Role of Fin-tech in Promoting Financial Inclusion in India

Financial inclusion is not merely access to bank accounts. It means ensuring individuals have affordable and valuable financial services, including payments, transactions, and wealth management. Financial inclusion helps in more savings, greater access to credit, reduced income inequality, and easier access to insurance. Financial inclusion in India has made significant strides in recent years. Approximately 80% of Indians now have bank accounts. However, challenges persist, with 76% of the adult population still needing to be financially literate. FinTech companies play a crucial role in ensuring the availability of financial services to the underbanked. India ranks second globally in FinTech adoption, with over 1,300 FinTech startups and investments totaling USD 5.72 billion from 2014–2018. Financial inclusion is a pivotal aspect of sustainable development globally, aiming to provide accessible and low-cost financial services to underserved populations. In India, despite notable progress, a significant portion of the population still lacks access to financial services. This abstract explores the fundamental role of Financial Technology (FinTech) in advancing financial inclusion within the Indian context.