Financial Inclusion — Set 1

Correct Answer: A. August 28, 2014

Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014 by Prime Minister Narendra Modi with the goal of ensuring financial inclusion for every household in India. The scheme provides basic banking services including zero-balance savings accounts, RuPay debit cards, and access to financial products. PMJDY is the world's largest financial inclusion initiative and has opened over 50 crore accounts since launch.

Correct Answer: C. ₹5,000 for active accounts (revised)

PMJDY account holders are eligible for an overdraft facility of ₹10,000 (revised from ₹5,000) for accounts that are operationally active with satisfactory transactions. Initially, an overdraft of ₹2,000 was available to all PMJDY account holders. The overdraft facility was increased to ₹10,000 to provide emergency credit access to poor households. Female account holders get preference for overdraft facility.

Correct Answer: C. ₹2 lakh

PMJDY RuPay Debit Card provides accidental insurance cover of ₹2 lakh (revised from ₹1 lakh) for new accounts opened after August 28, 2018 in case of accidental death or permanent disability. For accounts opened before August 28, 2018, the accidental cover was ₹1 lakh. This insurance is available without any premium payment by the account holder.

Correct Answer: C. 2015

Pradhan Mantri Mudra Yojana (PMMY) was launched on April 8, 2015 to provide loans to micro and small enterprises. MUDRA stands for Micro Units Development and Refinance Agency. The scheme provides collateral-free loans through banks, MFIs, and NBFCs. PMMY has three loan categories: Shishu (up to ₹50,000), Kishore (₹50,001 to ₹5 lakh), and Tarun (₹5 lakh to ₹10 lakh).

Correct Answer: B. Kishore

Under Pradhan Mantri Mudra Yojana, the Kishore category covers loans ranging from ₹50,001 to ₹5 lakh for micro enterprises that have already established their business and need additional funding. Shishu covers up to ₹50,000, Kishore covers ₹50,001 to ₹5 lakh, and Tarun covers ₹5 lakh to ₹10 lakh. A new category 'Tarun Plus' was added for loans up to ₹20 lakh for established borrowers.

Correct Answer: D. SIDBI

MUDRA (Micro Units Development and Refinance Agency) Bank was established as a subsidiary of SIDBI (Small Industries Development Bank of India) with a corpus of ₹20,000 crore. MUDRA Bank provides refinance to last-mile financial institutions that provide loans to micro enterprises. It was launched in April 2015 and regulates and refinances micro-finance institutions (MFIs) and other financial intermediaries.

Correct Answer: B. ₹2 lakh

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance cover of ₹2 lakh for death due to any cause. The annual premium is ₹436 (revised from ₹330). PMJJBY is available to persons aged 18-50 years with a bank account and covers death due to any reason including natural causes. It is administered by Life Insurance Corporation (LIC) and other life insurers.

Correct Answer: B. ₹20

Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides accidental death and disability cover of ₹2 lakh at an annual premium of ₹20 (revised from ₹12). PMSBY covers death or total permanent disability (₹2 lakh) and partial permanent disability (₹1 lakh) due to accidents. It is available for bank account holders aged 18-70 years. Premium is auto-debited from bank account.

Correct Answer: B. Swavalamban Scheme (NPS-Lite)

Atal Pension Yojana (APY) replaced the Swavalamban Scheme (also called NPS-Lite) from June 1, 2015. APY is open for unorganised sector workers aged 18-40 years and provides guaranteed minimum pension of ₹1,000 to ₹5,000 per month at age 60 based on contribution. The APY is administered by Pension Fund Regulatory and Development Authority (PFRDA).

Correct Answer: C. ₹5,000

Atal Pension Yojana (APY) provides guaranteed pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000 per month at age 60, depending on the contribution amount and age of joining. The maximum guaranteed pension is ₹5,000 per month. After the subscriber's death, the same pension is paid to the spouse, and after both deaths, the accumulated corpus is returned to the nominee.