CURRENT AFFAIRS

Detailed explanation-1: -Odisha became the first state in the country to adopt Self Help Groups (SHG) based model for financial inclusion model to extend banking services in the unbanked areas through SGHs. In this regard, state government has inked agreement with the State Bank of India (SBI).

Detailed explanation-2: -The Kudumbashree project was started in Kerala in 1998, as a community action to eradicate poverty. It has become the largest women-empowering project in India. There are 3 components namely, microcredit, entrepreneurship and empowerment. Kudumbashree is a government agency.

Detailed explanation-3: -The concept of financial inclusion was first introduced in India in 2005 by the Reserve Bank of India. The objectives of financial inclusion are to provide the following: A basic no-frills banking account for making and receiving payments.

Detailed explanation-4: -Pradhan Mantri Mudra Yojana Under the scheme a loan of upto Rs. 50, 000 is given under sub-scheme ‘Shishu’; between Rs. 50, 000 to 5.0 Lakhs under sub-scheme ‘Kishore’; and between 5.0 Lakhs to 10.0 Lakhs under sub-scheme ‘Tarun’. Loans taken do not require collaterals.

Detailed explanation-5: -The State Bank of India was to be the principal instrument for extending modern banking to the rural areas, and of linking it with the needs of cooperative credit and marketing institutions.