Explanation:

Financial inclusion may be defined as the delivery of banking services at an affordable cost, especially to the vast sections of disadvantaged and low-income group. In other words, it is 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.
Since, unrestrained access to public goods and services is the sine qua non of an open and efficient society, and banking services are in the nature of public good, therefore, it is essential that availability of banking and payment services to the entire population, without discrimination, be the prime objective of the public policy. 
The essence of financial inclusion is to ensure delivery of financial services, like - bank accounts for savings and transactional purposes, low cost credit for productive, personal and other purposes, financial advisory services, insurance facilities (life and non-life) etc.