............Financial inclusion is about getting five things right: product, place, price, protection, and profit. If we are to draw in the poor, we need products that address their needs; a safe place to save, a reliable way to send and receive money, a quick way to borrow in times of need or to escape the clutches of the moneylender, easy-to-understand accident, life and health insurance, and an avenue to engage in saving for old age. Simplicity and reliability are key - what one thinks one is paying for is what one should get, without hidden clauses or opt-outs to trip one up. The transactions costs of obtaining the product, including the price and the intermediary charges, should be low. Furthermore, any regulatory burden should be minimal. New and inexperienced customers will require protection. The RBI is beefing up the consumer protection code, emphasising the need for suitable products that are simple and easy to understand. Financial inclusion cannot be achieved without it being profitable. So the last 'P' is that there should be profits at the bottom of the pyramid............
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