Financial inclusion and fintech research in India: A Review

Peterson Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: This article presents a concise review of the existing financial inclusion research in India. We use a thematic literature review methodology. We show that the Reserve Bank of India (RBI) has been at the forefront of financial inclusion in India and has used collaborative efforts to deepen financial inclusion in India. The review of existing literature shows that the major determinants of financial inclusion in India are income, age, gender, education, employment, ICT, bank branch network and nearness to a bank. The common theories used to analyse financial inclusion in India are the finance-growth theory, the diffusion of innovations theory, development economics and modernization theory, the vulnerable group theory of financial inclusion and the dissatisfaction theory of financial inclusion. The common methodologies used in the literature are surveys, questionnaires, financial inclusion index, regression estimations and causality tests. Existing studies also show that financial inclusion in India affects the level of poverty, human development, financial stability, monetary policy, and income level. Some criticisms of the financial inclusion efforts in India include the inability to meet the specific needs of the poor, poor geographical access, excessive transaction cost, inappropriate banking products, financial illiteracy and a large digital divide between tech savvy and non-tech savvy people. We also suggest some areas for future research.

Keywords: ICT; Internet; financial inclusion; literature review; access to finance; causality tests; regression; India; index; theory. (search for similar items in EconPapers)
JEL-codes: G20 G21 O31 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-fdg, nep-fle, nep-ict and nep-pay
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