BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

Which of the following is the most essential service for the poor in the country to be reckoned as part of financial inclusion efforts?

A	Pension payments
B	Life insurance
C	No frills accounts
D	Consumption loans

Explanation:

Detailed explanation-1: -Being able to have access to a transaction account is a first step toward broader financial inclusion since a transaction account allows people to store money, and send and receive payments.

Detailed explanation-2: -Financial inclusion intends to help people secure financial services and products at economical prices such as deposits, fund transfer services, loans, insurance, payment services, etc. It aims to establish proper financial institutions to cater to the needs of the poor people.

Detailed explanation-3: -Financial inclusion is a method of offering banking and financial services to individuals. It aims to include everybody in society by giving them basic financial services regardless of their income or savings. It focuses on providing financial solutions to the economically underprivileged.

Detailed explanation-4: -Detailed Solution. 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.