I am interested in finding out the following.

1.  Can the MOTIF RACKS (ES & XS) be connected to my Yamaha PSR-295 keyboard and play?
2. If so, how can it be done, what equipment do I need?

Re:  Newbeginner...

1) You can, but not directly. The PSR-295 has a USB-MIDI connection. This is to connect your PSR unit to your computer. From the computer you can certainly connect to the Motif Rack and use the PSR’s keyboard to control the Rack.
2) A computer, a quality sound system to which you can connect the Motif Rack’s audio outputs.

It is not clear from your question what it is you want to do - as I recall the PSR295 does not have standard 5-pin MIDI connectors, which means there is no way to connect directly to a Motif Rack unit. You must connect through a computer.

You may want to look at a keyboard that will afford you more control over an item like a Motif Rack ES or XS. (Just a thought).

Re:  Newbeginner...

To be honest, I need a MOTIF XS7 or ES8 but I can’t afford it as this time due to other financial committments, so I am looking at alternatives to get the motif sounds from my PSR-295.

I even consider the MM6 or MM8 but which has the motif engine but I am not impressed as to what it can do.