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 steps is taken for financial inclusion in India?
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The expansion of network of cooperative banks to provide credit to agriculture and saving facilities in rural areas
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Nationalisation of banks in 1969 and expansion of branches
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Creation of an elaborate framework of priority sector lending with mandated targets as part of a strategy to meet the savings and credit needs of large sections of the Indian population, who had no access to institutional finance
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All of the above
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Explanation:
Detailed explanation-1: -That’s why I regard Financial literacy as the fourth pillar of financial inclusion, with the other three being – technology, women inclusion, and regulation.
Detailed explanation-2: -Financial Inclusion Initiatives 50, 000 and aggregate credits in the accounts not exceeding Rs. one lakh a year. Further, banks are advised not to insist on introduction for opening bank accounts of customers. In addition, banks are allowed to use Aadhar Card as a proof of both identity and address9.
Detailed explanation-3: -The term Financial Inclusion can be defined as the process of ensuring an access to the financial products and/ or services where needed by the weaker sections and low income groups at an affordable cost.
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