Management Practice Insights
DOI: 10.59571/mpi.v3si1.2
Year: 2025, Volume: 3, Issue: Special Issue 1, Pages: 7-11
Original Article
Amit Jain 1, Edward Potian Machado 2
1 Assistant Professor in the Organisation and Leadership Studies department at SPJIMR
2 Research scholar at SPJIMR
Correspondence
Received Date:17 September 2024, Accepted Date:16 June 2025, Published Date:30 June 2025
The Indian fintech sector has significantly improved financial access; however, gaps exist, particularly in rural and low-income areas. As of 2023, nearly 22% of Indian adults remain unbanked, and many others have limited access to credit, insurance, or digital payment options.1 Despite the widespread adoption of mobile banking and fintech applications, achieving true financial inclusion remains a challenge. Key obstacles include the limited technological reach in remote regions, a lack of adequately trained personnel to facilitate adoption, and regulatory gaps that undermine user trust and safety. Research by Claudia Yanez-Valdes and Maribel Guerro offers solutions for fintech entrepreneurs, regulators, and policymakers to accelerate financial access.2 It suggests investing in emerging technologies, developing a digitally literate and skilled workforce, and creating robust, inclusive regulatory frameworks.
1 Loans to the Unbanked Population,” March 26, 2024, https://riskseal.io/blog/alternative-credit-scoring-inindia#:~:text=According%20to%20the%20World%20Bank%2C,beyond%0credit%20history%20and%20rating.
2 Claudia Yáñez-Valdés and Maribel Guerrero, “Assessing the Organizational and Ecosystem Factors Driving the Impact of Transformative FinTech Platforms in Emerging Economies,” International Journal of Information Management 73 (December 2023), https://doi.org/10.1016/j.ijinfomgt.2023.102689.
3 Abhishek Waghmare, “Access to Banking,” Data For India (blog),February 5, 2025, https://www.dataforindia.com/access-tobanking/#:~:text=Despite%20most%20adults%20now%20having,the%20other%20surveyed%20developing%20economies.
4 World Bank. Global Findex 2021: India Country Brief. Washington, DC: World Bank, 2022. https://thedocs.worldbank.org/en/doc/4c4fe6db0fd7a7521a70a39ac518d74b-0050062022/original/Findex2021-India-Country-Brief.pdf.
5 The Hindu Business Line. “Financial Inclusion Index Improved to 60.1 in March 2023 against 56.4 in March 2022.” The Hindu Business Line, August 16, 2023. https://www.thehindubusinessline.com/money-andbanking/financial-inclusion-index-improved-to-601-in-march-2023-against-564-in-march-2022/article67312470.ece.
6 Claudia Yáñez-Valdés and Maribel Guerrero, “Assessing the Organizational and Ecosystem Factors Driving the Impact of Transformative FinTech Platforms in Emerging Economies,” International Journal of Information Management 73 (December 2023), https://doi.org/10.1016/j.ijinfomgt.2023.102689.
7 Shruti Khairnar, “India's M2P Fintech Snaps Up Digital Identity Platform Syntizen,” FinTech Futures, July 28, 2022, https://www.fintechfutures.com/biometrics-idverification/india-s-m2p-fintech-snaps-up-digital-identityplatform-syntizen.
8 Shruti Khairnar, “India's M2P Fintech Snaps Up Digital Identity Platform Syntizen,” FinTech Futures, July 28, 2022, https://www.fintechfutures.com/biometrics-idverification/india-s-m2p-fintech-snaps-up-digital-identityplatform-syntizen.
9 Aryaman Gupta, “Fintech Major PhonePe Takes on Google, Applewith Homegrown Indus Appstore,” Business Standard, February 21, 2024, https://www.business-standard.com/companies/startups/fintech-major-phonepe-takes-on-google-apple-withhomegrown-indus-appstore-124022101074_1.html.
10 Aryaman Gupta, “Fintech Major PhonePe Takes on Google, Apple with Homegrown Indus Appstore,” Business Standard, February 21, 2024, https://www.business-standard.com/companies/startups/fintech-major-phonepe-takes-on-google-apple-withhomegrown-indus-appstore-124022101074_1.html.
11 Rashi Aditi Ghosh, “PayNearby, Be-Bound Partner to Enable Financial Transactions in Areas with Limited Connectivity,” Elets Vadim Ilyasov, “Alternative Credit Scoring in India - How to Issue BFSI, February 12, 2019, https://bfsi.eletsonline.com/paynearbybe-bound-partner-to-enable-financial-transactions-in-areaswith-limited-connectivity/.
12 Rashi Aditi Ghosh, “PayNearby, Be-Bound Partner to EnableFinancial Transactions in Areas with Limited Connectivity,” Elets BFSI, February 12, 2019, https://bfsi.eletsonline.com/paynearbybe-bound-partner-to-enable-financial-transactions-in-areaswith-limited-connectivity/.
13 Axis Bank. Performance for the Year: Integrated Annual Report 2023–24. Mumbai: Axis Bank, 2024. https://www.axisbank.com/annual-reports/2023-2024/pdf/performance-for-the-year.pdf.
14 Amitabh Chaudhry, “Investing in People: The Power of Human Capital in Banking's AI Era,” World Economic Forum, January 10, 2025, https://www.weforum.org/stories/2025/01/investing-inpeople-the-power-of-human-capital-in-banking-ai-era/.
15 Karl Flinders, “HSBC to Give Thousands of Staff Fintech Training,” Computer Weekly, June 13, 2022, https://www.computerweekly.com/news/252521438/HSBC-togive-thousands-of staff-fintech-training
16 Anirudh Burman, “Understanding India's New Data Protection Law,” Carnegie Endowment for International Peace, October 3, 2023, https://carnegieendowment.org/research/2023/10/understanding-indias-new-data-protection-law.
17 Kyle Chin, “Top Cybersecurity Regulations in India [Updated 2025],” UpGuard, January 2, 2025, https://www.upguard.com/blog/cybersecurity-regulationsindia.
18 Ministry of Finance, Government of India. “Cyber Security and Fintech.” Department of Financial Services, 2024. https://financialservices.gov.in/beta/en/page/csft.
19 Neelam Rani and Jatinder Handoo, “The Fintech Industry and Cyber Security: Rising Incidences of White Collar Crimes,” Financial Express, August 7, 2023, https://www.financialexpress.com/business/banking-financethe-fintech-industry-and-cyber-security-rising-incidences-ofwhite-collar-crimes-3202495/.
20 Neelam Rani and Jatinder Handoo, “The Fintech Industry and Cyber Security: Rising Incidences of White Collar Crimes,” Financial Express, August 7, 2023, https://www.financialexpress.com/business/banking-financethe-fintech-industry-and-cyber-security-rising-incidences-ofwhite-collar-crimes-3202495/.
21 Ajay Ramanathan, “Multiple Challenges Plague AePS; Lack of Infrastructure and Security Risks Resulting in Stalling of Progress, Say Experts,” Financial Express, July 17, 2023, https://www.financialexpress.com/money/aadhaar-cardmultiple-challenges-plague-aeps-lack-of-infrastructure-andsecurity-risks-resulting-in-stalling-of-progress-say-experts-3173221/.
22 Maren Duvendack, Lina Sonne, and Supriya Garikipati, “Gender Inclusivity of India's Digital Financial Revolution for Attainment of SDGs: Macro Achievements and the Micro Experiences of Targeted Initiatives,” The European Journal of Development Research 35, no. 6 (2023): 1369–1391, https://doi.org/10.1057/s41287-023-00585-x.
© 2025 Published by SPJIMR. This is an open-access article under the CC BY license (https://creativecommons.org/licenses/by/4.0/)
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