Abstract Financial inclusion is the state of people and companies having access to and use reasonably priced financial products and services that satisfy their needs, which are provided in a responsible and sustainable way. Financial inclusion also mitigates the exploitation of vulnerable sections by the usurious money lenders by facilitating easy access to formal credit. 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). 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. 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.
