Which of the following is are components of Financial Inclusion 1 Timely access to formal credit 2 F...........

Economic Affairs Financial Inclusion

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Which of the following is/are components of Financial Inclusion?

1. Timely access to formal credit

2. Financial services like banking, insurance etc.

3. Savings instruments like pension funds etc.

Select the correct answer using codes given below

1 and 3 only

1 and 2 only

1 only

All of the above

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Explanation:

All of the above is correct.
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
Access to a transaction account is a first step toward broader financial inclusion since it allows people to store money, and send and receive payments. A transaction account can also serve as a gateway to other financial services.