CURRENT AFFAIRS

Detailed explanation-1: -New Delhi, Fintech player Spice Money has partnered with private sector lender Axis Bank to facilitate opening of instant, zero balance savings or current accounts for rural citizens through its Adhikari network.

Detailed explanation-2: -Financial inclusion is a key enabler in reducing poverty and boosting prosperity. Access to basic financial services enables the less fortunate and more vulnerable in the society to step out of the vicious cycle of poverty and empower themselves and their families.

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.

Detailed explanation-4: -It refers to delivery of banking services to masses including privileged and disadvantaged people at an affordable terms and conditions. Financial inclusion is important priority of the country in terms of economic growth and advanceness of society. It enables to reduce the gap between rich and poor population.

Detailed explanation-5: -Their main role is to provide financial services to local farmers and agricultural enterprises and to support the economic development of rural areas.