Financial Inclusion is the process of ensuring that individuals and businesses have access to affordable and useful financial services like banking, credit, insurance, and payments.
Financial Inclusion aims to bring unbanked and underserved populations into the formal financial system. It ensures access to essential services such as bank accounts, loans, insurance, and digital payments at affordable costs.
In India, financial inclusion is promoted by institutions like the Reserve Bank of India and government initiatives such as Pradhan Mantri Jan Dhan Yojana.
"A rural individual opens a bank account under Jan Dhan Yojana and starts using UPI for transactions, gaining access to formal financial services."