Financial Inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost (The Committee on Financial Inclusion, Chairman: Dr. C. Rangarajan). The financial services sector has a vital role in promoting financial inclusion, as the provider of products and services which people across the UK rely on for their everyday financial needs. Financial inclusion is a catalyst for achieving seven of the 17 Sustainable Development Goals (SDGs). It fosters economic growth and employment, promotes economic empowerment of women, and contributes to eliminating poverty. Financial inclusion supports entrepreneurship and business growth. Financial inclusion refers to ensuring that individuals and businesses can access essential financial products and services, such as savings accounts, loans, insurance, and payment services, at affordable prices.
