1) What is Financial Inclusion?
The Committee on Financial Inclusion, Chaired by Dr.C. Rangarajan, in 2008, had defined Financial Inclusion as under:

“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”
2) Why is Financial Inclusion Important?
Dr. D. Subbarao, as Governor of Reserve Bank of India, while delivering a speech at the Bankers’ Club in Kolkatta on December 9, 2009, had remarked as under:

“It is important simply because it is a necessary condition for sustaining equitable growth. … all know from personal experience that economic opportunity is strongly interwined with financial access. Such access is especially powerful for the poor, as it provides them opportunities to build savings, make investments and avail credit. …. Financial Inclusion protects the poor from the clutches of the usurious money lenders”
3) What are the Effects of Financial Exclusion?
According to an estimate of the Reserve Bank of India (RBI), the loss of Gross Domestic Product (GDP) due to financial exclusion is to the tune of 1% and about Rs.1.1 trillion in household financial assets lie outside the formal financial system.

Dr. D. Subbarao, as Governor of Reserve Bank of India, while delivering a speech at the Bankers’ Club in Kolkatta on December 9, 2009, had outlined the effects of Financial Exclusion as under:

“ …. the extent of financial exclusion is staggering. Out of the 600,000 habitations in the country, only about 30,000 have a commercial bank branch. Just about 40 per cent of the population across the country have bank accounts, and this ratio is much lower in the north-east of the country. The proportion of people having any kind of life insurance cover is as low as 10 per cent and proportion having non-life insurance is an abysmally low at 0.6 per cent. People having debit cards comprise only 13 per cent and those having credit cards only a marginal 2 per cent. The National Sample Survey data reveals that, in 2003, out of the 89.3 million farmer households in the country, 51 per cent did not seek credit from either institutional or non-institutional sources of any kind. These statistics, staggering as they are, do not convey the true extent of financial exclusion.
4) What is the Status of Financial Inclusion?
Dr. K.C. Chakrabarty, as Deputy Governor of Reserve Bank of India, in this Keynote Address at the Financial Inclusion Conclave, organized by CNBC TV 18, at New Delhi, on September 6, 2013, stated as under:

“ …. the progress is far from satisfactory as evidenced by the World Bank Findex Survey (2012). According to the survey findings, only 35% of Indian adults had access to a formal bank account and 8% borrowed formally in the last 12 months. Only 2% of adults used an account to receive money from a family member living in another area and 4% used an account to receive payment from the Government. The miniscule numbers suggest a crying need for a further push to the financial inclusion agenda to ensure that the people at the bottom of the pyramid join the formal financial system, reap benefits and improve their financial well-being.
5) What is the Business Opportunity at the Bottom-of-the-Pyramid?
Dr. D. Subbarao, as Governor of Reserve Bank of India, during his address at the Bankers’ Club in Kolkatta on December 9, 2009, had outlined as under:

“ …. banking on the poor can actually be a rich banking proposition. Financial inclusion is a win-win opportunity for the poor, for the banks and for the nation. …. We will not be forgiven if we do not rise up to meet these aspirations, if only because of poverty of imagination. It is for the banks to convert what they see as a dead-weight obligation into an exciting opportunity and move on aggressively on financial inclusion.
6) What is the World View on Financial Inclusion?
The Millennium Summit of the United Nations, in 2000, adopted the United Nations Millennium Declaration, establishing the following eight international development goals as the Millennium Development Goals (MDGs) and the Member States of UN and about two dozen International Organizations committed to help achieve the MDGs by 2015:

i. To eradicate extreme poverty and hunger
ii. To achieve universal primary education
iii. To promote gender equality and empowering women
iv. To reduce child mortality rates
v. To improve maternal health
vi. To combat HIV / AIDS, malaria and other diseases
vii. To ensure environmental sustainability
viii. To develop a global partnership for development
While the central theme of the MDGs is reduction of poverty in all its forms, the financial system can play a crucial role in reinforcing many of the objectives of MDGs, through promotion of Savings, easy access to affordable Credit, offering secure, efficient and yet, cost-effective payments system, etc.

The United Nations and the Commonwealth Business Council signed a Memorandum of Understanding (MoU), formalizing partnership between the two organizations, in February 2008. The MoU envisages establishing Global Business Council (GBC), for cooperation between the United Nations Office for Partnerships and the Commonwealth Business Council. The objectives are, among other things, to help achieve the Millennium Development Goals.

Strengthening Financial Integrity through Financial Inclusion

In her address to the Financial Action Task Force (FATF), on June 20, 2013, H.M. Queen Máxima of the Netherlands, highlighted the important role of Financial Inclusion in a post-2015 world. The address outlined the concrete steps that FATF can take, to help policymakers set regulations that appropriately manage risk, while encouraging Financial Inclusion.

Financial Inclusion 2020

An initiative of the Center for Financial Inclusion, FI2020 is working to build support for a common roadmap to achieve full financial inclusion.
7) What are the Social Security Schemes?
There are the following four flagship Schemes, to accelerate the process of Financial Inclusion and usher in Social Security for all sections of the society:

8) What is PMJDY?
Objective of "Pradhan Mantri Jan-Dhan Yojana (PMJDY)" is ensuring access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. This deep penetration at affordable cost is possible only with effective use of technology.

PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country. The plan envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension facility. In addition, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of र 1 lakh. The plan also envisages channeling all Government benefits (from Centre / State / Local Body) to the beneficiaries accounts and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government. The technological issues like poor connectivity, on-line transactions will be addressed. Mobile transactions through telecom operators and their established centres as Cash Out Points are also planned to be used for Financial Inclusion under the Scheme. Also an effort is being made to reach out to the youth of this country to participate in this Mission Mode Programme.

For more: https://pmjdy.gov.in/about
9) What is PMJJBY?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme is a one-year cover term life insurance scheme, renewable from year to year, offering life insurance cover to the tune of Rs.2.00 Lakhs for death due to any cause.

The premium will be deducted from the Account Holder’s Bank / Post Office Account through ‘Auto Debit’ facility, in one instalment, as per the consent given by the subscriber at the time of enrolment.

Eligibility Criteria:

 All individuals (single or joint) Account Holders of participating Banks or Post Office
 Age group: 18 to 50 years
 In case of multiple accounts help by an individual at one or more Bank(s) / Post Office(s), eligible to join only once, through one Bank / Post Office

To know about the premium payable and for more: https://jansuraksha.gov.in/FAQ.aspx
10) What is PMSBY?
Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme is a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection to the tune against death or disability due to accident.

The benefits payable under the Scheme on death or disability due to accident are as follows:

Sl. No. Table of Benefits Sum Insured
a Death Rs.2.00 Lakhs
b Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot Rs.2.00 Lakhs
c Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs.1.00 Lakhs
Eligibility Criteria:

 All individuals (single or joint) Account Holders of participating Banks or Post Office
 Age group: 18 to 70 years
 In case of multiple accounts help by an individual at one or more Bank(s) / Post Office(s), eligible to join only once, through one Bank / Post Office

To know about the premium payable and for more: https://jansuraksha.gov.in/FAQ.aspx
11) What is APY
Atal Pension Yojana (APY) provides people with a monthly income when they are no longer earning. The Scheme is for citizens of India, is focused on the unorganized sector workers. Under APY, guaranteed minimum pension of Rs.1,000/- or Rs.2,000/- or Rs.3,000/- or Rs.4,000/- or Rs.5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

Need for Pension:

 Decreased Income earning potential with age
 The rise of nuclear family – Migration of earning members
 Rise in cost of living
 Increased longevity
 Assured monthly income ensures dignified life in old age

Eligibility Criteria:
 Should be a Citizen of India
 The age of the subscriber should be between 18years and 40 years (at the time of entry / joining the Scheme)
 The subscriber should have a Savings Bank A/c

To know about the contribution to be made and for more: https://jansuraksha.gov.in/FAQ.aspx
12) Who is IRDAI?
Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999) for overall supervision and development of the Insurance sector in India.

For more: https://irdai.gov.in/what-we-do
13) What is Micro Insurance?
Micro insurance is specifically intended for the protection of low -income people, with affordable insurance products to help them cope with and recover from financial losses. The need of insurance for underprivileged section cannot be avoided as this section of society is more prone to many risks which ultimately leads to incapacity to face such uncertain situations. Hence, the role that micro insurance plays thus becomes inevitable.

For more: https://irdai.gov.in/about-microinsurance#:~:text=Micro%20Insurance%3A,and%20recover%20from%20financial%20losses
14) What is the definition of a Start-up?
A Startup being a private limited company or limited liability partnership, which fulfills the conditions specified in section 80-IAC of the Income-tax Act needs to make an application in Form-1 along with documents to CBDT for obtaining a Tax exemption certificate.
15) What are the benefits of registering a Company as a Start-up?
Under the Startup India initiative, eligible companies can get recognised as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more. Learn more about eligibility and benefits below.

For more: https://www.startupindia.gov.in/content/sih/en/startup-scheme.html
16) What is Make in India initiative?
Make in India is an initiative by the Government of India to create and encourage companies to develop, manufacture and assemble products made in India and incentivize dedicated investments into manufacturing

For more: https://www.pmindia.gov.in/en/major_initiatives/make-in-india/
17) What are the 4 Pillars of Make in India?
The 4 pillars of Make in India initiative are New Mindset, New Sectors, New Infrastructure, and New Processes. Hence, the Make in India initiative not only aims to boost the manufacturing sector but also other sectors.

For more: https://www.pmindia.gov.in/en/major_initiatives/make-in-india/
18) Who is Tech Innovations?
Tech Innovations is the Brand Name of the investment arm of Commonwealth Inclusive Growth Services Ltd. The goal of Tech Innovations is to promote & nurture entrepreneurship of newgen Technocrats, in diverse segments, using Deep Tech (AI / ML), which would contribute to the success of the Make in India initiative.
19) What are AI / ML and Deep Tech?
AI/ML—short for artificial intelligence (AI) and machine learning (ML)—represents an important evolution in computer science and data processing that is quickly transforming a vast array of industries.

For more: https://www.redhat.com/en/blog/what-aiml-and-why-does-it-matter-your-business
Advances in AI capabilities continue at deep-tech companies in areas such as predictive analytics, autonomous vehicles, drug discovery and more.

For more: https://www.techtarget.com/searchenterpriseai/definition/deep-tech#:~:text=Artificial%20intelligence%20(AI)%20and%20machine%20learning%20(ML).&text=Advances%20in%20AI%20capabilities%20continue,vehicles%2C%20drug%20discovery%20and%20more.
20) What are the different segments Start-ups being nurtured by Tech Innovations?
Tech Innovations primarily focuses on the Start-ups in the following segments:

1 FinTech
2 HealthTech
3 AgriTech
4 EdTech
5 GreenTech
21) What is FinTech?
Fintech refers to the integration of technology into offerings by financial services companies to improve their use and delivery to consumers.

For more: https://www.investopedia.com/terms/f/fintech.asp
22) What is HealthTech?
Health technology (or HealthTech) is applying organized knowledge and skills in digital devices, medicines, procedures, vaccines, and healthcare systems to solve health problems and improve quality of life. It helps in: Reducing healthcare / medical costs.

For more: https://www.unthinkable.co/blog/what-is-healthtech-and-why-does-it-matter-to-all-of-us/#:~:text=Health%20technology%20(or%20healthtech)%20is,Reducing%20healthcare%2Fmedical%20costs
23) What is AgriTech?
Agri-tech, sometimes ag-tech, agtech or digital agriculture, is the application of technology and digital tools to farming. It encompasses a wide range of technologies, including automation, biotechnology, information monitoring and data analysis

For more: https://www.techtarget.com/whatis/definition/agri-tech#:~:text=Agri%2Dtech%2C%20sometimes%20ag%2D,information%20monitoring%20and%20data%20analysis.
24) What is EdTech?
Educational technology (commonly abbreviated as edutech, or edtech) is the combined use of computer hardware, software, and educational theory and practice to facilitate learning. When referred to with its abbreviation, "EdTech," it often refers to the industry of companies that create educational technology.

For more: https://www.investopedia.com/terms/e/edtech.asp
25) What is GreenTech?
A Greentech company is one that has positive environmental impact at its core. They are founded for a purpose, whether that is reducing CO2 emissions or pollution, minimising waste or protecting the world's ecosystems.

For more: https://www.greentech.earth/what-is-greentech#:~:text=A%20Greentech%20company%20is%20one,or%20protecting%20the%20world's%20ecosystems.