Very often we hear about Financial Inclusion these days. What is financial inclusion? [Pick up the correct statement(s).]
A. Providing access to financial services (banking/insurance) etc to the weaker sections of the society.
B. Adequate and timely credit to vulnerable groups at an affordable cost.
C. To ensure that at least 33% of the general budget of each department/ministry goes to the schemes/plans !or weaker sections of the society.

Only (A)

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Only (B)

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Only (C)

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Both (A) and (B) only

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Solution

The correct option is B Both (A) and (B) only
Financial inclusion refers to the equal opportunities provided to all individuals to avail financial services. It also includes-
a) Providing access to financial services (banking/insurance) etc to the weaker sections of the society.
b) Adequate and timely credit to vulnerable groups at an affordable cost.

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Similar questions

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Q. Q. Consider the following statements regarding National Strategy for Financial Inclusion.

1. NITI Aayog and Reserve Bank of India under the aegis of Financial Inclusion Advisory Committee (FIAC) initiated the process of formulation of National Strategy for Financial Inclusion.
2. National Strategy for Financial Inclusion is for the period 2019-2024.
3. Financial inclusion is the process of ensuring access to financial services, timely and adequate credit for vulnerable groups at an affordable cost.

Which of the statements given above is/are correct?

Q. वित्तीय समावेशन हेतु राष्ट्रीय कार्यनीति (National Strategy for Financial Inclusion) के विषय में निम्नलिखित कथनों पर विचार करें।

1. वित्तीय समावेशन सलाहकार समिति (Financial Inclusion Advisory Committee-FIAC) के तत्वावधान में नीति आयोग और भारतीय रिजर्व बैंक ने वित्तीय समावेशन हेतु राष्ट्रीय कार्यनीति तैयार करने की प्रक्रिया शुरू की है।
2. वित्तीय समावेशन हेतु राष्ट्रीय कार्यनीति की अवधि 2019-2024 है।
3. वित्तीय समावेशन सुभेद्य वर्गों के लिए सस्ती लागत एवं समय पर पर्याप्त ऋण और वित्तीय सेवाओं की उपलब्धता सुनिश्चित करने की प्रक्रिया है।

ऊपर दिए गए कथनों में से कौन सा सही है / हैं?

Q. Financial Inclusion is globally considered to be a critical indicator of development and well-being of society. In this context discuss the importance of financial inclusion. What steps should be taken by the central and state government to make financial inclusion more effective in the country?

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