What is the meaning of financial inclusion? Shouldn't it be more than just having a bank account? Isn't personal finance a much broader term?

In layman's terms, financial inclusion means that every citizen should have a bank account and access to other financial services at an affordable cost, hence becoming part of the organised financial system and taking its advantage. As per the World Bank, bank account penetration in India increased from 35% to 53% between 2011 and 2014, which means that 175 million people in India became bank account holders during the period. This seems like great news that the first step of financial inclusion has been achieved right?

Unfortunately the World Bank also noted that India has a very high number of Bank accounts which have no activity whatsoever and in all probability have a "zero" or a "nil" balance and are considered as dormant accounts. World Bank noted that 43% or 195 million of India's total bank accounts are actually dormant, thus defeating the whole purpose of the financial inclusion push that the government is trying to achieve.

What is the reason for such insufficient financial inclusion? Why don't bank account holders fully utilize the financial system and take advantage of all the available products which are cheaper when compared to unorganised sources of finance?

Lendbox.in aims to change that, we are a Peer-to-peer lending platform whose aim is to make finance more easily and readily available through directly connecting willing investors and credit and trustworthy borrowers. On our platform investors would be able to assess each borrowers and invest in them and earn returns as high as 36% while the creditworthiness of borrowers would be assessed based on a complex and thorough background check through which they can take loans at highly competitive rates when compared to banks.

We want financial inclusion to actually mean something, to actually include the people who are still not part of the system and create an environment where economies are shared in a more transparent and less selective manner. Financial inclusion should mean more than a bank account with nil balance, it should mean complete financial awareness of and involvement in the financial system.