Many places in India have very few banking facilities and financial infrastructure. Unlike urban India, the less developed parts of our country have seen very little amounts of development. This includes access to the formal financial systems. So, it is no wonder that many people in rural India turn towards unregulated and informal monetary mechanisms. The only way to change this situation is to increase availability to the regulated financial segment.

India is continually innovating and moving towards digital advancement. Ever since the birth of our country, there has been considerable progress towards technological innovations. Whether becoming the first developing nation to build a supercomputer or going on courageous space missions, India has never been shy to adapt and lead in the field of technology.

Why is it necessary to understand the concept of financial inclusion and financial involvement?

Financial inclusion is the notion that everyone in our society has the right to have the ability to be involved and properly participate in the financial mechanisms of the country. There are many poor households, especially in the rural areas of India that do not have any access to the country's financial services. Many people are not aware of financial management, banks, their benefits, and their functions. Even if they know about the existence of banks, many people do not have the required access to avail services from these banks.

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AePS is a system of payment that is rooted in the Unique Identification Number and lets the users make easy and flexible financial transactions via Aadhaar based authentication. National Payments Corporation of India (NPCI) evolved this Aadhaar payment system to accredit the various sections of the society by building banking and financial services available through Aadhaar and encouraging cashless transactions in India.

Digital banking or Digital finance is a flowering term these days. That is a notably effective banking procedure for an individual. It is a sound medium to widen the passage outside the business services to other sectors. It includes services, infrastructure, agronomy, and others. Many business owners are using smartphones along with a gamut of convenience with simple banking service at better suitability that reduces cost against conventional banking. The present digital banking process is also called "Branchless Banking".