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Financial Behaviour Analysis for Payment Bank Adoption Using Random Forest and PCA: An Indian Perspective
The gradual acceptance of payment banks in India constitutes an important challenge to equitable financial development, especially for underbanked rural communities. The proposed study handles the difficulty by examining financial behaviour through a hybrid machine learning methodology that integrates Principal Component Analysis (PCA) for dimensionality reduction with a Random Forest classifier for predictive modelling. The study utilises datasets obtained from Kaggle that reflect demographic, behavioural, and digital engagement variables. PCA preserves approximately 9 0% of variance while reducing feature complexity, allowing the Random Forest to effectively characterise adoption behaviour. In comparison to conventional classifiers such as Logistic Regression, SVM, and Decision Trees, the suggested model improved performance, attaining 96.7% accuracy, 95.8% precision, 97.1% recall, 96.4% F 1-score, and an AUC-ROC of 0.982. The findings exceed all chosen baselines, demonstrating the system's resilience and reliability. The approach provides behavioural insights essential for policy formulation and strategic engagement by pinpointing the most significant adoption determinants. This research greatly advances the digital banking sector by integrating data science with social impact, providing a clear, high-performing solution to inform financial inclusion policies. It establishes a basis for the development of future real-time and personalised adoption prediction systems utilising advanced AI methodologies. 2025 IEEE. -
Financial Big Data Analysis Using Anti-tampering Blockchain-Based Deep Learning
This study recommends using blockchains to track and verify data in financial service chains. The financial industry may increase its core competitiveness and value by using a deep learning-based blockchain network to improve financial transaction security and capital flow stability. Future trading processes will benefit from blockchain knowledge. In this paper, we develop a blockchain model with a deep learning framework to prevent tampering with distributed databases by considering the limitations of current supply-chain finance research methodologies. The proposed model had 90.2% accuracy, 89.6% precision, 91.8% recall, 90.5% F1 Score, and 29% MAPE. Choosing distributed data properties and minimizing the process can improve accuracy. Using code merging and monitoring encryption, critical blockchain data can be obtained. 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG. -
Financial capability and financial wellbeing of women in community-based organizations: mediating role of decision-making ability
Purpose: Financial capability is considered to be an important concept that has drawn the attention of many world nations. While the literature suggests various studies on financial capability and financial wellbeing, focus on their combined significance has been limited. The purpose of this paper is to examine how financial capability affects the financial wellbeing of women in community-based organizations and how decision-making ability mediated this relationship. Design/methodology/approach: In total, 1,000 women who are associated with the community-based organization Kudumbashree in the state of Kerala, India participated in the survey-based study. Findings: The structural equation modelling results show that there exists a significant relationship between financial capability and the financial wellbeing of women in CBOs. Further, decision-making ability was identified as a significant mediator in this relationship thus establishing a partial mediation effect. Practical implications: The financial social workers can focus their activities on promoting financial capability and decision making aspects of women from middle/low income families to facilitate their financial wellbeing. The scope for financial socialisation and proper orientation is more for the women associated with the community based organisations. This opportunity can be made use by the government authorities and other practitioners to change their financial outlook and contribute towards the empowerment of these women from the grass root level. Originality/value: The studies related to financial literacy and financial inclusion are available in the Indian context, but the conceptualization of financial capability is still an under-researched area in India. Hence, this study is an attempt to explain the capability-wellbeing relationship from a financial point of view in the Indian context, and further establishes its connection with the individual's decision-making ability. To strengthen the research base, the study was conducted among the women in the community-based organization who belong to middle and low-income families. 2022, Emerald Publishing Limited. -
FINANCIAL DECISION-MAKING POWER AND RISK-TAKING BEHAVIOUR IN INDIAN HOUSEHOLDS
This study aims to examine the impact of decision-making power on risk-taking behaviour in household economies in India. It further explores the relationship between decision-making power, perceived risk-taking behaviour, and actual risk-taking behaviour. Further, the study employs the primary data collected through a structured questionnaire. The snowball sampling method was adopted to gather data from 312 retail investors in the study area. The response rate for the sample size is 91.50%. An OLS regression model was constructed to measure the frequency of trading habits as a proxy for the respondents' risk-taking behaviour. The results indicate that decision-making power significantly impacts investors' risk-taking behaviour in Indian household economies. Additionally, decision-making power has a significant impact on perceived risktaking behaviour. The findings of this study show how decision-making power influences the risk-taking behaviour of retail investors. This study adds value to the literature on behavioural finance and household economies. The results will pertinently support retail investors' decision-making skills in unbiased investment decision-making. 2025 by the author(s). -
Financial Development Convergence: Evidence from Top and Bottom Globalised Developing Economies
This paper investigates the pattern of the financial development convergence for the top (Europe and Central Asia) and the bottom (South Asia) globalized developing regions from 1984 to 2016. We employ the Philips-Sul club convergence approach to measure the financial development convergences speed. The results validate the convergence of financial development in all countries, including the top and bottom of globalized developing regions. Interestingly, the speed of financial development convergence is less in the bottom globalized developing region than in the top globalized developing region. However, these results vary across developing regions in the case of financial institutions and financial markets. Therefore, solid financial market governance can provide a productive and efficient financial system, particularly in the bottom globalized economies. 2023 The Author(s). Published with license by Taylor & Francis Group, LLC. -
Financial Distress and Value Premium using Altman Revised Z-score Model
In the stock market, investors and value managers desire to be safe. Estimating equity returns and evaluating potential financial distress risk are essential for investment and trading decisions. The link between distress risk and stock return is controversial, and current literature yields contradicting results. A variety of models may be used to evaluate distress risk-return trade-offs. This paper employs a revised Altman Z-score to examine financial distress and value premiums. Using univariate and multivariate techniques, we examine firm- and industry-level portfolio returns, encompassing all Indian companies listed on the Bombay Stock Exchange (BSE). Results confirm the existence of the distress factor effect found in industry and firm-level portfolios. It shows that the distress risk factor significantly determines stock returns as an independent systematic risk factor. This result is consistently found in most industries. The study demonstrates the existence of a value premium in both distressed and safe zones. The study also used a multivariate GRS test and the Fama-Macbeth procedure to validate the reliability of the distress factor and pricing models. Results confirm that Altman model-based distress factor augmented models improve the performance of existing pricing models with higher reliability and accuracy. 2023 MDI. -
Financial Freedom, social Capital, and the Development of Rural Women Entrepreneurship in India; [?????????? ???????, ?????????? ??????? ? ???????? ??????????????????? ????? ???????? ?????? ? ?????]
Human resource development can only be achieved by promoting female entrepreneurship. There is a very low level of female entrepreneurship in India, especially in rural areas, which has recently been a cause for concern. Women are now aware of their existence, privileges, and employment circumstances.The subject of this research is female entrepreneurs in rural India, their contribution towards society, problems faced by women entrepreneurs in India, and initial steps taken by the administration for their development in Indias rural region. The research is explanatory. The primary data is used in the paper. The self-structured questionnaire was circulated to the women entrepreneurs in rural India. The data collected was analysed using a targeted sampling method in the Statistical Package for Social Sciences programme, followed by a study of the statistical results. During the survey, 44 respondents were interviewed. The results showed that among the most significant challenges were womens family responsibilities, gender inequality, financial difficulties, low risk inclination and competition between men and women. It was concluded that the challenges faced by women entrepreneurs could be addressed through appropriate incentives, training, encouragement, social recognition of their entrepreneurial capabilities and appropriate family support. Victor M., Elangovan N., Halaswamy D., Sonia M., 2024. -
Financial Inclusion and Human Development in Indian States: Evidence from the Post-Liberalisation Periods
This article examines the existing synergy between financial inclusion and human development in Indian states during the post-liberalisation periods (19932015). Using both principal component analysis and panel data regression models, first, the impact of financial inclusion on human development is measured. Second, the reverse causality from human development to financial inclusion is estimated to know whether human development should be a pre-condition for ensuring greater financial inclusiveness in Indian states. It is found that financial inclusion has a positive and statistically significant impact on human development, along with other control variables such as social sector expenditure, per capita state gross domestic product and capital receipt. However, the lack of urbanisation (measured by the percentage of rural population) has a negative and significant impact on the process of human development in Indian states. On the other hand, since human development has also a significant reverse causal connection with financial inclusion, it is argued that ensuring financial inclusion through urbanisation measures would not only improve the level of human development in Indian states, but it would also sustain the process of inclusive development in itself due to the existing feedback loop with the later. 2022 Institute for Human Development. -
Financial inclusion and poverty alleviation: The alternative state-led microfinance model of Kudumbashree in Kerala, India
The study examines the microfinance and microenterprise model of Kudumbashree, the state poverty eradication mission of Kerala, and its impact on poverty alleviation in the state of Kerala in India. Kudumbashree's method of identification of the poor is seen to be superior to the conventional head count ratio as it captures the multidimensional characteristics of poverty leading to lesser chances of exclusion of vulnerable families. The microenterprise-linked microfinance model of Kudumbashree has established itself as an effective model linking the state, community, and financial organizations, differentiating itself from other NABARD-led self-help group (SHG) programmes or the Grameena model of microfinance institutions in the country. The fundamental idea of local economic development on which the microenterprise business is built is, however, not free from limitations. Heavy reliance on local markets for procuring inputs and selling outputs makes the products less competitive, questioning the sustainability of a business-led model in the absence of state subsidy in the longer run. Copyright 2014 Practical Action Publishing. -
Financial Inclusion as a Tool for Social Equity: A Focus on the Elderly and Underprivileged
Financial inclusion is a key element in reducing poverty and promoting economic growth, particularly for vulnerable groups such as the elderly and the poor. This article explores the multiple barriers that these groups face in accessing financial services, including economic constraints, discrimination, and lack of identification and credit history. The report highlights the special challenges that older people face due to limited mobility and digital literacy. The study emphasizes the importance of a multi-faceted policy approach to improving financial inclusion, including developing simplified financial products, expanding financial literacy programs, and working with NGOs. The paper focuses on effective strategies and proposes interventions aimed at empowering these populations and improving their access to financial resources, ultimately supporting economic stability and reducing inequality. The findings highlight the need for policymakers and financial institutions to work together to address systemic barriers that impede the financial autonomy of vulnerable groups. The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2026. -
Financial inclusion in IndiaA progress and challenges
The term Financial Inclusion means the process of access to appropriate financial products and services needed by all sections of society including vulnerable groups such as weaker section and low-income at an affordable cost. It has been a very big challenge for the developing countries for including the people into the financial system. Financial inclusion is emerging as a new paradigm of economic growth that plays major role in driving away the poverty from the country. Financial inclusion is important priority of the country in terms of economic growth and advancement of society. Globally, the financial inclusion is on the rise and from 2014-2017, 515 million adults opened an account with bank and there has been a significant increase in the use of mobile Phones and internet to conduct financial transaction. There was a commendable increase in the financial inclusion and this is predominantly driven by India. Through government initiatives and indicatives taken by the RBI, weaker sections of society and economically poor people were able to access to financial products, services, credit etc. The basic variables for measuring the financial inclusion are bank penetration, credit penetration, number of accounts opened etc. So the present study aims to investigate the progress of financial Inclusion in India through the initiatives taken by the Government of India(GOI) and Reserve Bank of India (RBI). 2019 SERSC. -
Financial inclusion of rural sector: Imperative for sustainable economic growth of India
This research paper aimed to take a look on the present status of financial inclusion in the Indian economy, especially in the rural sector. It also suggested few measures to be taken by the government and banking sector to enhance the inclusion of deprived sections of our country in the financial ecosystem. The data was collected from various secondary sources to depict the present level of financial inclusion, primarily after the implementation of various government policies. The suggested measures mainly included financial literacy and awareness campaign to be implemented at the grass root level along with a robust infrastructure to increase the telephone and internet connectivity in the rural sector. The researchers also analysed that the financial inclusion of the rural sector is imperative for the sustainable economic growth of an agricultural driven economy like India. 2021 Ecological Society of India. All rights reserved. -
Financial Insights Unleashed: Computational Intelligence in Practice
This study explores how artificial intelligence (AI) is changing the banking sector and identifies important uses and consequences. Fintech is evolving, from AI-powered credit risk evaluations to the real-time effects of news and social media on markets. Customary financial procedures are being transformed by the incorporation of blockchain technology, smart contracts, and collaborative models that combine human and AI. It is important to balance risk and return while implementing computational intelligence (CI), and there are several obstacles associated with this technical advance, such as ethical issues and data privacy solutions. This 168changing financial story emphasizes the importance of finding a careful balance between innovation and responsibility. Financial decision-making will hopefully become data-driven, customer-focused, and morally based in the future thanks to the cooperative synergy between humans and AI. The development of a robust and thoughtful financial landscape depends critically on ongoing monitoring, adaptability, and dedication to ethical AI practices. 2026 by Apple Academic Press, Inc. -
Financial Lexicon based Sentiment Prediction for Earnings Call Transcripts for Market Intelligence
Sentiment based stock price direction detection has been an exciting study in the field of finance which is drawing a lot of attention from the investor community. Sentiments are used to detect the changes in the stock price movements for the subsequent periods. Investor community uses these sentiments derived from news, celebrity speech and events to plan trading and investment strategies. Several studies have been done in the past with sentiments, but use of Earnings Call Transcripts (ECT) has not been explored for market intelligence hitherto. Standard dictionary based lexicons like Vader, AFINN and NRC have not performed well in finance as they are domain agnostic. There is a need to develop a financial lexicon based on the ECT corpora, which may provide a better lift over the standard lexicons. This study has observed that Vader has performed poorly as opposed to the newly developed financial lexicon. Machine learning based generative lexicon engine using Bayesian approach, which is termed as FNB Lex was developed in this research study to overcome the limitations of standard domain agnostic lexicons. The lexicon development was performed on quarterly Earning Call Transcripts (ECT) of sixteen IT companies spanning over ten years. The study also investigates the detection of inverse effect in stock price movements based on the sentiments of the previous period. Machine Learning (ML) models like Naive Bayes, FNB Lex, SVM and biLSTM were developed and their discriminatory powers were assessed. NB Lex provided much better lift in detecting the inverse effect as opposed to other models. 2024 IEEE. -
Financial Literacy and Fintech : A Double-Edged Sword for Millennial Investors Behavioral Biases
Purpose: The current research focused on investigating the moderating effect of financial literacy and financial technology on the heuristic behavior of millennials. Research Approach: The research was based on the primary data; a survey method questionnaire was prepared to collect the data needed for the present research. With the purposive sampling method, 526 responses were collected from millennial investors. The partial least square-structural equation modeling (PLS-SEM) method was applied to infer the moderating effect of financial literacy and financial technology on millennials heuristic behavior. Findings: The results showed that financial literacy significantly moderated the relationship between millennials heuristics and behavioral biases, whereas financial technology had no moderating effect. Research Implications: Millennial investors were slammed or benefited by the stock market performance. The research aimed to help them understand their behavioral changes during market anomalies. Financial advisors and regulatory bodies should consider the studys outcome as it contributes to mitigating the misconception of behavioral bias. Originality: There are numerous articles describing individual investors behavioral biases, but the current researchs uniqueness was to measure the moderating effect of financial literacy and financial technology on millennials heuristics and behavioral biases and a significant contribution to the world of research in behavioral finance. 2025, Associated Management Consultants Pvt. Ltd.. All rights reserved. -
Financial Literacy and Fintech Exposure As Determinants of Investment Decisions: The Mediating Role of Investment Interests A Study of Individual Investors in Hyderabad, India
The evolution of the financial sector, particularly the rise of financial technologies (Fintech), has reshaped how individual investors make investment decisions. This study investigates the influence of financial literacy and fintech exposure on individual investment decisions in the underexplored emerging markets like Hyderabad, emphasising the mediating role of investment interest. Drawing on behavioural finance theory and empirical studies, the research explores how informed financial understanding and engagement with digital financial platforms shape investment behaviour. The data is collected using a structured survey method from 311 individual investors in Hyderabad, India. For the study, Structural Equation Modelling (SEM) was employed to test relationships among the constructs. Unlike prior studies that have often examined financial literacy or fintech exposure in isolation, this paper uniquely integrates these two determinants with the mediating mechanism of investment interest, providing a comprehensive model of investment decision-making in the Indian context. The study contributes to the understanding of investment psychology within the Indian context and offers insights for policy-makers and financial institutions aiming to foster inclusive and informed investment ecosystems. It can be concluded that financial literacy positively influences investment decisions by providing investors with the necessary knowledge and skills to evaluate options critically and confidently. Dr. Syed Jaffer et al. -
Financial Literacy, Inclusion, and Empowerment of Rural Women Entrepreneurs: A Bibliometric Review on the Role of Incubation Centers
In the last twenty years, efforts have been made to address how financial literacy and inclusion can empower rural women entrepreneurs. However, one essential factor tends to be left behindthe contribution of incubation centers to enabling these women to succeed. This research examines the academic landscape in closer detail through a bibliometric analysis of 2,012 peer-reviewed articles between 2005 and mid-2025 based on the Scopus database. Using tools such as Biblioshiny and VOSviewer, we delve into how the discourse on financial capability, women entrepreneurship, and economic empowerment has progressed throughout time. The research indicates a meteoric increase in interest following 2020, fueled primarily by vulnerabilities uncovered with the COVID-19 pandemic. Despite expansion, however, something is certain: there remains relatively little research linking incubation assistance to rural women directly or financial literacy programs. Our analyses of keywords and co-authorships indicate a splintered discipline with ample space for richer, more holistic research. This article not only charts what is known but also reveals what is lacking, presenting new directions for researchers and policymakers dedicated to building stronger safety nets for rural women entrepreneurs. The Author(s), under exclusive license to Springer Nature Switzerland AG 2026. -
Financial management analysis of dividend policy pursued by selected Indian manufacturing companies /
Journal of Financial Management and Analysis, Vol.27, Issue 1, pp.223-229 -
Financial Market Forecasting using Macro-Economic Variables and RNN
Stock market forecasting is widely recognized as one of the most important and difficult business challenges in time series forecasting. This is mainly due to its noise. The use of RNN algorithms for funding has attracted interest from traders and scientists. The best technique for learning long-term memory sequences is to use long and short networks. Based on the literature, it is acknowledged that LSTM neural networks outperform all other models. Macroeconomics is a discipline of economics that studies the behavior of the economy as a whole. Macroeconomic factors are economic, natural, geopolitical, or other variables that influence the economy of a country. This study studies and test several macroeconomic variables and their significance on stock market forecasting. In macroeconomics, we have series that are updated once a month or even once a quarter, with data that is rarely more than a few hundred characters long. The amount of data given can sometimes be insufficient for algorithms to uncover hidden patterns and generate meaningful results. Depending on the prediction needs, we proposed a feasible LSTM design and training algorithm. According to the findings of this study, the inclusion of macroeconomic variable has a significant impact on stock price prediction. 2022 IEEE. -
Financial services and green investment on ESG investing for a sustainable future
The financial services industry is transforming as investment businesses become greener. The urgency of global environmental challenges has boosted investor interest in ESG investment. Although long-s tanding, ESG investing remains specialized. ESG factors in investment portfolios may increase economic and social satisfaction, according to this paper. These factors may harm investment portfolios. A worldwide green finance legal framework aims to avoid greenwashing, establish standards, and encourage sustainable development. It examines how ESG efforts effect green money using many research approaches. Risk assessments and industry trends are examined for the company. A resilient and fair economy with ESG investments requires financial services, according to the results. This occurred because financial services are vital. 2025, IGI Global Scientific Publishing. All rights reserved.