NOLEGEIN-Journal of Financial Planning and Management

Study of financial modelling in Excel, with reference to with Reference to Param Dairy Limited Company

Jatinder Kaur, Hitanshi Goel — Wed, 01 Jul 2026 00:00:00 +0000

This project titled “Study of Financial Modelling in Excel with Reference to Param Dairy Limited” focuses on understanding how Excel-based financial tools are used in real business environments to enhance financial accuracy and decision-making. In today’s data-driven business world, financial modelling has become essential for analyzing performance, forecasting growth, and supporting strategic decisions. The objective of this project is to study the practical applications of Excel in financial analysis, specifically in transaction reconciliation, reporting, and performance evaluation at Param Dairy Limited. The project was planned and executed during my internship as a Finance Intern at Param Dairy Limited. The work involved collecting and analyzing data from various digital E- Commerce platforms. The tasks included reconciling net Profit and building structured Excel models, and preparing financial summaries using pivot tables and formulas. The project planning also included identifying key areas where financial modelling could improve accuracy and efficiency in the company’s financial reporting system. Data were gathered from company records, online transaction reports, and payout summaries, while the analysis was conducted using Excel-based techniques such as pivot tables, VLOOKUP, and conditional formulas. These tools helped in organizing large sets of transactional data, identifying discrepancies, and generating accurate reconciliations for financial reporting. Through this project, I learned the importance of data accuracy, structured financial analysis, and the role of Excel as a practical modelling tool in real business operations. It also helped me develop skills in problem-solving, time management, and data interpretation while working with real-time e-commerce financial data. The findings of the study reveal that Excel-based financial modelling significantly enhances the accuracy and efficiency of financial operations at Param Dairy Limited. It simplifies reconciliation processes, reduces manual errors, and provides management with timely insights for decision-making. The study also highlights that such models are not limited to forecasting iii or investment purposes but have great value in day-to-day financial control and reporting. In conclusion, the project demonstrates that Excel-based financial modelling is an effective tool for modern financial management, especially in companies dealing with high transaction volumes through online platforms. It supports better data-driven decisions, ensures transparency in financial records, and strengthens the overall operational and reporting efficiency of the organization. The study will follow a descriptive and analytical design. It will first describe the financial processes of Param Dairy Limited related to sales, returns, and payouts across e-commerce platforms, and then apply Excel-based financial modelling techniques to analyze, reconcile, and evaluate the accuracy and efficiency of these processes.

GREEN MINDS, SMART INVESTMENTS: IMPACT OF SUSTAINABILITY COGNITION ON INVESTMENT BEHAVIOR AMONG EMERGING INDIAN INVESTORS

LATHIKA JAIN M, ANUPAMA K MALAGI — Wed, 01 Jul 2026 00:00:00 +0000

Does the level of sustainability consciousness of an investor influence their investment decisions? This is the question we address in this paper. We test the impact of sustainability cognition - the combination of knowledge, attitudes and information-seeking that investors bring to ESG investment decisions - on the investment choices of retail investors in India. We test four hypotheses in our original survey of 300 retail investors, using a moderated mediation approach based on the Theory of Planned behaviour. Specifically, we find that sustainability cognition is the strong predictor of ESG investment behaviour (β = 0.480, t = 9.179, p < .001, R² = 0.220). We also find that this effect is partially mediated by risk perception - investors who understand sustainability tend to recalibrate the risk of environmental change such that they view green portfolios as less risky, and that change influences some of their subsequent investment behaviour (indirect effect = 0.056). Financial literacy and social influence both independently moderate investment behaviour as additive predictors, but neither has a significant effect on the slope of sustainability cognition. AMOS-compatible statistics show the five-construct structural model is a good fit (CFI = 0.961, RMSEA = 0.059). The article concludes with implications for SEBI, investment managers and investor education initiatives.

A Data-Driven Study of Financial Inclusion Initiatives and Inclusive Development

meghna jain, Shivani Agrawal — Thu, 18 Jun 2026 00:00:00 +0000

Financial literacy and inclusion are said to be crucial pillars of robust economy. Financial inclusion emphasizes on expansion of financial services to people belonging to different classes. Financial inclusion has resulted in expansion of financial services to people belonging to different classes and financial literacy works for generating demand for services that are a part of demand side. Financial inclusion provides information to people about financial services and they even go beyond just offering bank and credit accounts. The main aim of financial inclusion is to ensure that the communities that are vulnerable get access towards broader range of financial services. The study is based on secondary data and data has been extracted from published sources like government websites, Journals, other websites etc. The study aims to evaluate the need of financial inclusion in India, identify strategies used to develop financial inclusion in India and analyze key initiatives for Financial Inclusion. There are different government schemes which have been introduced by the government for supporting financial inclusion. Detailed information about the schemes and their current status has been discussed in the study.

Design and Development of a Virtual Stock Market Simulation Application for Financial Learning

Wed, 01 Jul 2026 00:00:00 +0000

Financial literacy has become an essential skill in the modern economic landscape, particularly with the increasing accessibility of financial markets. Despite this, many beginners are reluctant to participate in stock market investments due to perceived risks, limited knowledge, and lack of hands-on experience. This paper focuses on the design and development of a Virtual Stock Market Simulation Application aimed at addressing these challenges by providing a safe and interactive learning platform. The proposed system allows users to engage in simulated stock trading using virtual currency, eliminating the financial risks associated with real investments. It replicates key features of the stock market, including dynamic price movements, market trends, and trading mechanisms. Users can perform essential operations such as buying and selling stocks, monitoring their portfolio, and analyzing profit and loss in real time. The application also incorporates user-friendly interfaces and analytical tools that help in understanding market behavior and investment strategies. By offering a realistic yet risk-free environment, the simulation enhances users’ confidence and decision- making abilities. It serves as an effective educational tool for students, beginners, and individuals interested in financial markets. Ultimately, the application contributes to improving financial awareness and practical knowledge, encouraging informed participation in real-world stock trading and supporting long-term financial competence.

Adoption of Unified Payments Interface Among College Students and Educators

Sonal Ronak Shah, Gopisetty Nav Teja, Alijar Rishab Jain — Mon, 29 Jun 2026 00:00:00 +0000

Digital payment systems play important role in supporting sustainable development. One of the most successful examples in India is the Unified Payments Interface (UPI), introduced by the National Payments Corporation of India in 2016. UPI allows users to make real-time digital transactions through mobile applications and has become one of the most widely used payment systems in India. Currently, Millions of transactions are processed through UPI every month. This study examines how UPI contributes to development from financial, social, and environmental perspectives. The main objective of this study is to understand how UPI helps improve financial inclusion and encourages digital payment behavior among students and educators. It also examines how UPI influences the way students and educators manage and spend money, as well as its potential environmental benefits through the reduction of physical cash usage. Primary data for this research were collected from students and educators through a structured questionnaire to understand their experiences and perceptions of using UPI. The findings indicate that UPI has significantly improved access to digital financial services, especially for individuals with limited access to banking facilities. It has also made transactions faster, easier, and more transparent, helping users manage their finances efficiently. Moreover, increased use of digital payments can reduce the need for paper currency and physical bank visits. However, some challenges still exist, including digital literacy gaps, technical issues such as Internet connectivity, and concerns about security and online fraud. Addressing these challenges is important to ensure that UPI continues to support inclusive and sustainable development in India.

ESG Performance as a Non-Financial Determinant of Corporate Borrowing Cost: Evidence from Indian Listed Companies (2020–2025)

Swati Vishnu Ghude, Prachi Pargaonkar — Wed, 01 Jul 2026 00:00:00 +0000

This study examines the influence of Environmental, Social, and Governance (ESG) performance on corporate borrowing costs among Indian listed companies during the period 2020–2025. Using a balanced panel dataset of 50 firms across multiple sectors, the research investigates whether stronger ESG practices contribute to lower debt financing costs in an emerging market setting. The study employs advanced econometric techniques, including fixed- effects regression, instrumental variable estimation, and difference-in-differences analysis centered on the implementation of SEBI’s Business Responsibility and Sustainability Reporting (BRSR) mandate. The findings reveal a significant inverse relationship between ESG performance and borrowing costs, indicating that firms with higher ESG scores benefit from reduced financing expenses. A one-standard-deviation increase in ESG performance is associated with a reduction of approximately 42–58 basis points in borrowing costs. Among the ESG dimensions, governance demonstrates the strongest impact, followed by environmental and social factors. The results remain robust across alternative ESG measures, sub-period estimations, propensity score matching, and additional sensitivity tests. The study further highlights that the BRSR mandate strengthened the ESG–debt pricing relationship by improving disclosure quality and reducing information asymmetry between firms and lenders. These findings contribute to the sustainable finance literature by providing causal evidence from the Indian context and offer important implications for policymakers, financial institutions, and corporate managers in designing ESG-linked financing strategies and regulatory frameworks.

Role of Marketing Communication in Adoption of Digital Wallets and UPI Apps

Amandeep Kaur, Khushboo Sawhney — Wed, 01 Jul 2026 00:00:00 +0000

India’s transition toward a cash-lite economy has been significantly accelerated by the rapid expansion of mobile-based financial technologies, particularly digital wallets and Unified Payments Interface (UPI) applications. However, the widespread adoption of these platforms depends not only on technological accessibility and usability but also on how effectively their benefits, security, and reliability are communicated to users. This study examines the role of marketing communication in influencing the adoption and continued usage of digital payment systems. Specifically, it evaluates four key dimensions—advertising appeal, promotional incentives, social media influence, and government or institutional communication—and their impact on consumer behavior. Primary data were collected from 200 respondents in Delhi using a structured questionnaire, and analyzed through correlation, multiple regression, and mediation techniques. The findings reveal that marketing communication variables collectively explain a substantial proportion of variance in adoption behaviour, with government and institutional communication emerging as the most influential factor. Advertising and promotional incentives significantly drive initial adoption, while social media plays a supportive role in shaping perceptions, particularly among younger users. Furthermore, trust is identified as a partial mediator, linking communication strategies with long-term usage intentions. The study integrates insights from the Technology Acceptance Model (TAM), Unified Theory of Acceptance and Use of Technology (UTAUT), and Stimulus–Organism–Response (SOR) framework to provide a comprehensive understanding of fintech adoption. The results highlight the importance of transparent, consistent, and trust-oriented communication strategies for policymakers and fintech firms aiming to strengthen India’s digital payment ecosystem.

An Analysis of Fintech App Usage and Its Effect on Mutual Fund Investment Choices in Gujarat: A Review on Literature

Avani N. Parmar, Vikas Arora — Wed, 01 Jul 2026 00:00:00 +0000

The rapid growth of Financial Technology (Fintech) has brought notable changes to the financial services sector, especially in the area of investment management. In India, the widespread use of mobile apps and digital platforms has made it easier for individuals to access and invest in mutual funds. This review paper focuses on examining existing studies related to the adoption of Fintech applications and their role in influencing investment behavior. Of Fintech applications and their influence on mutual fund investment decisions, with a specific focus on Gujarat. The study synthesizes findings from various empirical and theoretical works to understand how digital platforms impact investor awareness, behaviour, and decision-making patterns. The review identifies key drivers such as ease of use, accessibility, cost efficiency, and technological trust that encourage the use of Fintech apps. At the same time, it highlights concerns such as security risks, over-reliance on digital recommendations, and behavioural biases. The paper concludes by identifying research gaps and suggesting directions for the scope of future study, with respect to the regional analysis and investor psychology. Furthermore, the review emphasizes the growing importance of regional dynamics, particularly in states like Gujarat, where increasing digital literacy and economic development have accelerated the adoption of FinTech platforms. The study also underscores the importance for the stable approach toward technology based investments by highlighting the role of investor education and awareness in minimizing risks associated with behavioral biases and over-dependence on digital tools. By consolidating existing research, this paper provides meaningful insights for investors, policymakers, and FinTech developers to enhance the effectiveness, inclusiveness, and sustainability of digital investment ecosystems.