What is the main objective of Financial Inclusion?

Correct option is B

The correct answer is (B) To extend financial services at reasonable cost to the large hitherto unserved population of the country.

Explanation:

• Financial Inclusion aims to provide affordable financial services to marginalized and unbanked populations.
• It ensures access to bank accounts, credit, insurance, and financial literacy, helping in economic development and poverty reduction.
• The government and RBI have launched multiple schemes like Jan Dhan Yojana, MUDRA, and digital payment initiatives to achieve financial inclusion.

Information Booster:

• Pradhan Mantri Jan Dhan Yojana (PMJDY): Launched in 2014 to ensure universal access to banking services.
• Financial Inclusion Index (FI Index): Developed by RBI to measure financial inclusion progress.
• Microfinance & SHGs: Strengthening rural financial inclusion via Self Help Groups (SHGs) and Microfinance Institutions (MFIs).