Question

Citing some new schemes of the Government of India explain the concept of financial inclusion and its benefits.

Answer 1

$\large\fcolorbox{red}{yellow}{HEY\:MATE}$

$\bold{Financial\: inclusion}$ is where individuals and businesses have access to useful and affordable financial products and services that meet their needs that are delivered in a responsible and sustainable way.

$\bold{Its\:major \:macro\: benefits \:are :-}$

(i) higher and better productivity ;

(ii) faster growth in economy ;

(iii) reduction In income inequalities;

(iv) widespread development breking the barrier of location specific and centers specific development ;

(v) global admiration and recognition ; reduction in poverty ;

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