Financial Inclusion: Challenges in India

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.

Challenges

• Inadequate Coverage: Financial services are used only by a section of the population, the excluded sections are rural, poor areas.
• Financial Illiteracy: It is also one of the challenges in the area of financial inclusion. Lack of basic education prevents the people to have an access from financial services.
• Documents of Proof: Another challenge in the area of financial inclusion is that access ....