Financial Inclusion — Set 10
Government Schemes · वित्तीय समावेशन · Questions 91–100 of 160
What financial products are NOT covered under PMJDY accounts?
Correct Answer: D. Investment products and mutual funds
PMJDY accounts provide zero-balance savings account, RuPay debit card, overdraft up to ₹10,000, and linkage to insurance (PMJJBY, PMSBY) and pension (APY) schemes. However, PMJDY does not directly provide investment products like mutual funds, stocks, or bonds. For investments, separate services like PM Laghu Vyapari MaanDhan or NPS are available. PMJDY's core is basic banking access, not investment services.
Financial Inclusion Fund (FIF) is maintained by which institution to support financial inclusion infrastructure?
Correct Answer: B. NABARD
Financial Inclusion Fund (FIF) maintained by NABARD supports creation and strengthening of financial inclusion infrastructure particularly in rural areas. FIF provides support for BC network, financial literacy, technology infrastructure, and training. The fund receives contributions from the Government, NABARD, and RBI. FIF helps in reducing the cost of financial services in remote areas and supports last-mile connectivity.
Digital India payment initiative - what was the target for merchant digital acceptance points?
Correct Answer: C. 4 crore by 2025
India's Payments Vision 2025 and FinTech policy aim to establish 4 crore (40 million) digital payment acceptance points by 2025, up from about 1 crore in 2019. This includes QR code merchants, POS terminals, sound box merchants, and other digital payment endpoints. NPCI, banks, and fintech companies are collectively working to expand merchant acceptance infrastructure. India already has over 5 crore digital payment acceptance points as of 2024.
Pradhan Mantri Mudra Yojana is the full name but MUDRA stands for?
Correct Answer: A. Micro Units Development and Refinance Agency
MUDRA stands for Micro Units Development and Refinance Agency. MUDRA Bank was established as a subsidiary of SIDBI to provide refinance to last-mile financial institutions (banks, MFIs, NBFCs) that lend to micro enterprises under the PMMY framework. MUDRA sets policy guidelines for micro lending and provides refinance support. The word 'mudra' also means currency/money in Sanskrit.
PM-KISAN beneficiaries can get Kisan Credit Card (KCC) - what is the connection?
Correct Answer: B. PM-KISAN beneficiary list is used to identify KCC eligible farmers
PM-KISAN beneficiary database is used to identify eligible farmers for Kisan Credit Card (KCC) saturation drive. Banks use PM-KISAN list to proactively reach out to registered farmers for KCC. The government has been conducting KCC saturation campaigns in PM-KISAN farmer clusters to ensure all eligible farmers have KCC for formal agricultural credit access. PM-KISAN and KCC together form a comprehensive agricultural financial support system.
PMJDY Total deposits in accounts have crossed how many lakh crore (as of 2023)?
Correct Answer: C. ₹2 lakh crore
Total deposits in PMJDY accounts have crossed ₹2 lakh crore (₹2 trillion) as of 2023, demonstrating that accounts are not just opened but are also used for savings. Average per account balance has increased from near zero in 2014-15 to over ₹4,000 per account. This growth in deposits shows the increasing engagement of previously unbanked citizens with the formal financial system.
What is the maximum loan amount under PM SVANidhi after three successful repayments?
Correct Answer: C. ₹50,000
PM SVANidhi scheme provides stepped credit: initial loan of ₹10,000 → second loan of ₹20,000 (after timely repayment) → third loan of ₹50,000 (after second loan repayment). This progressive lending allows street vendors to scale their businesses. The scheme also provides 7% interest subvention and digital payment cashback. PM SVANidhi has covered over 67 lakh street vendors with formal credit access.
APY (Atal Pension Yojana) - from October 1, 2022, who became ineligible?
Correct Answer: B. Income tax payers
From October 1, 2022, income tax payers (those who have paid income tax in any of the preceding years) became ineligible to subscribe to Atal Pension Yojana. This change was made to focus APY benefits on economically weaker sections. Existing income tax payer subscribers were not affected (grandfathered). The change aligns APY more closely with its original purpose of providing social security to unorganized sector workers.
Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) provides guarantee for loans up to what amount?
Correct Answer: C. ₹5 crore
Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) provides credit guarantee for collateral-free loans up to ₹5 crore to micro and small enterprises. CGTMSE was established in 2000 jointly by Ministry of MSME and SIDBI. The guarantee cover is up to 85% of loan amount for micro enterprises and 75% for small enterprises. CGTMSE has helped thousands of MSMEs access formal credit without collateral.
What role does Aadhaar play in financial inclusion?
Correct Answer: B. Aadhaar enables KYC, biometric authentication, and Aadhaar-enabled Payment System (AePS) for last-mile banking
Aadhaar plays multiple roles in financial inclusion: eKYC for instant account opening, biometric authentication for AePS transactions (cash withdrawal at BC points), Aadhaar-linked DBT for welfare transfers, and Aadhaar seeding in bank accounts for direct benefit transfers. Aadhaar has enabled India to onboard millions of previously unbanked citizens into the formal financial system. Supreme Court judgment in 2018 restricted voluntary Aadhaar sharing with private entities.