88. With reference to Financial Inclusion,
i) Jan Dhan Yojana
ii) Business Correspondents
iii) No frill accounts
Which of the above can be considered as steps taken to achieve “financial inclusion” in India?
88. With reference to Financial Inclusion,
i) Jan Dhan Yojana
ii) Business Correspondents
iii) No frill accounts
Which of the above can be considered as steps taken to achieve “financial inclusion” in India?
The correct option is D d) i, ii and iii
Ans 88.D
Explanation: Pradhan Mantri Jan-DhanYojana (PMJDY) is India's National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
The business correspondent is nothing but a bank-in-person, who is authorised to collect small ticket deposits and extend small credit on behalf of the banks. The objective was to aid the process of financial inclusion and consequently take banking to the remotest areas of the country and make them bankable.
No frills account - It is supposed to be a basic savings bank account for the benefit of all sections of the population. Such accounts require either nil or low minimum balance to be maintained. Services available for these accounts are also limited
Ans 88.D
Explanation: Pradhan Mantri Jan-DhanYojana (PMJDY) is India's National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
The business correspondent is nothing but a bank-in-person, who is authorised to collect small ticket deposits and extend small credit on behalf of the banks. The objective was to aid the process of financial inclusion and consequently take banking to the remotest areas of the country and make them bankable.
No frills account - It is supposed to be a basic savings bank account for the benefit of all sections of the population. Such accounts require either nil or low minimum balance to be maintained. Services available for these accounts are also limited
