Financial Inclusion

Objectives

(i) Banking for the unbanked

• Bank accounts: Ensuring universal access to bank accounts, which are a gateway to all financial services.
• Digital payment services: Providing access to digital payment services and increasing its penetration.

(ii) Securing the unsecured

• Insurance and social security: Ensuring universal coverage of insurance for life, accidents, etc., and of pensions and other retirement planning services.
• Asset diversification: Allowing diversification of asset portfolio of households through increased participation in capital markets

(iii) Better access to credit at a reasonable cost for those presently excluded

Current Situation

• The government has launched many flagship schemes to promote financial inclusion and provide financial security to empower the poor ....