Page 306 - IMDR JOURNAL 2023-24

IMDR’s Journal of Management Development & Research 2023-24

country. FinTech has played a crucial role in driving innovation in sectors such as insurance

and lending by leveraging data analytics, artificial intelligence, and machine learning
algorithms to assess risk more accurately and offer personalized financial products tailored to

individual needs. The information and telecommunications (IT) revolution is regarded as the
fifth ‘Technological Revolution’ driving growth1, and FinTech is at the helm of this creative

disruption (Hendrikse et al., 2018). The rapid growth of smartphones and the internet has
played a pivotal role in expanding the reach of FinTech solutions to even the remotest corners

of India. Moreover, the regulatory environment in India has been gradually evolving to

accommodate and foster FinTech innovation. The Reserve Bank of India (RBI) has
introduced progressive regulations such as the Unified Payments Interface (UPI), which

allows for instant and interoperable fund transfers between bank accounts, leading to a surge

in digital payments adoption. Additionally, initiatives like regulatory sandboxes provide a
safe space for FinTech startups to test their products and services in a controlled

environment.
This research aims to shed light on India's evolving FinTech ecosystem and its potential

socio-economic impact to assess how this revolution can contribute to achieving
sustainability goals within the financial sector with "Vikshit Bharat" vision and its

alignment with FinTech advancements.

Literature review:

In fast moving financial technology (FinTech), Bharat has witnessed the disrupting traditional
financial institutions and reshaping the financial landscape. This literature review seeks to

explore the multifaceted dimensions of the FinTech revolution in India, focusing on its

disruptive impact, innovative developments, and the regulatory challenges and implications
associated with this transformative phenomenon.

Disruption and Innovation: Studies by Arora & Bhaduri (2020) and Bhattacharya et al. (2019)

highlight how mobile wallets, requiring minimal documentation and accessible through basic

feature phones, have brought financial services to millions previously excluded. These
wallets not only serve as safe storage for money but also enable cashless transactions for

everyday needs, bill payments, and even peer-to-peer transfers. This eliminates dependence
on cash, reduces risks associated with theft, and promotes convenience, especially for those

residing in remote areas with limited access to bank branches. FinTech platforms have
revolutionized access to credit for small businesses and individuals traditionally excluded

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