Financial Inclusion And Financial Literacy
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Principles and Practices of Banking — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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.
What is a Basic Savings Bank Deposit Account (BSBDA)?
BSBDA is a zero-balance savings account with no minimum balance requirement, offering basic banking facilities to financially excluded individuals as part of RBI's financial inclusion drive.
Which year was the Pradhan Mantri Jan Dhan Yojana officially launched?
PMJDY was launched on 28 August 2014.
What is the maximum cash withdrawal allowed per month in a BSBDA account?
Under BSBDA guidelines, account holders can withdraw cash up to four times per month including ATM withdrawals, with no ceiling on the number of deposits.
What is the maximum number of withdrawals allowed per month in a BSBDA account?
Maximum four withdrawals are allowed per month.
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