Fintech's and digital financial services' impact on financial inclusion in india

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; at the moment, it is believed that this figure is close to 80%. FinTech businesses in India are progressively becoming more noticeable as the Government of India (GoI) continues to strive on expanding financial services to the underbanked sector of the population. To reach the underbanked portions of the population and provide a stable operating environment for FinTech businesses, India must seek to increase financial inclusion. Regression and correlation were employed, together with secondary data gathered from source of the RBI, to analyses this influence. As a result, the study's goal is to determine the impact of fintech and digital financial services on financial inclusion in India. According to research results, fintech businesses have significantly aided financial inclusion in this nation, especially for the middle class. These findings will be useful for policymakers who are working hard to bring every person of this country into an organized financial system.