BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is not true regarding Financial Inclusion plan?
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Simplified KYC norms for accounts opening
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Mandatory branches in unbanked villages
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BSBDA accounts with minimum balance criteria
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Micro branches to be opened in rural area
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Explanation:
Detailed explanation-1: -This account is majorly for those who do not have enough money to maintain minimum balance in a savings account. Read below the features of this account. Minimum balance required for the account is Nil. Basic Ru-Pay Debit/ATM card.
Detailed explanation-2: -Detailed Solution. The correct answer is Shrinking of banking infrastructure.
Detailed explanation-3: -Following the RBI mandate, Basic Savings Bank Deposit Account or BSBDA is now offered by all banks. A BSBDA has no minimum balance requirement and the customers are offered a debit card. BSBDA is zero-balance account but banks may offer the zero-balance flexibility to other types of savings account variants also.
There is 1 question to complete.