In recent years it has been recognized increasingly that a large segment of the rural population is out of the reach of the formal banking services. Which of the following is the name of the concept floated to bring most of these rural persons in the net of financial and banking services?

BANKING GENERAL KNOWLEDGE

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

A	Corporate Governance
B	Financial Inclusion
C	Wealth Creation
D	Credit Management

Explanation:

Detailed explanation-1: -Without visibility into the governance of a respondent bank’s clients for whom it does business, correspondent banks are prone to abuse. The repercussions can be severe and include large regulatory or criminal, sanctions, reputational and financial damage.

Detailed explanation-2: -Regional Rural Banks (RRBs) were established in 1975 on the recommendation of the Narsimham Working Group with the particular objective of catering to the financial inclusion needs of the small and marginal farmers, agricultural labourers, artisans and weaker sections of the society.

Detailed explanation-3: -Financial inclusion may be 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 (The Committee on Financial Inclusion, Chairman: Dr.

Detailed explanation-4: -The Correct answer is PMJDY. PMJDY: Stands for Pradhan Mantri Jan Dhan Yojna. It is a National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

There is 1 question to complete.