Economics · Financial Inclusion
Banking correspondents and digital channels are used extensively in inclusion strategies because traditional branch expansion alone may not reach every customer efficiently. Their main importance is that they:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1provide only insurance and pension products
- 2replace all scheduled commercial banks in rural areas
- 3eliminate the need for customer identification norms
- 4extend the reach of formal banking services to underserved locations and populations✓
Correct answer
extend the reach of formal banking services to underserved locations and populations
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