The Role of Financial Technology (FinTech) in Promoting Financial Inclusion in India
Dr. Ramesh Kumar
Assistant Professor
Department of Economics
KDS College, Gogri, Khagaria
Munger University, Munger
Email: rameshkumar2020eco@gmail.com
Abstract: FinTech and financial inclusion are key sectors in the Indian economy, contributing to accelerated economic growth and the reduction of economic constraints. This study examines a significant transition from traditional to modern economic models, characterized by the integration of economic agents with technology. India’s development strategy prioritizes collaboration between the government and private sectors to achieve primary goals, including reducing income and gender disparities, accelerating economic growth, and improving financial and physical infrastructure. These outcomes facilitate the advancement of new generations and technologies, ultimately benefiting all segments of society. Financial inclusion is a core component of the government's commitment to social welfare. FinTech and financial services play a crucial role in India's economic growth, particularly by expanding access to financial services for disadvantaged populations. Significant investment, measured in billions of rupees, is required from both the government and corporate sectors to expand FinTech infrastructure. This study comprehensively analyzes the factors influencing FinTech and financial inclusion, drawing conclusions based on empirical data. The findings suggest that government policy and market advantages indicate that FinTech can enhance financial capabilities and accelerate economic growth, particularly when inequality is lower. The economy undergoes a successful financial transition. This study indicates that FinTech is positively associated with financial inclusion and that the government effectively leverages this mechanism to extend its services to all segments of society.
Keywords: Banking Services, Economic Development, Financial Inclusion, FinTech, Financial Services
