A panel of Reserve Bank of India has suggested to set-up specialized banks to cater to the low income households and small businesses. These banks will ensure that every citizen have a bank account by 201 6. The panel was headed by

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Mukul Mudgal
B	Nachiket Mor
C	Raghuram Rajan
D	Bilal Nazaki

Explanation:

Detailed explanation-1: -Financial Inclusion by RBI No frills account. BSBDA – Basic savings bank deposit account. LBS – Lead banking scheme. PMJDY – Pradhan Mantri Jan Dhan Yojana.

Detailed explanation-2: -(i)It ensures safety to the bank deposits of people. (ii)It helps in collection of economic data all over the country. (iii)It contains corrupt practices from creeping within banks. (iv)Information forwarded by banks to RBI helps Ministry of Finance in drafting and presentation of National Budget every year.

Detailed explanation-3: -The correct answer is the Reserve Bank of India. Reserve Bank of India is the apex banking institution of India that regulates the financial sector.

Detailed explanation-4: -This was followed by various initiatives over the years such as expansion of branch network, introduction of Priority Sector Lending(PSL), launch of Lead Bank Scheme, promotion of Self Help Groups(SHGs), Joint Liability Groups (JLGs), implementation of Business Correspondents (BC) model, among others.

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