In the last decade, the banking sector has been restructured with a high degree of automation and products that mainly serve middle-class and upper middle-class society. Today, there is a need for a new agenda for the banking and non-banking financial services that does not exclude the common man.

Which one of the following is the message that is essentially implied in the above passage ?

The correct option is: Need to promote financial inclusion.

Step-by-Step Explanation:

1. Analyze the Premise: The passage starts by stating that the banking sector has undergone restructuring in the last decade, characterized by high automation and products designed primarily to serve the middle-class and upper-middle-class segments of society.

2. Identify the Core Problem/Need: The passage then shifts focus to the current requirement: "Today, there is a need for a new agenda for the banking and non-banking financial services that does not exclude the common man." This highlights that the "common man" is currently left out or excluded from the benefits of these services due to the existing structure.

3. Understand the Term "Financial Inclusion": Financial inclusion is defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost. In other words, it means not excluding the common man from the financial system.

4. Evaluate the Message: Since the passage explicitly calls for a new agenda in financial services that "does not exclude the common man," the essential message implied is the urgent need to bring the common man into the fold of the financial system, which is precisely the definition of promoting financial inclusion.