INTEGRATION OF FINTECH COMPANIES IN INDIAN MICROFINANCE SECTOR

The journey of the microfinance industry took a great leap after the launching of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) program in 2014. Bank accounts under Pradhan Mantri Jan Dhan Yojna (PMJDY) have increased to 430 million, as of August 2021.The aim towards reaching digital economy was boosted by the country's Digital India program. Digital technology enhances the accessibility and affordability of financial services for the previously unbanked or underbanked individuals. The shift from the conventional banking framework to a digital model was supported by Aadhaar, which gave a supporting ecosystem system to enable technology players to launch electronic 'know your customer' (eKYC) and authentication services. This paper covers the Integration of financial technology in Indian Microfinance sector and discuss the issues faced by fintech companies.