Financial Inclusion
Financial Inclusion is a major step towards inclusive growth. It helps in the overall economic development of the underprivileged population. In India, effective financial inclusion is needed for the upliftment of the poor and customised people. The purpose of Financial Inclusion is to make financial services accessible to the country's huge , impoverished population. It is an endeavour to make financial resources impoverished and marginalised parts of society to acquire access to financial services. It denotes affordable financial products and services to meet the needs of individuals and businesses. For individuals and businesses, transition account is the first step towards Financial Inclusion. These transaction account allows people to store and receive money as well as make payments.
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