JJEM: Special Edition 1 (December 2023)
JJEM: Special Edition 1 (December 2023)
2023-12-08
An overview of Digital Finance on Financial Inclusion in India: A Conceptual study
Mr. Ramachandrappa B. M. and Dr. Giridhar K.V.
Financial inclusion is providing financial services and products to weaker sections of society or low-income individuals or groups of society at a reasonable cost. The general truth is that if the country needs to strengthen its economic growth, then it can only be possible for all sections of the population of the country to access formal banking financial services and products. In this regard, the government of India has been introducing a number of various social security schemes and programs to the weaker sections of society to access formal banking services and products today. With the help of digital finance and microfinance, financial inclusion has made tremendous changes in the banking system to access financial services and products for the well-being of people as well as small, medium, and large businesses, pertaining to strengthening the GDP of the Indian economy for the long run. Five areas of financial inclusion, like banking, savings, credit, insurance, and advances, play a significant role in encouraging people who are living in economically backward regions to access formal banking services in large numbers. The digital India initiative can easily connect the different groups of society and help achieve the objective of financial inclusion through digital banking
Financial Inclusion, Digital Finance, Economy, Development, Social Security Schemes