Many a time we read in newspapers about Financial Inclusion. What does it really mean?begin{enumerate}item Allow the merger and acquisition of banks so that only few big banks exist and continue to cater to the need of corporate sector.item Expanding the network of banks in such a way that people from lower strata of society also get the benefit of services provided by banks.item Providing insurance cover to each and every citizen so that he/she can live a healthy and long life.end{enumerate}

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Many a time we read in newspapers about ‘Financial Inclusion’. What does it really mean?

A	Only 1
B	Only 2
C	Only 3
D	Both 1 & 2

Explanation:

Detailed explanation-1: -Banks can reach out to the underprivileged sections of society by partnering with governments and making financial services available at a nominal cost. Our experts propose adoption of digital channels to realize financial inclusion in developing countries.

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: -by developing a culture of savings among large segment of rural population. Further, financial inclusion protects their financial wealth and other resources in exigent circumstances by bringing low income groups within the perimeter of formal banking sector.

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