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INITIATIVES OF RBI UNDER FINANCIAL INCLUSION
What is the primary objective of Financial Inclusion as defined by RBI?
Financial inclusion aims to provide access to formal financial services such as banking, credit, insurance, and payments to all segments of the population, especially the unbanked and underserved, at affordable costs.
What is the full form of BC in RBI's financial inclusion framework?
Business Correspondent, an agent-based banking intermediary.
When did RBI launch the Financial Inclusion Plan (FIP) for banks?
RBI launched the Financial Inclusion Plan (FIP) in 2010, requiring all domestic scheduled commercial banks to submit three-year FIPs, with the first cycle covering 2010-2013.
Which committee recommended the BC model for financial inclusion in India?
The Khan Committee recommended the BC model in 2005.
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