Authors : Anupam Suman Trivedi; Dr. Raghvendra Nath Agnihotri

Volume/Issue : Volume 10 - 2025, Issue 10 - October

Google Scholar : https://tinyurl.com/3t3c9w89

Scribd : https://tinyurl.com/3fup4rv3

DOI : https://doi.org/10.38124/ijisrt/25oct1452

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Note : Google Scholar may take 30 to 40 days to display the article.

Abstract : Financial inclusion has become an essential driver of equitable and sustainable development, and Fintech has emerged as a transformative tool in this regard. This paper explores the critical role of government initiatives in supporting Fintech-based financial inclusion in India. By drawing on secondary data, government reports, and policy analyses covering the period 2015–2025, the study evaluates initiatives such as the “Pradhan Mantri Jan Dhan Yojana” (PMJDY), Digital India, India Stack, and the “Unified Payments Interface” (UPI). These programs have created a robust digital financial ecosystem that promotes interoperability, transparency, and affordability. The paper also examines the regulatory support provided by the “Reserve Bank of India” (RBI) and policy innovations that have encouraged Fintech growth. The findings indicate that the combination of public digital infrastructure, Aadhaar-enabled identification, and real-time payment systems has substantially expanded access to formal financial services. Despite these achievements, challenges persist— particularly in rural inclusion, digital literacy, and cybersecurity. The paper concludes that a well-coordinated government– Fintech partnership is crucial for bridging these gaps. Comparative evidence from other emerging economies suggests that India’s public digital infrastructure model provides a replicable framework for inclusive Fintech growth globally.

Keywords : Fintech, Financial Inclusion, Digital India, UPI, India Stack, RBI, PMJDY.

References :

1. Bank for International Settlements (BIS). (2024). Lessons from UPI: Interoperable payment systems and financial inclusion. https://www.bis.org/publ/qtrpdf/r_qt2403.htm
2. Beck, T., Levine, R., & Loayza, N. (2018). Finance and the sources of growth. Journal of Financial Economics, 58(1), 261–300.
3. Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2021). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience. World Bank Group.
4. Ghosh, S. (2022). Digital public infrastructure and financial inclusion in India. Indian Journal of Finance, 16(3), 12–25.
5. International Monetary Fund (IMF). (2021). The India Stack is revolutionizing access to finance. Finance & Development. https://www.imf.org/external/pubs/ft/fandd/2021/07/india-stack-financial-access-and-digital-inclusion.htm
6. Ministry of Electronics and Information Technology (MeitY). (2023). Digital India — About Us. https://digitalindia.gov.in/about-us/
7. National Payments Corporation of India (NPCI). (2025). UPI Product Overview and Transaction Statistics. https://www.npci.org.in/what-we-do/upi/product-overview
8. Press Information Bureau (PIB). (2025, August 28). PMJDY accounts cross 56 crore mark. https://pib.gov.in/PressReleasePage.aspx?PRID=2051785
9. Reserve Bank of India (RBI). (2021). National Strategy for Financial Inclusion 2019–2024. https://rbi.org.in/commonman/Upload/English/Content/PDFs/NSFI2021_16042021.pdf
10. Sharma, R. (2023). Digital innovation and inclusive finance in India. Economic and Political Weekly, 58(7), 33–41.