16 A FINANCIAL INCLUSION
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What is the primary objective of Financial Inclusion as defined by RBI?
Financial Inclusion aims to provide access to appropriate financial products and services to all segments of society, especially the underprivileged and low-income groups, at an affordable cost and in a fair and transparent manner.
What is the National Strategy for Financial Inclusion (NSFI) and which body releases it?
RBI's roadmap to expand financial services access to all citizens.
Which RBI committee first formally recommended a comprehensive approach to Financial Inclusion in India?
The C. Rangarajan Committee on Financial Inclusion (2008) provided a comprehensive framework, recommending measures to bring unbanked populations into the formal financial system.
What is the minimum balance requirement for a Basic Savings Bank Deposit Account (BSBDA)?
Zero minimum balance; no charges for non-maintenance.
What is a Business Correspondent (BC) in the context of Financial Inclusion?
A Business Correspondent is an agent appointed by banks to provide banking services in areas not covered by bank branches, acting as an intermediary to extend last-mile financial services to rural and remote populations.
How many free withdrawals per month are permitted in a BSBDA account?
Four free withdrawals per month including ATM transactions.
What does the acronym PMJDY stand for?
PMJDY stands for Pradhan Mantri Jan Dhan Yojana, a national financial inclusion mission launched in August 2014 to ensure access to financial services for every household in India.
What is the maximum balance allowed in a BSBDA Small Account at any point?
Rs. 50,000 at any point of time.
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