Financial Inclusion

What is Financial Inclusion (FI) – An Overview

FI refers to efforts to make financial goods and services available and accessible to all people and businesses, regardless of their personal wealth or company size.

FI aims to break down the obstacles that prevent individuals from engaging in the financial industry and benefiting from its services. It is also known as inclusive finance.

FI aims to include and involve everyone in society. Many disadvantaged Indian families lack access to banking services across the country. They have no concept of what a bank is or what it does. Even if they are aware of the existence of banks, many disadvantaged people do not have access to their services.

Why FI is important – Summary

FI makes economic resources more accessible and encourages poor individuals to save. FI is an important step toward more equal development. It adds to the overall economic growth of the underprivileged population. In India, effective F I is needed to lift the poor and disadvantaged by providing them with individualized financial goods and services.

Financial Inclusion services

FI through FI services

FI through financial inclusion services is improving dramatically over the world as a result of the advent of financial technology, or fintech. India also has a slew of fintech start-ups working to streamline the process of delivering financial services to potential customers.

Fintech companies have also shown to be successful in providing low-cost financial services and products. Customers benefit from this since their expenses are low, and they may use their savings for other purposes.

Many individuals in rural India have access to mobiles, and some of them have access to internet, which enables them to use financial inclusion services to acquire reliable financial services.