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National Research Journal of Banking and Finance Management is a peer-reviewed and refereed scholarly journal (ISSN: 2349-6762) dedicated to advancing research and discourse in the fields of Banking and Finance Management. The journal upholds rigorous academic standards, ensuring the publication of high-quality research contributions.

The National Research Journal of Banking and Finance Management(NRJBFM) is an Biannual peer reviewed refereed research journal Banking and Finance Management is a peer-reviewed academic journal dedicated to the advancement of knowledge and practice in the fields of banking, financial services, and financial management. The journal provides a platform for researchers, practitioners, policymakers, and academics to publish high-quality research that explores theoretical frameworks, empirical analyses, and innovative approaches to the dynamic and evolving world of finance and banking.

The journal welcomes contributions across a broad spectrum of topics, including but not limited to: risk management, financial regulation, corporate finance, fintech innovations, investment analysis, banking operations, and international financial systems. Emphasizing both theoretical rigor and practical relevance, Banking and Finance Management aims to foster insightful dialogue and impactful discoveries that contribute to sound financial practices and informed decision-making globally.

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Current Issue

Year: 2026   Volume No: 13, Issue No: 1, Year: 2026

Paper Title AN EMPIRICAL STUDY ON THE ROLE OF DIGITAL PAYMENTS IN PROMOTING FINANCIAL INCLUSION IN RURAL INDIA
Paper Type
Author Name Niranjan Behara
Country India
DOI https://doi.org/10.5281/zenodo.18543444
Page No. 1-11

Abstract View PDF Download Certificate
AN EMPIRICAL STUDY ON THE ROLE OF DIGITAL PAYMENTS IN PROMOTING FINANCIAL INCLUSION IN RURAL INDIA
Author: Niranjan Behara

ABSTRACT
India’s digital payments revolution has fundamentally reshaped the landscape of financial inclusion, particularly in rural areas where traditional banking infrastructure has long been sparse. The Reserve Bank of India’s Financial Inclusion Index (FI-Index) reached 67.0 in March 2025, marking a 24.3% increase since 2021, with notable gains in access, usage, and quality of financial services. This empirical study synthesises recent literature, government data, and field research to investigate the evolution and adoption of digital payment systems—especially Unified Payments Interface (UPI), mobile wallets, and Aadhaar-enabled Payment Systems (AePS)—in rural India. It examines the impact of digital payments on
access to financial services, savings behaviour, credit access, and economic empowerment, while also analysing persistent challenges such as digital literacy, infrastructure gaps, trust deficits, and gender disparities. Drawing on case studies from West Bengal and comparable states, the report offers policy recommendations for deepening financial inclusion through digital payments, emphasizing the need for targeted interventions, robust infrastructure, and inclusive design.

Keywords: Digital Payments; Financial Inclusion; Rural India; UPI; Aadhaar-enabled
Payment System; Digital Literacy

Paper Title GREEN FINANCE AND GREEN BONDS IN SUSTAINABLE INFRASTRUCTURE DEVELOPMENT: A CONCEPTUAL REVIEW
Paper Type
Author Name Aditi Mehrotra & Mitali Gupta
Country India
DOI https://doi.org/10.5281/zenodo.18604428
Page No. 12-25

Abstract View PDF Download Certificate
GREEN FINANCE AND GREEN BONDS IN SUSTAINABLE INFRASTRUCTURE DEVELOPMENT: A CONCEPTUAL REVIEW
Author: Aditi Mehrotra & Mitali Gupta

ABSTRACT
Green finance has emerged as a vital mechanism for mobilizing capital towards
environmentally sustainable and resilient infrastructure, with green bonds playing a pivotal role. This study examines the role of green finance and green bonds in sustainable infrastructure development through a systematic review and policy-oriented assessment. It explains the concept and scope of green finance and analyses major green bond types— sovereign, corporate, municipal, and project-based—within the green finance framework. Drawing on secondary data from global reports, regulatory documents, and recent academic literature, the study synthesizes evidence on trends, sectoral allocation, and institutional developments in India’s green bond market. Key challenges such as regulatory gaps, greenwashing risks, limited investor awareness, and inadequate project pipelines are identified, and a way forward is suggested through enhanced disclosure norms, policy incentives, and institutional strengthening. Overall, the paper contributes to the literature by providing an India-focused synthesis of green finance instruments and their role in sustainable infrastructure development, with implications for policymakers, regulators, and
market participants.

Keywords: Green Finance, Green Bonds, Sustainable Infrastructure, Greenwashing,
Greenium.

Paper Title SELF RELIANT INDIA: CHALLENGES AND OPPORTUNITIES
Paper Type
Author Name Alok Kumar & Gaurav Shukla
Country India
DOI https://doi.org/10.5281/zenodo.18755670
Page No. 26-32

Abstract View PDF Download Certificate
SELF RELIANT INDIA: CHALLENGES AND OPPORTUNITIES
Author: Alok Kumar & Gaurav Shukla

ABSTRACT :
OUR PAPER IS TITLED ‘‟SELF – RELIANT INDIA: CHALLENGES AND OPPORTUNITIES‟‟. In our research we have told about the extensive development in the country of agriculture and construction sector to become a self- reliant India. Two concepts are given for self-reliant India : ―RIDHI and “SIDDHI”. Ridhi means wealth and Sidhi means skill. Therefore , earning money with skill is the basic foundation of self – reliant India. The major objective of the scheme is to reduce imports and promote export strategy. Minimising imports in the fields of agriculture, defence, all other sectors. To benefit the country men by following the strategy of self-reliant. The most important objective of the development strategy related to this is inclusive development. Special emphasis should be given to MSMEs and SMEs to there by strengthening the country.

KEYWORDS : SELF - RELIANT INDIA , RIDHI- SIDDHI , EXPORT STRATEGY ,
AGRICULTURE , MSME , SME, INCLUSIVE GROWTH

Paper Title ENTREPRENEURIAL INTENTIONS IN CONFLICT-AFFECTED ECONOMIES: THE IMPACT OF ECONOMIC BLOCKADES AND SOCIO-POLITICAL INSTABILITY IN MANIPUR
Paper Type
Author Name Thoi Thoi Nongmeikapam
Country India
DOI https://doi.org/10.5281/zenodo.18781443
Page No. 33-38

Abstract View PDF Download Certificate
ENTREPRENEURIAL INTENTIONS IN CONFLICT-AFFECTED ECONOMIES: THE IMPACT OF ECONOMIC BLOCKADES AND SOCIO-POLITICAL INSTABILITY IN MANIPUR
Author: Thoi Thoi Nongmeikapam

ABSTRACT:
Entrepreneurial intention is considered the psychological foundation that drives the formation of new ventures and supports regional economic progress. It reflects a person's conscious desire to seek business possibilities and participate in entrepreneurial endeavors. However, persistent sociopolitical instability can severely reduce this drive in areas withprolonged conflict by raising perceived risk and uncertainty. Manipur, located in northeast India, represents a vulnerable regional economy marked by recurring economic blockades, ethnic tensions, insurgency, and persistent infrastructureshortcomings. These frequent disruptions have shaped the overall business environment of the state by often impacting supply chains, transportation systems, and market stability. The economic effects of instability in Manipur have been studied in the past, but how such instability affects entrepreneurial thinking and decision-making has received comparatively little attention. Guided by Ajzen's Theory of Planned Behavior, this study explores how supply chain interruptions, blockades, displacement, and institutional weaknesses affect attitudes toward entrepreneurship, perceived behavioral control, and societal expectations. Based on secondary data and previous academic studies, the results show that extended instability diminishes the views of business viability, investment certainty, and market confidence. This study emphasizes that fostering entrepreneurship in Manipur requires institutional stability, improved infrastructure, and sustained conflict resolution efforts, alongside financial and educational support.

Keywords: Entrepreneurial intention; economic blockades; conflict-affected economies;
perceived behavioral control; Theory of Planned Behavior; Manipur

Paper Title WORKING CAPITAL EFFICIENCY AND FIRM PROFITABILITY: PANEL EVIDENCE FROM INDIAN MANUFACTURING FIRMS
Paper Type
Author Name R. Logambal, G. Kanagasabapathy & S. Parthiban
Country India
DOI https://doi.org/10.5281/zenodo.18934959
Page No. 39-44

Abstract View PDF Download Certificate
WORKING CAPITAL EFFICIENCY AND FIRM PROFITABILITY: PANEL EVIDENCE FROM INDIAN MANUFACTURING FIRMS
Author: R. Logambal, G. Kanagasabapathy & S. Parthiban

ABSTRACT
Working capital management plays a crucial role in determining the liquidity and profitability of firms. This study examines the relationship between working capital management and firm profitability using panel data from manufacturing firms. Profitability is measured using return on assets (ROA), return on equity (ROE), and net profit margin (NPM). The key working capital variables include average age of inventory (AAI), average accounts receivable (AAR), and average accounts payable (AAP). Firm size (SIZE), sales growth (SG), and working capital financing (WCF) are included as control variables. Panel regression techniques including ordinary least squares (OLS), fixed effects (FE), and random effects (RE) models are used to estimate the relationships. The empirical findings indicate that longer receivable and payable periods reduce profitability due to delayed cash inflows and inefficient credit
management, while sales growth positively affects firm performance. The findings highlight the importance of efficient working capital policies for improving financial performance in manufacturing firms.

Keywords: Working capital management, profitability, manufacturing firms, panel data
analysis

Paper Title PUBLIC VS. PRIVATE BANKS: THE ROLE OF PERCEIVED ORGANISATIONAL SUPPORT IN SHAPING EMPLOYEE SILENCE AND ORGANISATIONAL COMMITMENT
Paper Type
Author Name Jashmeen Kaur, Ritu Lehal & Kanika Sofat
Country India
DOI https://doi.org/10.5281/zenodo.18937787
Page No. 45-50

Abstract View PDF Download Certificate
PUBLIC VS. PRIVATE BANKS: THE ROLE OF PERCEIVED ORGANISATIONAL SUPPORT IN SHAPING EMPLOYEE SILENCE AND ORGANISATIONAL COMMITMENT
Author: Jashmeen Kaur, Ritu Lehal & Kanika Sofat

ABSTRACT
This study examines the influence of perceived organisational support on employee silence and organisational commitment in the Indian banking sector, with a comparative analysis of selected public and private sector banks. The study employs a stratified random sampling technique and collects primary data from 400 employees working in four major banks: State Bank of India, Punjab National Bank, HDFC Bank, and ICICI Bank, representing both public and private sector institutions. Structural Equation Modelling and Multi-Group Analysis using AMOS were applied to examine the differential effects of perceived organisational support across the selected banks. The results reveal significant sectoral differences in how employees respond to organisational support. Perceived organisational support was found to reduce defensive silence more strongly in private banks, whereas it had a stronger positive influence on affective and continuance commitment among employees in public sector banks. However, no significant differences were observed in the relationship between perceived organisational support and pro-social silence or normative commitment. The findings
highlight the importance of supportive organisational practices in fostering open
communication and strengthening employee commitment in banking institutions.

Paper Title MICROFINANCE AND POVERTY REDUCTION: EVIDENCE FROM RURAL ECONOMIES IN INDIA
Paper Type
Author Name K G Suresh Kumar
Country India
DOI https://doi.org/10.5281/zenodo.19019341
Page No. 51-60

Abstract View PDF Download Certificate
MICROFINANCE AND POVERTY REDUCTION: EVIDENCE FROM RURAL ECONOMIES IN INDIA
Author: K G Suresh Kumar

ABSTRACT
Microfinance has emerged as an important financial innovation aimed at reducing poverty and promoting economic development in rural economies. Many rural households in developing countries face significant barriers in accessing formal financial services due to lack of collateral, low and irregular income, and limited banking infrastructure. Microfinance institutions address this gap by providing small loans, savings facilities, and other financial services to low-income individuals, particularly women and small-scale entrepreneurs. The primary objective of microfinance is to enable poor households to invest in in come generating activities, improve their livelihoods, and achieve financial stability. This study examines the role of microfinance in poverty reduction in rural economies by analysing its impact on household income, employment generation, women’s empowerment, and overall economic development. Evidence from various developing countries indicates that access to microfinance encourages the growth of small businesses, supports agricultural investment, and increases opportunities for self-employment. As a result, rural households participating in microfinance programs often experience improvements in income levels, asset ownership, and living standards. The study also highlights the importance of microfinance in promoting women’s economic participation and strengthening financial inclusion in marginalized communities. However, the effectiveness of microfinance depends on several factors, including institutional design, borrower capabilities, and supportive economic policies. While microfinance alone cannot
eliminate poverty, it plays a significant role as part of a broader development strategy that includes improved infrastructure, education, and market access. Overall, microfinance contributes to sustainable rural development by expanding financial opportunities and supporting economic empowerment among low-income populations.

Paper Title GREEN BANKING INITIATIVE AND THEIR IMPACT ON SUSTAINABLE ECONOMIC DEVELOPMENT
Paper Type
Author Name Komalpreet Kaur Chhina
Country India
DOI https://doi.org/10.5281/zenodo.19059892
Page No. 61-65

Abstract View PDF Download Certificate
GREEN BANKING INITIATIVE AND THEIR IMPACT ON SUSTAINABLE ECONOMIC DEVELOPMENT
Author: Komalpreet Kaur Chhina

ABSTRACT
Green Banking has emerged as an important strategy for promoting environmental
sustainability and responsible financial practice in banking sector. Green Banking is also
aligned with the sustainable development Goal 13 on climate change. It refers to banking activities that encourage environmentally friendly investments and encourage sustainable development goals. The purpose of this study is to analyze the role of Green Banking to promote sustainable economic development. The Study explores various green banking initiatives undertaken by different banks. Using Secondary data data from research articles, reports and banking publications, the study examines the relationship between green banking practice of difference banks and impact of green banking initiatives on economic development. The findings suggest that green banking initiatives contribute significantly to environmental protection, efficient resource utilization and long term economic stability. The study conclude that green banking is becoming an tool for achieving India's long term sustainability and economics development goals.

Keywords :- Green banking, Sustainable Development, Green finance, Environmental
sustainability, Banking sector.

Paper Title AN EMPIRICAL ANALYSIS OF THE IMPACT OF MICROFINANCE ON WOMEN ENTREPRENEURS IN RURAL RAJASTHAN
Paper Type
Author Name Pragya jain & Mitali Gupta
Country India
DOI https://doi.org/10.5281/zenodo.19060188
Page No. 66-76

Abstract View PDF Download Certificate
AN EMPIRICAL ANALYSIS OF THE IMPACT OF MICROFINANCE ON WOMEN ENTREPRENEURS IN RURAL RAJASTHAN
Author: Pragya jain & Mitali Gupta

ABSTRACT
In the recent years, microfinance has gained global recognition as a powerful instrument for promoting financial inclusion and fostering entrepreneurship among marginalized communities, particularly women in rural areas. By providing small-scale credit and related financial services to individuals without access to traditional banking systems, microfinance offers an opportunity to bridge economic inequalities and stimulate grassroots development. In the Indian context, where gender disparities in rural regions remain pronounced, microfinance has been actively deployed as a tool to empower women economically and socially. Though there have been various researches to explore the topic but specific research in the recent years stayed in research gap. This study examines the impact of microfinance on women entrepreneurs in rural Rajasthan, a state known for its cultural richness but also for its significant socio-economic challenges, especially in terms of gender inequality and poverty. The research explores how access to microfinance has influenced the entrepreneurial activities of women, their income-generating capacities, and their role within the household and the community. It also investigates whether microfinance initiatives have led to sustainable business practices and long-term economic independence among rural women. This paper contributes to the growing body of knowledge on rural development, gender empowerment, and financial inclusion in India.

Keywords: Microfinance, Women Entrepreneurs, Rural Development, Financial Inclusion,
Economic Empowerment.

Paper Title FINANCIAL INCLUSION THROUGH DIGITAL FINANCE: PROSPECTS AND OBSTACLES IN EMERGING MARKETS
Paper Type
Author Name Priyanka Rai, Manisha Singh, Pratiksha Mishra & Anandvardhan
Country India
DOI https://doi.org/10.5281/zenodo.19125733
Page No. 77-90

Abstract View PDF Download Certificate
FINANCIAL INCLUSION THROUGH DIGITAL FINANCE: PROSPECTS AND OBSTACLES IN EMERGING MARKETS
Author: Priyanka Rai, Manisha Singh, Pratiksha Mishra & Anandvardhan

ABSTRACT
This research explores how digital banking can transform economic inclusion, particularly for marginalized groups in developing nations. Economic inclusion, defined as the accessibility and equity of opportunities for acquiring financial services, is one of the key drivers in combating economic power and poverty. The rise of digital technologies like mobile banking, e-wallets, peer-to-peer lending platforms, and blockchain has significantly increased access to traditional financial services, especially for rural areas and populations that have been previously excluded from the formal economy. In Uttar Pradesh, India, a structured questionnaire was administered to 240 participants as part of the quantitative aspect of the research. The study utilized partial least squares structural equation modelling (PLS-SEM) to analyze the gathered data and explore the relationships among critical factors such as technological infrastructure, social and cultural influences, economic results, and the efficacy of digital financial initiatives. Findings indicate a statistically significant correlation between
these elements and the impact of digital financing, highlighting the importance of improved digital infrastructure and culturally appropriate financial services in enhancing economic inclusion outcomes.

Keywords: Financial Inclusion, Digital Finance, Digital payment, Government policy.

Paper Title A STUDY ON THE IMPACT OF SOCIAL MEDIA BRAND ENGAGEMENT AND BRAND TRUST ON BRAND LOYALTY AMONG INDIAN CONSUMERS
Paper Type
Author Name Neha Joshi
Country India
DOI https://doi.org/10.5281/zenodo.19326653
Page No. 85-96

Abstract View PDF Download Certificate
A STUDY ON THE IMPACT OF SOCIAL MEDIA BRAND ENGAGEMENT AND BRAND TRUST ON BRAND LOYALTY AMONG INDIAN CONSUMERS
Author: Neha Joshi

INTRODUCTION
In the last decade, the rapid development of digital technology and internet accessibility has significantly transformed the marketing landscape worldwide. Social media platforms have emerged as powerful tools that allow companies to communicate directly with consumers, promote products, and build long-term relationships with their target audience. Platforms such as Facebook, Instagram, YouTube, and X (Twitter) have enabled organizations to move beyond traditional marketing methods and engage customers through interactive digital communication channels. Social media marketing enables companies to share brand-related
content, interact with consumers, and encourage participation in brand communities. This interaction between consumers and brands is commonly referred to as social media brand engagement. According to Brodie et al. (2013), consumer brand engagement refers to a psychological state that occurs due to interactive experiences between consumers and brands. Social media platforms facilitate this engagement by allowing consumers to like, comment, share, and participate in discussions related to brands.

Paper Title INTERLOCKING DIRECTORATES: A COMPREHENSIVE LITERATURE REVIEW
Paper Type
Author Name Arun Karthik B & Muruganandam D
Country India
DOI https://doi.org/10.5281/zenodo.19345415
Page No. 91-100

Abstract View PDF Download Certificate
INTERLOCKING DIRECTORATES: A COMPREHENSIVE LITERATURE REVIEW
Author: Arun Karthik B & Muruganandam D

ABSTRACT
In general, global corporations are not isolated actors in an economic war of 'all against all' but members of a common network with common interests and global reach. This is a review of literature on interlocking directorates, which is claimed to be one phenomenon that shows the blurring of difference between the 'actors'. This review covers the different perspectives followed in the study of interlocking directorates, different strands of studies under these perspectives, relation between board composition studies and interlock studies, methodologies followed in interlocking studies and the criticisms about studies on interlocking directorates. The debates in each area are also discussed parallelly.

Keywords: Interlocking directorates · Corporate governance · Board composition · Resource dependence · Social class perspective · Inter-corporate relations

Paper Title A STUDY ON THE EFFECT OF GST RATE REVISIONS ON INDIA’S ECONOMIC GROWTH AND CONSUMER SPENDING PATTERNS
Paper Type
Author Name Salma Begum & N Roshan Choudhury
Country India
DOI https://doi.org/10.5281/zenodo.19467904
Page No. 110-120

Abstract View PDF Download Certificate
A STUDY ON THE EFFECT OF GST RATE REVISIONS ON INDIA’S ECONOMIC GROWTH AND CONSUMER SPENDING PATTERNS
Author: Salma Begum & N Roshan Choudhury

ABSTRACT
The GST system was another significant structural change in the indirect taxation framework in India and substituted various cascading taxes with one taxation system. GST after the rate has been revised several times since its introduction in 2017, with a deliberate effort to form an equilibrium based on revenue generation, inflation control, and radiation of consumer behavior. This empirical research paper will discuss the effects of the changes in GST rates on consumer spending in India, and in the context of the response of individual income and types of products to the changes. The rich data was gathered by use of a structured questionnaire with 157 consumers based on various income levels, and government reports and published literature were the sources of the secondary data. Data analysis was done by using statistical tests such as Chi-square tests, One-Way ANOVA, and Pearson correlation analysis. The results indicate that consumer expenditure behavior is greatly affected by changes in the GST rates, with consumers responding more strongly to an upward increase in the GST rate than to a reduction in the rate. Income level is also a significant factor in the perceived effect, whereby high-income groups reported greater effects. There is a high positive correlation between consumer awareness of GST revisions and behavioral response
(r = 0.623, p < 0.001). The paper discusses the significance of constant taxation policies as well as increased consumer education to support the unchanging consumption aspects and the growth of the economy.

Keywords GST rate revisions, consumer spending patterns, tax policy, income groups,
consumer behaviours, India

Paper Title IMPACT OF DIGITAL PAYMENT SYSTEMS ON CONSUMER FINANCIAL BEHAVIOR IN INDIA: THE MODERATING ROLE OF FINANCIAL LITERACY
Paper Type
Author Name Salma Begum & Dhanush BV
Country India
DOI https://doi.org/10.5281/zenodo.19467983
Page No. 121-129

Abstract View PDF Download Certificate
IMPACT OF DIGITAL PAYMENT SYSTEMS ON CONSUMER FINANCIAL BEHAVIOR IN INDIA: THE MODERATING ROLE OF FINANCIAL LITERACY
Author: Salma Begum & Dhanush BV

ABSTRACT
This research aims to investigate the role of digital transaction systems on the financial
behaviour of consumers in the Indian economy scenario. In this paper, the primary data was collected using 156 digital payment users. Based on the data collected, the impact of online payment systems is analyzed. Along with the primary data, the secondary data is also collected using RBI, NPCI, World Bank, and IMF reports. Data analysis is done using the questionnaire with a five-point Likert scale. In this paper, the results show the impact of digital payment systems on the financial behavior of consumers. It is clear that digital
payment systems make people spend more. In fact, the correlation is quite strong (r = 0.449, p < 0.001). Digital transactions also have an impact on how much people save. The numbers show a correlation (r = 0.338 p < 0.001). This research helps add to our understanding of how people behave with money, which's part of behavioral finance.

Keywords: Digital transaction, UPI, Consumer Financial Behavior, Financial Literacy,
Behavioral Finance, India

Paper Title ROLE OF FINTECH IN ENHANCING FINANCIAL INCLUSION IN EMERGING ECONOMIES
Paper Type
Author Name Salma Begum & Diksha Singh
Country India
DOI https://doi.org/10.5281/zenodo.19468048
Page No. 130-138

Abstract View PDF Download Certificate
ROLE OF FINTECH IN ENHANCING FINANCIAL INCLUSION IN EMERGING ECONOMIES
Author: Salma Begum & Diksha Singh

ABSTRACT
Since all societal segments have accessibility to formal financial services, financial inclusion plays a crucial role in promoting inclusive economic development. However, due to institutional, structural, and economic factors, a sizable segment of the populace in a developing country lacks access to formal financial services. Fintech, or financial technology, has recently been recognized by the market as one of the key current drivers with the ability to close the present gaps in financial services.

This research paper tries to explore Fintech's potential to advance financial inclusion in
developing economies in a quantitative manner by using secondary data to research the topic. The researchers focus on the indication of Fintech's growth, including the use of digital payment methods, mobile money accounts, and online transactions. The research considers indications of financial inclusion in addition to the growth of Fintech. as well. The control variables also include internet penetration and income levels, which are studied to have an indepth understanding of the study.

The results show that the use of Fintech has been steadily increasing, which is compatible with the rise in the rate of the financial inclusion. Regression analysis and correlation show that there is a substantial, positive relationship between the growth of Fintech as well as financial inclusion, and that high levels of digital banking activity are correlated with high levels of financial inclusion. Nevertheless, the effects on access to formal credit are moderate.

The paper concludes that, as important as Fintech is projected to promote financial inclusion, the factor is also subject to other variations, known as supporting factors.

Keywords: Digital payments, digital banking, financial inclusion, emerging economies, and financial technology (Fintech)

Paper Title SUSTAINABLE FINANCE IN INDIA: IMPACT OF ESG ADOPTION ON FIRMS’ PERFORMANCE AND INVESTMENT DECISIONS
Paper Type
Author Name Salma Begum & Chakradhara Rohit Ravu
Country India
DOI https://doi.org/10.5281/zenodo.19468092
Page No. 139-145

Abstract View PDF Download Certificate
SUSTAINABLE FINANCE IN INDIA: IMPACT OF ESG ADOPTION ON FIRMS’ PERFORMANCE AND INVESTMENT DECISIONS
Author: Salma Begum & Chakradhara Rohit Ravu

ABSTRACT
This paper will be an attempt to investigate how adoption of ESG factors can influence the performance of firms and the choice of investors in India. In recent years the adoption of ESG factors has acquired an immensely significant role in India with the growing regulatory pressures like Business Responsibility and Sustainability Reporting (BRSR). A quantitative research approach is used in this work to address the secondary data as researched on some companies that are listed in the Nifty 50 list of 2021-2025. The evaluation of the correlation between the adoption of ESG factors and the investor participation by the number of shareholders increase is also a part of this study. This paper is elaborate in both its use of financial performance and investor choice and using ESG factor performance in the evaluation of the wider implications of adopting ESG factors. The research is likely to add to the discussion on whether the adoption of ESG factors causes the financial value creation, or an increased financial cost to the company. This research can also be applied to determine the implications of ESG factor performance in terms of investor decision and its consequences in other emerging economies such as India where adoption of the ESG factors is still at its infancy.

Keywords Sustainable Finance, ESG Factors, Financial Performance, Investment Decisions, Investor Participation, Indian Stock Market, Nifty 50

Paper Title DIGITAL WALLET ADOPTION AND ITS EFFECT ON SMALL BUSINESS GROWTH IN INDIA
Paper Type
Author Name Salma Begum & Gourav R Shet
Country India
DOI https://doi.org/10.5281/zenodo.19494913
Page No. 146-155

Abstract View PDF Download Certificate
DIGITAL WALLET ADOPTION AND ITS EFFECT ON SMALL BUSINESS GROWTH IN INDIA
Author: Salma Begum & Gourav R Shet

ABSTRACT
The rapid proliferation of digital payment systems in India has fundamentally reshaped how businesses conduct financial transactions, particularly within the small and medium enterprise segment. This study examines the adoption of digital wallets and its effect on the growth of small businesses in Karnataka, India. The research is grounded in established technology adoption frameworks, specifically the Technology Acceptance Model (TAM), the Unified Theory of Acceptance and Use of Technology (UTAUT), and the Diffusion of Innovation (DOI) theory. A descriptive and analytical research design was employed, withm primary data collected from 150 small business owners across urban, semi-urban, and rural regions of Karnataka using a structured questionnaire administered through both online and offline modes. The study investigates the influence of key adoption factors ease of use, perceived security, transaction cost, and customer demand on business growth indicators including sales, profitability, customer base expansion, and operational efficiency. Data analysis was conducted using descriptive statistics, Cronbach's Alpha reliability testing, Pearson's correlation analysis, multiple regression analysis, ANOVA, and independent sample t-tests. The findings reveal that digital wallet adoption has a statistically significant positive impact on small business growth (R² = 0.335, p < 0.001). Ease of use (β = 0.273) and perceived security (β = 0.199) emerged as the strongest predictors of business growth, followed by customer demand (β = 0.133). Notably, transaction cost did not exert a significant influence on business growth. The study further demonstrates that ease of use positively influences customer satisfaction (β = 0.437, p < 0.001). ANOVA and t-test results confirm that the impact of digital wallet adoption on business growth is consistent across different geographical locations and demographic groups. These findings offer practical
implications for small business owners, fintech service providers, and policymakers in
designing strategies that promote digital financial inclusion and support the sustainable growth of small enterprises.

Keywords: Digital Wallets, Small Business Growth, Technology Adoption, UPI, Karnataka,
TAM, UTAUT, Customer Satisfaction

Paper Title FINANCIAL LITERACY AND PERSONAL INVESTMENT DECISIONS AMONG YOUNG PROFESSIONALS
Paper Type
Author Name Salma Begum & Manikandan B
Country India
DOI https://doi.org/10.5281/zenodo.19494990
Page No. 156-166

Abstract View PDF Download Certificate
FINANCIAL LITERACY AND PERSONAL INVESTMENT DECISIONS AMONG YOUNG PROFESSIONALS
Author: Salma Begum & Manikandan B

ABSTRACT
The role of financial literacy in influencing personal investment decisions cannot be
overstated, particularly among young professionals who are in a stage of financial
independence. In the current dynamic financial environment, individuals are called upon to make complex financial decisions in saving, investing, and planning. The current study aims to investigate the relationship that exists between financial literacy and personal investment decisions among young professionals. In addition, this study seeks to understand the impact of risk tolerance in influencing investment decisions. The current study was based on both primary and secondary data collection methods. The
primary data was collected from more than 200 respondents using a structured questionnaire via Google Forms. In addition, descriptive statistics and percentage analysis were used to interpret the data. Secondary data was also used to support the findings and provide a theoretical background to the study. The results show that financial literacy has a strong positive impact on investment behaviour. People with high levels of financial literacy are more likely to show better financial planning
skills, are more confident in investment decisions, and are more rational in dealing with risks. However, there are gaps in understanding complex financial concepts, which show the need to improve financial education. The study concludes that improving financial literacy can contribute to better financial decisions and better financial stability among young professionals.

Keywords: Financial Literacy, Investment Behaviour, Risk Tolerance, Young Professionals,
Financial Decision-Making

Paper Title FOREIGN DIRECT INVESTMENT AND FINTECH SECTOR GROWTH IN INDIA
Paper Type
Author Name Salma Begum & Jeya Prathab Sundar S K
Country India
DOI https://doi.org/10.5281/zenodo.19495174
Page No. 167-180

Abstract View PDF Download Certificate
FOREIGN DIRECT INVESTMENT AND FINTECH SECTOR GROWTH IN INDIA
Author: Salma Begum & Jeya Prathab Sundar S K

ABSTRACT
The paper at hand is concerned with the connection between the Foreign Direct Investment and the development of the FinTech industry in India throughout 2015-2025. The study relies on secondary information and a quantitative research design to examine the significance of foreign investment in some of the pointers to the FinTech development in Indias The study variables are the Foreign Direct Investment inflows, UPI transaction value, GDP growth rate, internet penetration, FinTech funding and number of FinTech startups. These variables have been selected to determine the investment climate as well as overall growth trend of the Indian digital financial ecosystem. The methodology of the research is descriptive statistic, correlation analysis and regression analysis. Descriptive statistics were applied to learn about the general behaviour and distribution of the variables throughout the study period. Correlation analysis was used to analyse the extent and direction of correlation between FDI and selected FinTech growth indicators. Regression analysis was also used to analyze the effect of FDI on FinTech funding in India. The hypothesis that was tested in the study was whether or not Foreign Direct Investment has a significant impact on FinTech funding. The results of the study show that Foreign Direct Investment has a positive link with important measures of FinTech development such as the value of transactions on a UPI, and
the number of FinTech startups. However, the results of the regression indicate that FDI does not exert any statistically significant effect on FinTech funding, as the p-value is 0.228, which is higher than the level of significance. The R-squared value of 0.157 is also indicative that FDI explains a limited part of the variation of FinTech funding. Based on these results, the null hypothesis is accepted and the alternative hypothesis is rejected. The study concludes that while FDI and FinTech growth have a positive movement in the larger Indian context, Foreign Direct Investment is not a significant standalone determinant of FinTech funding during the study period. It appears that the evolution of the FinTech industry in India is influenced by a variety of digital penetration, maturation of the startup environment, and the overall technological and economic environment. The research contributes to the body of literature on intersection between foreign capital and digital financial development in India and future research opportunities based on broader variables and industry-specific data about investment.

Keywords: Foreign Direct Investment, FinTech, India, FinTech Funding, Digital Payments

Paper Title JIO-BLACKROCK JOINT VENTURE IN MUTUAL FUNDS: MARKET OPPORTUNITIES, RISK AND MARKET DYNAMICS
Paper Type
Author Name Salma Begum & Karan Sharma
Country India
DOI https://doi.org/10.5281/zenodo.19495665
Page No. 181-191

Abstract View PDF Download Certificate
JIO-BLACKROCK JOINT VENTURE IN MUTUAL FUNDS: MARKET OPPORTUNITIES, RISK AND MARKET DYNAMICS
Author: Salma Begum & Karan Sharma

ABSTRACT
The mutual fund sector in India has experienced an impressive transformation in the last decade, and it has not only outgrown into an institutional product with a relatively smaller footprint, but also as a mass-market savings product, with Assets under Management of more than ₹82 trillion at February 2026. It is in this backdrop that the Jio-BlackRock joint venture warrants attention by serious scholars. This is not just another entry into an already overcrowded market as announced in July 2022 and officially registered with the Securities and Exchange Board of India in May 2025, this partnership between Jio Financial Services of Reliance Industries and BlackRock, the largest asset manager in the globe, with around 10 trillion dollars under its management around the world. The analytical model is based on the Eclectic (OLI) Paradigm of Dunning, the Dynamic Capabilities theory presented in works of Teece, Pisano, and Shuen (1997), and the Five Forces framework presented by Porter. In addition to the strategic analysis, SWOT and PESTEL frameworks are related to the environment the JV operates. The study adds to the rather scanty academic literature on a crossover place of joint venture strategy, financial market evolution, and digital distribution in large, demographically diverse emerging economies.

Paper Title EVALUATING CORPORATE SOCIAL RESPONSIBILITY INITIATIVES: A STUDY OF COMPANIES IN PUNJAB
Paper Type
Author Name Kanchan Rani, Randeep Kaur & Ramandeep Kaur Sidhu
Country India
DOI https://doi.org/10.5281/zenodo.19564463
Page No. 192-198

Abstract View PDF Download Certificate
EVALUATING CORPORATE SOCIAL RESPONSIBILITY INITIATIVES: A STUDY OF COMPANIES IN PUNJAB
Author: Kanchan Rani, Randeep Kaur & Ramandeep Kaur Sidhu

ABSTRACT
Corporate Social Responsibility (CSR) has emerged as an integral component of sustainable business strategy, emphasizing ethical responsibilities alongside economic goals. This study, “Evaluating Corporate Social Responsibility Initiatives: A Study of Companies in Punjab,” examines the CSR practices of selected companies operating within the Punjab, aiming to evaluate their contribution to social development, sustainability, social and community welfare. The research explores how these firms conceptualize CSR, the nature of their initiatives, and the extent to which their activities align with statutory requirements and stakeholder expectations.

The selected companies representing diverse sectors such as manufacturing, services, and agriculture-based industry were analyzed through both qualitative and quantitative measures. secondary data were obtained from annual reports, CSR disclosures, sustainability reports, official sites and official corporate publications. The study focuses on major CSR domains including education, healthcare, environmental protection, woman empowerment, skill development, rural upliftment, and collaboration with non-governmental organizations.

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