TITLE:
Gender Disparities in Financial Inclusion: An Analysis of India’s Policies and Practices
AUTHORS:
Nimit Dedhia
KEYWORDS:
Financial Inclusion, India, Gender Gap, Pradhan Mantri Jan Dhan Yojana
JOURNAL NAME:
Open Journal of Business and Management,
Vol.12 No.1,
January
30,
2024
ABSTRACT: There is growing evidence that
appropriate financial services contribute to a country’s overall development
and economic growth as financial inclusion has significant benefits for
consumers, especially women and underprivileged adults, especially in rural
areas. This paper provides a comprehensive review of financial inclusion and
analyzes the impact of financial inclusion on communities around the world. It
identifies the emerging trends in the finance industry as well as some
controversy in policy circles regarding financial inclusion. The paper also
discusses the significance of financial inclusion during the COVID-19 pandemic
and how it affected, and was influenced by financial innovation, the economy,
financial literacy, poverty levels, and financial policies across countries. It
assesses ongoing efforts and future possibilities of fintech in combating
poverty, especially in developing nations. The key findings in this review indicate that financial inclusion in the formal
financial system can improve the disposable income of low-income urban
households and contribute towards fighting poverty. The paper also discusses
the shortfalls of financial inclusion and analyses the effectiveness of fintech
in reducing poverty levels around the world. The conclusion is that financial
inclusion is an effective tool in fostering rapid economic growth in the world.
Finally, the issues discussed in this paper suggest several avenues for future
research into policy solutions to eradicate the barriers that exclude
individuals from financial markets.