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Financial Inclusion and Development
How does the Reserve Bank of India define 'financial inclusion'?
The RBI defines financial inclusion as delivering financial services such as banking, credit, insurance, and payments at affordable cost to disadvantaged and low-income groups, ensuring all segments of society particularly vulnerable groups have access.
What is the primary distinction between a Business Facilitator and a Business Correspondent under RBI guidelines?
BCs can disburse credit and collect repayments; BFs cannot.
Which groups are specifically identified as the primary target of financial inclusion efforts?
Vulnerable groups such as weaker sections and low-income groups are specifically identified as the primary targets of financial inclusion, as they historically lack access to formal financial services.
Which activities are explicitly within the scope of a Business Correspondent but NOT a Business Facilitator?
Disbursing small value credit and collecting loan repayments.
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