Financial Inclusion — Set 15
Government Schemes · वित्तीय समावेशन · Questions 141–150 of 160
India's G20 presidency (2023) championed which financial inclusion initiative?
Correct Answer: B. Digital Public Infrastructure (DPI) as a global model for financial inclusion
India's G20 presidency (December 2022-November 2023) championed Digital Public Infrastructure (DPI) as a global model for financial inclusion. India's DPI comprising Aadhaar, UPI, and API-based open infrastructure was presented as India's approach to inclusive digital economy. The G20 DPI Summit and 'One Future Alliance' initiative at India's G20 were key outcomes. India shared its DPI experience with developing nations.
Bank Correspondent (BC) network in India - how many BCs are there approximately?
Correct Answer: C. 5 lakh
India has approximately 13 lakh+ Banking Correspondent (BC) agents as of 2023, compared to about 34,000 bank branches in rural areas. BC agents use micro-ATMs and smartphones with biometric scanners for AePS transactions. BC networks have been crucial for PMJDY account operations and DBT withdrawals in rural areas. Banks have used BC networks to achieve the PMJDY target of universal banking access.
PMJDY launched on Aug 28, 2014 - on that single day, how many accounts were opened?
Correct Answer: B. 1.8 crore
On the launch day of PMJDY (August 28, 2014), approximately 1.8 crore bank accounts were opened across India in what was claimed as a world record for most bank accounts opened in a single day. However, the Guinness World Record was for the largest number of bank accounts opened in a week (18.096 million). By January 2015, India had opened over 12.5 crore PMJDY accounts, far exceeding the initial target of 7.5 crore.
EPFO (Employees Provident Fund Organisation) serves which workers for financial security?
Correct Answer: B. Organized sector workers in establishments with 20+ employees
EPFO provides provident fund, pension, and insurance benefits to workers in organized sector establishments with 20 or more employees. EPFO manages about 6 crore active member accounts. EPS (Employees' Pension Scheme) provides pension, EDLI (Employees' Deposit Linked Insurance) provides life insurance, and EPF provides provident fund savings. EPFO services have been digitized with UAN (Universal Account Number) for portability.
India's first Universal Payment Interface (UPI) cross-border transaction was with which country?
Correct Answer: B. Singapore
India's first UPI cross-border payment linkage was with Singapore through UPI-PayNow linkage launched in February 2023. This allows Indians to send money to Singapore (and vice versa) using UPI and PayNow respectively without going through traditional SWIFT wire transfers. Subsequently, India-UAE IMPS/UPI linkage and India-France UPI linkage were established. India is working on UPI acceptance at global merchant locations.
PMJDY scheme offers 'zero-balance' account - what does this mean?
Correct Answer: B. Account can be opened without any minimum balance requirement
PMJDY zero-balance means the account can be opened without any minimum balance requirement. Traditional savings accounts typically require minimum ₹1,000-₹5,000 balance, which was a barrier for poor households. PMJDY accounts have no minimum balance requirement allowing even the poorest to maintain bank accounts. Accounts are linked to Aadhaar for KYC. If the account holder uses cheque facilities, standard balance requirements may apply.
Under PMJJBY, for accounts with joint holders, how many claims are payable?
Correct Answer: B. One claim per account holder who has subscribed separately
PMJJBY coverage is individual (per subscriber), not per account. Joint account holders can each subscribe separately and each pays the ₹436 premium independently. In case of death of a subscribed joint holder, the claim of ₹2 lakh is paid to their respective nominee. Each subscriber is treated independently for PMJJBY purposes. This ensures each joint account holder is covered individually.
India Post Payments Bank (IPPB) uses which network for doorstep banking?
Correct Answer: B. Grameen Dak Sevaks (GDS) and Postmen
India Post Payments Bank (IPPB) leverages India Post's 3 lakh+ postmen and Grameen Dak Sevaks (GDS) as banking agents for doorstep banking services. Postmen carry QR-card readers and biometric devices to provide banking services at customers' doorstep. This is particularly valuable for elderly, disabled, and rural customers. IPPB has over 5 crore accounts and its doorstep banking model is unique globally.
Pradhan Mantri Jan Dhan Yojana - PMJDY accounts' share of total bank accounts opened in India is approximately?
Correct Answer: D. 40%+
PMJDY accounts (over 53 crore) constitute over 40% of all savings bank accounts in India (total about 130 crore accounts). This demonstrates the transformative scale of PMJDY in expanding India's banking sector. PMJDY accounts are primarily at public sector banks (about 85% of PMJDY accounts). RRBs (Regional Rural Banks) hold about 15% of PMJDY accounts. PMJDY has fundamentally transformed India's banking landscape.
Government of India's financial inclusion ecosystem - which ministry leads it?
Correct Answer: B. Department of Financial Services (DFS), Ministry of Finance
Department of Financial Services (DFS) under Ministry of Finance leads India's financial inclusion ecosystem and coordinates PMJDY, Jan Suraksha Yojana (PMJJBY, PMSBY, APY), PMMY, Stand-Up India, PM SVANidhi, and PM Vishwakarma schemes. DFS works with RBI, NABARD, SIDBI, NPCI, PFRDA, LIC, and other financial institutions to implement financial inclusion schemes. DFS also oversees public sector banks and insurance companies.