International Research Journal of Education and Technology

This study examines the role of financial technology (Fintech) in promoting financial inclusion in India over the period 2016–2024, structured around three research objectives: (i) the contribution of Fintech to overall financial inclusion growth; (ii) the improvement in financial access in rural and semi-urban areas; and (iii) the enhancement of financial inclusion among underserved populations, including women, micro-entrepreneurs, SC/ST communities, and unorganized sector workers. Employing a quantitative research design based entirely on secondary data from the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), PMJDY Dashboard, MUDRA, and NPS CRA, the study uses Compound Annual Growth Rate (CAGR) analysis, Pearson correlation, Ordinary Least Squares (OLS) regression, and comparative trend analysis. Findings confirm all three alternative hypotheses. UPI transaction volumes grew from 0.18 crore in 2016 to 131 crore in 2024 (CAGR ~76%), and the RBI Financial Inclusion Index improved from 53.9 to 66.0 during 2020–2024, with a near-perfect correlation (r = 0.998) between the Digital Payments Index and the FI-Index (R² = 0.976, p < 0.001). Rural PMJDY accounts consistently constituted ~67% of total Jan Dhan accounts, with a rural growth slope 2.17 times greater than urban. For underserved populations, APY subscribers grew 12-fold (CAGR 36.8%), PMSBY enrolments reached 40 crore (CAGR 26.2%), MUDRA disbursements grew 5x to ₹5 lakh crore, and women now constitute 58.49% of all PMJDY account holders. All seven OLS regression models are statistically significant (p < 0.05, R² ranging from 0.727 to 0.996). The study concludes that India's JAM Trinity—Jan Dhan, Aadhaar, Mobile—combined with India Stack infrastructure, has enabled Fintech to function as a powerful instrument of financial democratization.

Keywords: Fintech, Financial Inclusion, UPI, PMJDY, JAM Trinity, India Stack, Rural Finance