Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

A company is a legal entity representing an association of legal persons with a shared objective, such as generating profit or benefiting society.

A bank is a financial institution that accepts deposits from the public and creates a demand deposit while making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.

In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.

In finance, equity is an ownership interest in property that may be subject to debts or other liabilities. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets owned.

Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury.

In economics, economic growth is an increase in the quantity and quality of the economic goods and services that a society produces. It can be measured as the increase in the inflation-adjusted output of an economy in a given year or over a period of time.

The unbanked are adults who do not have their own bank accounts. Along with the underbanked, they may rely on alternative financial services for their financial needs, where these are available.

Banking & Financial Awareness

Financial inclusion

Opportunities to access financial services

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Overview

Financial inclusion is the availability and equality of opportunities to access financial services. It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which include banking, loan, equity, and insurance products. It provides paths to enhance inclusiveness in economic growth by enabling the unbanked population to access the means for savings, investment, and insurance towards improving household income and reducing income inequality.

Source: Wikipedia — Financial inclusion (CC BY-SA)

Key concepts

How Financial inclusion connects to the ideas, people and events around it.

Financial services
Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.
Company
A company is a legal entity representing an association of legal persons with a shared objective, such as generating profit or benefiting society.
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Loan
In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.
Equity (finance)
In finance, equity is an ownership interest in property that may be subject to debts or other liabilities. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets owned.
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury.
Economic growth
In economics, economic growth is an increase in the quantity and quality of the economic goods and services that a society produces. It can be measured as the increase in the inflation-adjusted output of an economy in a given year or over a period of time.
Unbanked
The unbanked are adults who do not have their own bank accounts. Along with the underbanked, they may rely on alternative financial services for their financial needs, where these are available.

Revise Financial inclusion

Flashcards and a quick quiz, built from this map.

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Questions about Financial inclusion

What is Financial inclusion?

What are the key concepts related to Financial inclusion?

The main concepts connected to Financial inclusion include Financial services, Company, Bank, Loan, Equity (finance), Insurance, Economic growth, Unbanked. Each is linked on the map above with its own summary.

Which exams cover Financial inclusion?

Financial inclusion is part of Banking & Financial Awareness, which appears in the syllabus of IBPS PO, IBPS Clerk, IBPS RRB, IBPS SO, SBI PO, SBI Clerk and 4 more exams.