What's New :
CRED announces launch of CRED Mint, ‘peer-to-peer (P2P)’ lending feature
Fintech firms and startups have come a long way in India. Discuss the role that these new innovations play in promoting the objective of financial inclusion in India. (250 Words)
- Introduce by giving a definition of Financial inclusion
- Through a diagram, show various types of Fintech innovations like peer-to-peer lending, small credit, payments banks, etc.
- Enumerate the role that these fintech innovations play in bringing financial inclusion - through reducing the cost of banking service delivery, giving micro credits etc.
- Limitations of Fintech Firms in bringing financial inclusion - like Poor financial literacy, Digital divide, RBIs regulatory regime, -underdeveloped insurance sector etc.
- Government's incentives and support to Fintech firms.
- Way Forward / Conclusion
Verifying, please be patient.