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How can access to formal banking services benefit households in India?

Answer and explanation

Correct answer: By providing facilities for saving money, receiving payments and accessing suitable financial services

Formal banking can help households keep savings, make or receive payments and use financial products according to eligibility. Access to these services is one aspect of financial inclusion. Social Science examines how financial institutions influence economic opportunities and everyday life in India.

Related tags

Financial InclusionBanking ServicesHousehold SavingsIndian Economy

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