what is financial inclusion? Discuss the major challanges to fiancial inclusion? (ECONOMY)

Financial Inclusion can be defined as the delivery of banking services at an affordable     cost especially to the marginalized section of society.  The essential feature of financial       inclusion is to ensure accessibility of financial services like bank accounts, low cost           credit, insurance facilities etc.

                Challanges to financial inclusion:

  • Lack of financial literacy and technology fatigue.
  • High operational and maintenance cost for banks in remote areas.
  • Inability of poor people to provide collateral security.
  • Poor conncetivity and poor banking correspondent to population ratio.
  • Presence of money lender who are relatively more accessible than financial institutions.
  • Infrastructure deficit.

 

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