Financial Inclusion — Set 13
Government Schemes · वित्तीय समावेशन · Questions 121–130 of 160
PM Vishwakarma Yojana toolkit incentive is of how much?
Correct Answer: C. ₹15,000
PM Vishwakarma Yojana provides a toolkit incentive of ₹15,000 to registered artisans for purchase of modern tools and equipment relevant to their trade. This is a one-time grant (not a loan) credited directly to the beneficiary's account. The toolkit incentive helps artisans upgrade from traditional manual tools to modern efficient tools, improving quality and productivity. This is provided after successful skill verification.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) - what is 'partial permanent disability' cover?
Correct Answer: B. ₹1 lakh
PMSBY provides ₹1 lakh cover for partial permanent disability (loss of one eye or one limb) due to accident. For total permanent disability (loss of both eyes, both hands, both feet, or one eye+one limb), the cover is ₹2 lakh. For accidental death, the cover is ₹2 lakh. All these are paid to the nominee or the disabled person as applicable. The premium of ₹20 per year covers all these risk events.
Account Aggregator (AA) Framework in India allows?
Correct Answer: B. Consumers to share financial data across institutions with consent for better credit access
Account Aggregator (AA) Framework, launched in September 2021, allows consumers to share their financial data (bank statements, GST returns, tax returns, insurance policies) securely with lenders and other financial service providers with their explicit digital consent. This enables better credit assessment for first-time borrowers. NBFC-AAs are regulated by RBI. Major banks and lenders are part of the AA ecosystem. This promotes financial inclusion through data-enabled credit.
India's Fintech sector is valued at approximately how much (2023)?
Correct Answer: B. $111 billion
India's fintech sector is valued at approximately $111 billion as of 2023, making it the world's third largest fintech ecosystem after USA and China. India has over 9,000 fintech startups. The fintech ecosystem has been enabled by India Stack (Aadhaar, UPI, Account Aggregator) and favorable RBI sandbox regulations. Indian fintech companies operate in lending, insurance, wealth management, payments, and financial data analytics.
Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA) is related to financial inclusion through?
Correct Answer: B. Digital literacy to enable rural citizens to access digital financial services
PM Gramin Digital Saksharta Abhiyan (PMGDISHA) aims to make rural households digitally literate to access digital services including digital financial services. Digital literacy enables PMJDY account holders to use mobile banking, UPI, and internet banking. PMGDISHA targeted making 6 crore rural households digitally literate by 2020. Digital literacy is crucial for financial inclusion as more services move digital.
PMJJBY, PMSBY - what is the auto-debit date for annual premium renewal?
Correct Answer: B. June 1
PMJJBY and PMSBY annual premiums are auto-debited from linked bank accounts on June 1 every year (or within 30 days if June 1 balance is insufficient). The risk period for both schemes is June 1 to May 31 annually. Account holders must ensure sufficient balance on June 1 for auto-debit. Failure to maintain balance leads to lapse of coverage. Accounts can be reactivated within the same policy year.
PM Kisan Maan Dhan and PM Laghu Vyapari Maan Dhan pension schemes are administered through which common platform?
Correct Answer: B. CSC (Common Service Centres)
Both PM Kisan Maan-Dhan Yojana (PM-KMY) for small and marginal farmers and PM Laghu Vyapari Maan-Dhan Yojana (LVMDY) for traders and shopkeepers are administered through Common Service Centres (CSCs). Beneficiaries can enroll, make contributions, and access services at CSCs. PFRDA manages the pension corpus investment. The schemes use NPS Trust as the fund manager.
India has committed to share UPI technology under which international cooperation framework?
Correct Answer: B. G20 and bilateral agreements with multiple countries
India has been sharing UPI technology with other countries under G20 Financial Inclusion Action Plan and bilateral agreements. India's G20 presidency (2023) focused on digital public infrastructure (DPI) including UPI as a global model. Singapore's PayNow and India's UPI are linked for cross-border payments. India-UAE, India-Singapore, India-France UPI integration is live. NPCI International Payments Limited promotes UPI globally.
Micro Finance Regulation: in 2022, RBI capped household income for MFI borrowers at?
Correct Answer: B. ₹3 lakh annual for rural and ₹4.25 lakh for urban/semi-urban
RBI's Master Direction on Regulatory Framework for Microfinance Loans (March 2022) defines microfinance borrowers as household with annual income up to ₹3 lakh for rural households and ₹4.25 lakh for urban/semi-urban households. The direction also caps total loan obligation to 50% of monthly household income. These norms ensure MFI loans remain targeted at poor households and prevent over-indebtedness.
PMJDY was first announced in the context of Financial Inclusion Mission on which occasion?
Correct Answer: C. Independence Day speech at Red Fort, August 15, 2014
PM Narendra Modi announced the Pradhan Mantri Jan Dhan Yojana (PMJDY) as India's National Financial Inclusion Mission in his Independence Day speech from Red Fort on August 15, 2014. He invited all citizens, especially the unbanked poor, to open bank accounts. The scheme was officially launched on August 28, 2014. Opening of PMJDY accounts on the launch day was a watershed moment in India's financial inclusion journey.