The Digital Revolution in Financial Inclusion and Challenges in Fintech Era

Abstract

An efficient financial system is an essential requirement for any country’s socio-economic growth. A financial system is needed to mobilize the savings and allocate these to productive investments. Financial inclusion is a matter of concern for the policymakers as it is an enabler for inclusive growth. Till now a large number of efforts have been made by the Government of India and Reserve Bank of India to include the financially excluded segments of society in the financial mainstream. Digital financial inclusion has emerged as a game changer for the under-served as well as un-served low-income households and micro and small enterprises. This article seeks to provide a platform to help identify the various issues that emerging technologies, challenges, and digitalization present for financial inclusion in the Fintech era.