FINANCIAL INCLUSION & 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 65 rapid-fire Q&A cards.
What is the primary objective of Financial Inclusion as defined by the Reserve Bank of India?
Financial Inclusion aims to provide access to affordable financial services such as savings, credit, insurance, and payments to all segments of society, especially the excluded and low-income groups.
What is the definition of Financial Inclusion according to the Committee on Financial Inclusion (Rangarajan Committee)?
Delivery of financial services at affordable cost to disadvantaged groups.
Which committee's recommendations formed the basis for India's structured Financial Inclusion policy?
The C. Rangarajan Committee (2008) on Financial Inclusion provided the foundational recommendations that shaped India's structured policy framework for financial inclusion.
What is the minimum number of transactions allowed free per month in a BSBDA?
Four withdrawals per month including ATM transactions are free.
What is a Basic Savings Bank Deposit Account (BSBDA) and who is eligible to open one?
BSBDA is a zero-balance, no-frills account with basic banking facilities, open to any individual including those with minimal KYC documentation, aimed at bringing the unbanked population into the formal banking system.
What is the maximum annual credit limit under the MUDRA Shishu category?
Up to Rs. 50,000 under the Shishu category.
What is the maximum balance permitted in a BSBDA Small Account at any point in time?
A BSBDA Small Account can hold a maximum balance of Rs. 50,000 at any given time, and total credits in a year must not exceed Rs. 1,00,000.
Under PMJDY, what is the accidental insurance cover provided through RuPay card?
Rs. 1 lakh accidental insurance through RuPay Debit Card.
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