In the midst of India's busy financial scene, a quiet revolution is taking place," says Alok Kumar Agarwal, former Managing Director of Alankit. Leading this change are entrepreneurs and startups who are dedicated to using fintech and digital payments to promote financial inclusion and help those without access to banking services. "As we explore the many challenges faced by marginalized communities in India, we see how fintech solutions can truly transform lives and drive economic empowerment.
Despite India's fast economic growth, a large part of its population still lacks access to formal financial services. The unbanked, mostly consisting of rural residents, women, and underserved communities, face numerous obstacles in getting basic financial services. Traditional banks often can't reach remote areas, leaving millions stuck in poverty and financial instability," says Alok Kumar Agarwal. Additionally, issues like illiteracy, lack of documentation, and cultural barriers make it even harder for these individuals to access the tools they need for socio-economic progress.