A study on the role and relevance of digital finance in achieving financial stability: A study

Tara Jayalakshmi

A study on the role and relevance of digital finance in achieving financial stability: A study

Authors: Tara Jayalakshmi

Unique Paper ID: 156036
Volume: 9
Issue: 2
PageNo: 689-692

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 transactionâ€™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.

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ISSN: 2349-6002
Volume: 9
Issue: 2
PageNo: 689-692

A study on the role and relevance of digital finance in achieving financial stability: A study

Available:https://ijirt.org/Article?manuscript=156036

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