DIGITAL FINANCIAL INCLUSION IN INDIA — A REFERENCE TO THE DEMAND SIDE

Several policy initiatives have been implemented to provide formal financial services to the unbanked people of India both by the Government of India and Reserve Bank of India. However, most of these measures primarily focus on the supply side of the problem.

For that reason, even if some successes have been witnessed, there remains a huge mass of Indian adults still excluded from formal financial system. Recently, the direction has been shifted to “digital financial inclusion” as it has been realized that remarkable advancement in technology and internet penetration can be leveraged upon to achieve the goal of financial inclusion in India. In this paper, the notion of “digital financial inclusion”, its scope and challenges have been analysed.