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...“I dream of a digital India where mobile and e-banking ensures financial inclusion.” — Prime Minister Narendra Modi Financial inclusion is the way governments strive to take the common people along by bringing them into the formal channel of the economy, thereby ensuring that even the last person in the queue is not left out from the benefits of economic growth. The poor, by becoming a part of the mainstream economy, are encouraged to invest in various financial products and to borrow from formal channels. The lack of financial inclusion is costly to the individual as well as to society as a whole. For the individual, a lack of financial inclusion forces the unbanked into informal banking sectors where interest rates are higher and the amount of available funds much smaller. Because the informal banking structure is outside any legislative framework, any dispute between lenders and borrowers cannot be settled legally. ...Indian Express on Sept. 2, 2017, 12:05 a.m.