Seybold Report ISSN: 1533-9211
Vasantha P1 Vijayalakshmi P2
Vol 17, No 12 ( 2022 ) | Licensing: CC 4.0 | Pg no: 3286-3294 | Published on: 24-12-2022
Abstract
Nearly every nation, including India, has placed broadening access to financial services at the forefront of their strategies for fostering economic expansion. Therefore, it is essential to differentiate between the factors that make a difference for and against the inclusion of financial services. The purpose of this essay is to do this, and it does so by constructing a solid conceptual framework by carefully examining the information that already exists on the factors that contribute to the occurrence of financial inclusion (with special reference to India). Income is the single most significant social and economic criterion when it comes to determining a person's eligibility for financial inclusion. The phrase "financial inclusion" has recently become something of a cliché, and officials in almost every nation are beginning to understand the significance of the issue. In point of fact, a number of nations have made it one of their top priorities in terms of policy (including India). Both as a straightforward approach to gaining access to financial services and as a more comprehensive strategy with the objective of encouraging a greater number of individuals to make use of formal financial services, the concept has been included into all plans for future growth. People have the misconception that geographers in the United Kingdom coined the phrase "financial exclusion" in the year 1993. They were concerned about the shutdown of banks, which made it more difficult for individuals to get money and access it. This gave rise to their worries. The Rangarajan Committee on Financial Inclusion in India defines it as "the process of making sure that vulnerable groups, like weaker sections and low-income groups, have access to financial services and get the credit they need when they need it." In other words, it is the process of ensuring that vulnerable groups have access to financial services and get the credit they need when they need it.
In the context of economics, the concept of "financial inclusion" refers to the practise of ensuring that members of vulnerable populations, such as those with low incomes or who are ill, have inexpensive access to financial services and credit when they are in need of it. During the course of the last several years, a multitude of scholars have tried to answer the question of how an absence of access to financial resources might result in poverty traps and injustice. The researchers want to employ a descriptive research approach, which allows for a more in-depth look at the topic, in order to achieve both the aims of the study and their personal goals. This will allow for a more in-depth look at the issue. In view of the current state of the economy throughout the globe, the purpose of this study is to determine the significant factors that have a bearing on the progression of digital financial inclusion.
Keywords:
Financial Inclusion, Psychological Factors, Regression Analysis, ANOVA