CURRENT AFFAIRS

Detailed explanation-1: -ii) SLBC Convenor Banks / Lead Banks are advised to focus attention on the need for achieving 100% financial inclusion through penetration of banking services in the rural areas.

Detailed explanation-2: -The Committee on Medium-Term Path to Financial Inclusion (Chairman: Shri Deepak Mohanty, RBI, 2015) also emphasized on increasing the access of small and marginal enterprises to formal finance. Thus, access to credit has always been an integral part of RBI’s efforts towards furthering the financial inclusion.

Detailed explanation-3: -The correct answer is India Post Payments Bank. India Post Payments Bank (IPPB) has announced the launch of Fincluvation to create and innovate solutions for financial inclusion. It is a joint initiative to collaborate with the Fintech startup community to co-create and innovate solutions for financial inclusion.

Detailed explanation-4: -RBI’s financial inclusion index measures the ease of access, affordability and availability of various financial products and services by individuals as well as businesses. Essentially, it tracks how well the financial services have been extended to the unbanked population of the country.

Detailed explanation-5: -It was developed by the RBI in 2021, without any ‘base year’, and is published in July every year.