A study on the role and relevance of digital finance in achieving financial stability: A study
Author(s):
Tara Jayalakshmi
Keywords:
Digital Finance, Financial stability, Financial literacy, Financial performance.
Abstract
Digital currency and mobile technology can cater the needs of small transactions at an affordable cost. The relevance of digital finance and financial inclusion for poverty reduction and economic growth is gaining importance and attracting the attention of policy makers and academicians, primarily because of the number of issues that exists in the conventional banking system, due to which a large segment of population are unserved, which, if addressed can make digital finance work better for individuals, businesses, governments and the economy. Digital finance can also help in reducing time, increasing the transaction’s accuracy and make faster transactions. It is ironical to state that more than one third of the total population in underdeveloped countries are still excluded from the ambit of banking services. Many research studies conducted in this direction infer that, bringing those financially excluded population, under the banking ambit, results in not only individual welfare and results in social welfare too. Since 2010, the G-20 countries and the World Bank have led the initiative for increased financial inclusion in developing countries to help reduce poverty levels in developing and emerging economies. Today, Digital finance and financial inclusion bring multi faceted benefits to financial service users, digital finance providers, governments and the economy such as increasing access to finance among poor individuals, reducing the cost of financial intermediation for banks. One area where the disparity is quite pervasive and is receiving increased attention is digital financial inclusion, financial data inclusion and digital finance. Therefore, this study examines the impact of digital finance and analyses its relevance in bringing out financial stability. This research article provides a detailed discussion on digital finance and explores the impact of digital finance for financial inclusion and financial system stability - an issue which has not been addressed in the earlier studies.
Article Details
Unique Paper ID: 156036

Publication Volume & Issue: Volume 9, Issue 2

Page(s): 689 - 692
Article Preview & Download


Share This Article

Join our RMS



Conference Alert

NCSEM 2024

National Conference on Sustainable Engineering and Management - 2024

Last Date: 15th March 2024

Latest Publication

Call For Paper

Volume 10 Issue 10

Last Date for paper submitting for March Issue is 25 June 2024

About Us

IJIRT.org enables door in research by providing high quality research articles in open access market.

Send us any query related to your research on editor@ijirt.org

Social Media

Google Verified Reviews

Contact Details

Telephone:6351679790
Email: editor@ijirt.org
Website: ijirt.org

Policies

Important Links

Browse Rsearch papers