A STUDY ON THE FINTECH ROUTE ON EMPOWERING BELOW POVERTY LINE CITIZENS TO GREATER FINANCIAL INCLUSION IN MADHYA PRADESH INDIA

  • Ruchi Kushwah, Dr. Simranjeet Kaur Sandhar, Dr. Maneesh Kant Arya

Abstract

FinTech is nothing if not a paradox. Despite its challenges, technology is the only way to achieve 100% financial inclusion. The technological innovations aimed at breaking the barriers of urban-rural divide are able to bring more technology-hesitant people within the ambit of financial inclusion. The rapid growth of FinTech players has helped in accelerating financial inclusion and new age technologies like AI and ML will further quicken digital adoption in the country, benefitting both the industry and the consumers in the coming years, according to experts. India has an opportunity to become a USD 1 trillion-digital payments market. The country witnessed 3,435 crore digital payments in 2019-20. While the government is making efforts to give a big push for digital India, the Reserve Bank is enabling the sector's growth with regulatory interventions and there will also be a separate division for the FinTech companies at the central bank. FinTech players are hopeful that the industry will expand and will penetrate into newer areas of financial transactions. Keywords: Below Poverty Line, Financial Inclusion, FinTech, Bank, Insurance.
How to Cite
Ruchi Kushwah, Dr. Simranjeet Kaur Sandhar, Dr. Maneesh Kant Arya. (1). A STUDY ON THE FINTECH ROUTE ON EMPOWERING BELOW POVERTY LINE CITIZENS TO GREATER FINANCIAL INCLUSION IN MADHYA PRADESH INDIA. ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING ISSN: 2456-1037 INTERNATIONAL JOURNAL IF:7.98, ELJIF: 6.194(10/2018), Peer Reviewed and Refereed Journal, UGC APPROVED NO. 48767, 6(8), 55-63. Retrieved from https://ajeee.co.in/index.php/ajeee/article/view/2051
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Articles