It is easy to see how critical this payments infrastructure will be for providing old age pensions, besides life, health, weather, asset and livestock insurance especially in rural areas – Insurance is very important as it reduces credit risk and allows greater flow of credit at lower cost.
Thus there is a huge synergy between financial inclusion and financial protection for achieving a more inclusive financial system. Housing, health and life style As is found in surveys, savings in India is mainly for owning a house, meeting emergency needs, education of children and social events such as marriages.