DIGITAL FINANCE AND ITS IMPACT ON FINANCIAL INCLUSION

Financial inclusion can be described as the process of ensuring that disadvantaged groups, such as weaker groups and low incomes, have access to financial services and sufficient credit where appropriate at an affordable cost. Financial inclusion requires access to financial products and services such as bank accounts, insurance, financial advice services, remittance & payment services, etc. It gives people the opportunity to save for financial prosperity, a high level of bank deposits will allow for a stable deposit base, savings-building opportunities, investment and access to credit. There is now a day of economic development that focuses on financial inclusion. These are done collectively by enabling modern banking technologies. Many banks have arrived with modern banking technologies in the new "Digital finance" scenario for banking customers. Digital finance has thus offered the banking industry a new form. Digital finance is a financial service provided through a reliable digital payment system through cell phones, personal computers, the internet or cards. Digital finance has the ability to provide inexpensive, convenient and safe banking services. Digital finance offers greater control of personal finance for clients, swift financial decision-making and the opportunity to send and receive payments. A win-win situation that is accomplished by digital finance is financial inclusion.

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Keywords: Financial Inclusion, Digital Finance, Financial Products, Innovative Financial Technology.


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