Q.What is financial inclusion?

Financial inclusion = affordable, formal financial services made accessible to every person, especially the excluded poor.

Financial inclusion refers to the process of ensuring access to appropriate financial products and services — such as bank/savings accounts, credit, remittance facilities, insurance, and pensions — at an affordable cost, in a fair and transparent manner, by mainstream institutional players, to those sections of the population that have traditionally been excluded from the formal financial system, such as the rural poor, marginal farmers, landless labourers, and self-employed/unorganised-sector workers. Its goal is to replace dependence on informal, often exploitative sources of finance (like local moneylenders) with safe, fo …