Financial Inclusion
DOI:
https://doi.org/10.58213/vidhyayana.v8i5.688Keywords:
Fin Tech, Financial Freedom, Micro Finance, Banking Services, Financial LiteracyAbstract
Purpose: Financial inclusion refers to access to affordable financial services for all people and businesses, seen as crucial for poverty alleviation and economic empowerment. Financial Inclusion research aims to understand and promote access to financial services for underserved populations. This includes exploring barriers to access and developing solutions to improve financial literacy, access to credit and other financial products, and overall financial health. The goal is to improve financial stability and economic opportunity for individuals, communities, and countries.
Method: The authors of this paper conduct a study on financial inclusion by comparing the utilization of financial services available to the general public in India with other countries. They gather data from various sources such as the Reserve Bank of India (RBI) bulletin and published secondary sources. They also consider previous research studies on digital financial inclusion to compare the current state in India with other countries. Additionally, data is collected from various sources such as government reports, financial institutions, and survey data to understand the extent of financial inclusion in a particular region or country.
Finding: The finding of the paper are problems in financial inclusion can include lack of access to banking services, limited knowledge and understanding of financial products and services, and low levels of financial literacy. Possible solutions to these problems include government policies and programs to increase access to banking services, financial education initiatives to increase awareness and understanding, and the development and implementation of new technology-based financial services.
Social implication: Practices for social implications of financial inclusion includes education and awareness programs, creating inclusive financial products and services, collaborating with community-based organizations, promoting digital literacy, and ensuring access to financial services in underrepresented populations.
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