BANKING AFFAIRS

Detailed explanation-1: -Financial inclusion refers to efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth or company size.

Detailed explanation-2: -Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

Detailed explanation-3: -Financial inclusion can encourage financial stability by increasing the intermediating process between savings and investment. At macro level, financial inclusion attracts greater participation from various segments of the economy into the formal financial system.

Detailed explanation-4: -Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost (The Committee on Financial Inclusion, Chairman: Dr. C. Rangarajan). 1.2.