ENABLING FINANCIAL INCLUSION IN RURAL INDIA THROUGH A PHYGITAL MODEL

Rasheed K Aseel () and Baag Pankaj Kumar ()
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Rasheed K Aseel: Indian Institute of Management Kozhikode
Baag Pankaj Kumar: Indian Institute of Management Kozhikode

No 569, Working papers from Indian Institute of Management Kozhikode

Abstract: The research paper focuses on analysing the Phygital banking model's effectiveness in promoting financial inclusion in rural India, particularly through the Business Correspondent model of Phygital banking implemented by emerging Fintechs. The study aims to examine the impact of business correspondents over the years in rural areas in terms of opening new accounts, increasing the number of transactions, and other relevant factors. To understand the long-term sustainability of the Phygital industry, the paper looks into various sources, including annual reports of key players, RBI data, and World Bank data. The study also explores the impact of the Phygital model on other stakeholders such as customers, banks, and the government for a comprehensive understanding of its effectiveness. Moreover, the research paper analyses the policy framework surrounding the industry to determine how the Phygit l model can be made more effective and impactful in rural regions while achieving the goal of financial inclusion. Based on the study's findings, the paper provides recommendations that could help in making the Phygital model more sustainable and successful for all stakeholders involved.

Keywords: Phygital; Business Correspondent; Financial Inclusion (search for similar items in EconPapers)
Pages: 59 pages
Date: 2023-03
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