Financial Inclusion and Its Ripple Effects on Socio-Economic Development: A Comprehensive Review

Deepak Mishra, Vinay Kandpal (), Naveen Agarwal and Barun Srivastava
Additional contact information
Deepak Mishra: School of Business, UPES, Dehradun 248007, India
Vinay Kandpal: Department of Management Studies, Graphic Era Deemed to Be University, Dehradun 248002, India
Naveen Agarwal: Centre for Continuing Education (UPESON), UPES, Dehradun 248007, India
Barun Srivastava: School of Business, UPES, Dehradun 248007, India

JRFM, 2024, vol. 17, issue 3, 1-20

Abstract: This study provides an overview of the different dimensions of financial inclusion, its socioeconomic impacts on society’s sustainable development, and future research agendas. Initially, 620 studies were identified using Scopus and other databases, employing keywords such as financial literacy, financial inclusion, financial capability, women’s empowerment, fintech, artificial intelligence, financial accessibility, sustainable development goals, and economic growth. After refinement based on focus and relevance, 325 papers were analyzed in detail for review, primarily focused on India and emerging economies. This review highlights that access to finance by untouched segments of society is essential for sustainable and socio-economic development in developing economies. The official banking system, an effort by the government to assist the financially disadvantaged, can incorporate the impoverished into a formal financial system through campaigns and credit system reforms. Socioeconomic programs reinforce one another and foster the development of children, women, families, and society. This research paper undertakes a systematic literature review primarily focused on relevant articles in broad areas of financial inclusion and its impact analysis and offers a valuable agenda for future research.

Keywords: financial inclusion; systematic review; banking; financial services; sustainable development; women empowerment (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.mdpi.com/1911-8074/17/3/105/pdf (application/pdf)
https://www.mdpi.com/1911-8074/17/3/105/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jjrfmx:v:17:y:2024:i:3:p:105-:d:1350582

Access Statistics for this article

JRFM is currently edited by Ms. Chelthy Cheng

More articles in JRFM from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().