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Financial Inclusion And Financial Literacy
What is the primary objective of Financial Inclusion as defined by RBI?
Financial Inclusion aims to provide affordable financial services such as savings, credit, insurance, and payments to all sections of society, especially the unbanked and underserved population.
What is the FI-Index value range used by RBI to measure financial inclusion progress?
It ranges from 0 to 100, higher is better.
Which committee recommended the Business Correspondent (BC) model for Financial Inclusion in India?
The Khan Committee (2004) recommended the BC model, allowing banks to use agents to extend banking services to unbanked areas without setting up full branches.
What minimum balance is required to open a Basic Savings Bank Deposit Account?
No minimum balance is required for BSBDA.
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