BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Waiver of agricultural loans
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Observing KYC norms strictly
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Appointment of business correspondents
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Opening of more and more ATMs
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Detailed explanation-1: -We have come a long way in our pursuit for financial inclusion which started with promotion of cooperatives, nationalization of banks, institutionalisation of priority sector lending and lead bank scheme, implementation of BC model and more recently with Pradhan Mantri Jan Dhan Yojana (PMJDY).
Detailed explanation-2: -I. 4 Financial inclusion has been defined as “the process of ensuring access to financial services, timely and adequate credit for vulnerable groups such as weaker sections and low-income groups at an affordable cost”. (Committee on Financial Inclusion-Chairman: Dr C Rangarajan, RBI, 2008).
Detailed explanation-3: -Business Correspondent Framework launched by the Reserve Bank of India is a step in achieving financial inclusion. Financial inclusion provides an equal opportunity to all the individuals to avail the banking service.