into the performance of financial inclusion at the sub-national level in India. The study has adopted the Wroclaw taxonomic method for developing the composite index of financial inclusion in India, covering the period from 2012 to 2022. The Financial Inclusion Index (FII) is a multi-dimensional phenomenal index that measures many aspects of financial inclusion on a scale from zero to one, where “zero” represents total financial exclusion and “one” means complete financial inclusion in an economy. The results show that Chandigarh is ranked 1st out of the 34 states and UTs with an FII value of 0.09. Bihar has the lowest FII score of 0.75, placing it at 34th in India. The current study will assist the policymakers, government and Reserve Bank of India in formulating policies on financial inclusion in India.

Financial Inclusion in India: A Comparative Study of Male and Female

Financial Inclusion in India: A Comparative Study of Male and Female

Role of caste based political parties in financial inclusion in India

Role of caste based political parties in financial inclusion in India