{"id":123481,"date":"2018-11-27T10:45:51","date_gmt":"2018-11-27T05:15:51","guid":{"rendered":"https:\/\/staging-imarticus.kinsta.cloud\/?p=123481"},"modified":"2022-12-09T06:04:20","modified_gmt":"2022-12-09T06:04:20","slug":"financial-inclusion-and-fintech-use-in-the-industry","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/financial-inclusion-and-fintech-use-in-the-industry\/","title":{"rendered":"Financial Inclusion and Fintech Use in the Industry"},"content":{"rendered":"

In a bid to liberate the poor and marginalise, the Indian Government has rightly focused on creating jobs. The focus lights are on the fintech startups, the banking sector, digital payments and measures to encourage them in the hope of achieving financial stability and financial inclusion.<\/span><\/p>\n

Importance of Fintech and <\/b>Financial Technology<\/b><\/h1>\n

The winning combination of technology and finance working in harmony is now coined fintech and is crucial to all financial transactions by banks, e-commerce sites, NBFCs, payments providers, merchants, and service- providers. Every sector including banking, real estate, governmental measures and subsidies, telecom, insurance and everything in between depends on technology to crunch their numbers, maintain paperless records, KYC compliance, subscriber identification verification and a host of other supportive technological innovations.<\/span>
\nFintech holds immense developmental potential. It creates more jobs through its startups, sandboxes, incubators and newer companies that improve telephony, cloud services, data storage, big- data, and deep-learning capacities across the board. They, in reality, accelerate financial inclusion.<\/span><\/p>\n

Fintech in Financial Inclusion<\/b><\/h1>\n

Fintech Start -ups<\/b> have been able to revolutionise the technology backbone of the financial transactions impacting almost all sectors of our economy. Delivering better financial services to the disadvantaged and unbanked has over the last decade been able to take digitalization to the grass-root levels thereby improving financial inclusion.<\/span>
\nThe government has implemented on its part, many measures backed by fintech courses<\/a><\/strong> to improve the lot of the rural poor. Measures like promoting mobile telephony, e-KYC, the opening of basic zero balance savings accounts, encouraging rural banking, delivering of subsidies through Aadhar directly to beneficiaries, self-help-groups, and micro-financing, improving credit counseling centers, the Kisan Credit Card and many more. Using fintech, in little over a decade, the government has also successfully implemented its policies by bringing in internet banking, ATM machines, mobile banking, electronic instantaneous fund transfers, and many such innovative measures.<\/span>
\nNotable among the measures for financial inclusion is:<\/strong><\/p>\n