Digital Finance and Digital Financial Inclusion in India

Authors(1) :-Dr. Umesh Kumar

This study helps to understand the access, use and quality dimension of digital finance that contributes to digital financial inclusion. The present study found that access, use and quality of digital finance are important predictors of digital financial inclusion. Of these three parameters, the quality of digital finance contributes the most to digital financial inclusion, followed by the access and access dimension of digital finance. It was also found that public perception of digital finance positively affects digital financial inclusion, while perceived exposure to digital finance negatively affects digital financial inclusion.

Authors and Affiliations

Dr. Umesh Kumar
Assistant Professor, Department of Commerce, K.A. P.G. College, Kasganj, Uttar Pradesh, India

Digital Finance, Financial Inclusion, Financial Exclusion, DFI

  1. Babajide, A. A., Adegboye, F. B., & Omankhanlen, A. E. (2015). Financial inclusion and economic growth in Nigeria. International Journal of Economics and Financial Issues, 5(3), 629-637.
  2. Cangiano, M., Gelb, A., & Groen, R. G. (2019). Public financial management and the digitalization of payments. CGD, Policy Paper(144).
  3. Chibba, M. (2009). Financial inclusion, poverty reduction and the millennium development goals. The European Journal of Development Research, 21(2), 213-230.
  4. Fhi 360. (2019, March). India Digital Financial Inclusion.
  5. Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87(5), 537-580.
  6. Hendriks, S. (2019). The role of financial inclusion in driving women’s economic empowerment. Development in Practice, 29(8), 1029-1038.
  7. Jain, C. (2018). Digital Payments and Demonetisation. IJRAR- International Journal of Research and Analytical Reviews, 5(1), 118-122.
  8. Kodan, A. S., & Chhikara, K. S. (2013). A theoretical and quantitative analysis of financial inclusion and economic growth. Management and Labour Studies, 38(1-2), 103-133.
  9. Lal, T. (2018, May). Impact of financial inclusion on poverty alleviation through cooperative banks. International Journal of Social Economics.
  10. Lauer, K., & Lyman, T. (2015, February). Digital financial inclusion: Implications for customers, regulators, supervisors, and standard-setting bodies. CGAP.
  11. Leeladhar, V. (2005, December 5). Taking banking services to the common man - financial inclusion. Retrieved from https://www.bis.org/review/r051214e.pdf
  12. Lele, S., & Jain, A. (2017). Demonetisation effect: Digital payments gain new momentum. pwc.
  13. Manyika, J., Lund, S., Singer, M., White, O., & Berry, C. (2016, September). Digital Finance for All: Powering Inclusive Growth in Emerging Economies. USA: McKinsey Global Institute.
  14. Mas, I., & Kumar, K. (2008). Banking on Mobiles: Why, How, for Whom? Washington, D.C.: CGAP.
  15. McKinsey. (2019). Digital India Technology to transform a connected nation.
  16. Nahata, V. (2018). An Analysis of Demonetisation and Digitalisation. Review of Integrative Business and Economics Research, 7(3), 85-115.
  17. National Payment Corporation of India. (2021, January 22). upi-live-members. Retrieved July 20, 2020, from https://www.npci.org.in: https://www.npci.org.in/upi-live-members
  18. National Payment Corporation of India. (n.d.). product-overview/imps-product-overview. Retrieved July 20, 2020, from https://www.npci.org.in: https://www.npci. org.in/product-overview/imps-product-overview
  19. National Payment Corporation of India. (n.d.). product-overview/upi-product-overview. Retrieved July 20, 2020, from https://www.npci.org.in: https://www.npci. org.in/product-overview/upi-product-overview
  20. NPCI. (n.d.). An introduction to NPCI and its various products. Retrieved December 3, 2020, from https://www.npci.org.in: https://www.npci.org.in/who-we-are/about-us
  21. Ozili, P. K. (2018, December). Impact of Digital Finance on Financial Inclusion and Stability.
  22. Park, C.-Y., & Mercado, R. (2015). Financial inclusion, poverty, and income inequality in developing Asia. Asian Development Bank Economics, Working Paper Series(426).
  23. Pazarbasioglu, C., Mora, A. G., Uttamchandani, M., Natarajan, H., Feyen, E., & Saal, M. (2020). Digital Financial Services. World Bank Group.
  24. Radcliffe, D., & Voorhies, R. (2012). A Digital Pathway to Financial Inclusion.
  25. Rangarajan, C. (2008). Report of the committee on financial inclusion. Ministry of Finance, Government of India.
  26. Ravikumar, T. (2019, November). Digital Financial Inclusion: A Payoff of Financial Technology and Digital Finance Uprising in India. International Journal of Scientific & Technology Research, 8(11), 3434-3438.
  27. Reddy, K. S., & Jayalaxmi, S. (2017). Demonetization – Transformation to Digital India – A Study. IOSR Journal of Business and Management (IOSR-JBM), 46-54.
  28. Reserve Bank of India. (2009). Financial Inclusion. Retrieved July 20, 2020, from https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/86734.pdf
  29. Reserve Bank of India. (2019). National Strategy for Financial Inclusion.
  30. Reserve Bank of India. (2019, October 30). Scripts/FAQView. Retrieved July 20, 2020, from https://m.rbi.org.in: https://m.rbi.org.in/Scripts/FAQView.aspx?Id=65
  31. Reserve Bank of India. (2020, April 28). Scripts/FAQView. Retrieved July 20, 2020, from https://m.rbi.org.in: https://m.rbi.org.in/Scripts/FAQView.aspx?Id=60
  32. Sahu, P., & Goswami, K. C. (2018, December). Demonetization and its impact On Digital Transactiona Study In SBI and HDFC Bank. Review Of ReseaRch, 8(3), 1-16.
  33. Sankar, B. P., Dash, P., & Leepsa, N. M. (2018). Is Demonetisation a Bridge for Digital Financial Inclusion? IIMS Journal of Management Science, 9(2), 93-99.
  34. Siddik, M. N. (2017). Does financial inclusion promote women empowerment? Evidence from Bangladesh. Applied Economics and Finance, 4(4), 169-177.
  35. UNCDF. (n.d.). Financial Inclusion and the SDGs. Retrieved December 9, 2020, from https://www.uncdf.org: https://www.uncdf.org/financial-inclusion-and-the-sdgs
  36. World Bank. (2014, April 10). Digital Finance: Empowering the Poor via New Technologies. Retrieved December 09, 2020, from https://www.worldbank.org:https://www.worldbank.org/en/news/feature/2014/04/10/digital-finance-empowering- poor-new-technologies

Publication Details

Published in : Volume 4 | Issue 5 | September-October 2021
Date of Publication : 2021-09-30
License:  This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 121-133
Manuscript Number : GISRRJ214569
Publisher : Technoscience Academy

ISSN : 2582-0095

Cite This Article :

Dr. Umesh Kumar, "Digital Finance and Digital Financial Inclusion in India ", Gyanshauryam, International Scientific Refereed Research Journal (GISRRJ), ISSN : 2582-0095, Volume 4, Issue 5, pp.121-133, September-October.2021
URL : https://gisrrj.com/GISRRJ214569

Article Preview