Fintech: A Model for Financial Inclusion of Sustainable Economic Development of Vishwakarma Community in India

Financial inclusion, being a part of the Sustainable Goals of the United Nations aims to improve economic growth, reduce inequality and decent work deficit of a country. Sustainable economic growth depends on the extent of financial inclusion of vulnerable and marginalised communities. Among various communities, Vishwakarma is one of the artisans’ communities face financial problems hence, there are not financially included. This leads to problems for economic growth and development of the community. Hence, the present proposes fintech as an effective tool for financial inclusion. The article is built on data collected from 116 vishwakarma artisans from Karnataka State, Mysuru District. The Snowball sampling method was used. Data were analysed with the help of the Index of Financial Inclusion (IFI). The study finds that showed a moderate banking penetration rate (dp + 0.63), level of access to banking (0.20) and a result of banking utilization shows (0.0447) is very low. Exploratory Factor Analysis was used to find the major impact factor for financial inclusion. The study finds that Fintech is a powerful tool for the inclusion of Vishwakarma Communities in India. The study recommends a model of Fintech Inclusion for Sustainable Economic Development.