Financial Inclusion — Set 16
Government Schemes · वित्तीय समावेशन · Questions 151–160 of 160
PM Vishwakarma scheme - what is Phase I and Phase II credit limit?
Correct Answer: B. ₹1 lakh and ₹2 lakh
PM Vishwakarma Yojana provides credit in two phases: Phase I - up to ₹1 lakh, and Phase II - up to ₹2 lakh (on satisfactory repayment of Phase I). Both phases carry 5% concessional interest rate with government interest subvention. The credit is collateral-free and provided through banks, NBFCs, and MFIs. This stepped credit mechanism helps artisans build creditworthiness and access higher amounts gradually.
India's insurance penetration (premium as % of GDP) is approximately?
Correct Answer: C. 4%
India's insurance penetration (insurance premiums as percentage of GDP) is approximately 4% as of 2022-23, comprising life insurance (~3.2%) and non-life insurance (~1%). This is lower than global average of 7%. PMJJBY and PMSBY have significantly increased insurance penetration in lower income segments. India's insurance density (premium per capita) is also growing. IRDA's Vision 2047 aims to achieve 'Insurance for All' by India's centenary.
Credit Guarantee Scheme for Startups (CGSS) under Startup India guarantees loans to startups up to?
Correct Answer: C. ₹10 crore
Credit Guarantee Scheme for Startups (CGSS) was launched in 2022 to provide credit guarantees up to ₹10 crore per startup for loans from SEBI-registered Alternative Investment Funds (AIFs) and regulated lenders. The scheme helps startups access debt capital without collateral. CGSS is managed by National Credit Guarantee Trustee Company (NCGTC). This complements equity funding with credit access for startups.
PM Shram Yogi Maan-dhan (PM-SYM) targets which workers?
Correct Answer: B. Unorganized sector workers earning ≤₹15,000/month
PM Shram Yogi Maan-dhan (PM-SYM) was launched in February 2019 for unorganized sector workers aged 18-40 earning ≤₹15,000 per month to provide pension of ₹3,000 per month at age 60. Beneficiaries include home-based workers, street vendors, head loaders, construction workers, and domestic workers. Monthly contribution is ₹55-₹200 with equal government contribution. PM-SYM is administered through CSCs.
What was the target number of PMJDY accounts in the first phase (by January 26, 2015)?
Correct Answer: B. 7.5 crore
The initial target for PMJDY was to open 7.5 crore accounts by January 26, 2015 (Republic Day). India not only met but exceeded this target, opening over 12.5 crore accounts by January 2015. The scheme was designed in two phases: Phase 1 (August 2014 - August 2015) focusing on account opening, and Phase 2 (August 2015 - August 2018) focusing on micro-insurance and pension. Phase 2 was further extended.
Unified Lending Interface (ULI) - what is it?
Correct Answer: B. A digital platform for frictionless credit by linking borrowers' data for lenders
Unified Lending Interface (ULI) was announced by RBI Governor in August 2023 as a platform to facilitate frictionless credit by enabling borrowers to share their data (land records, income details, digital footprints) with potential lenders. ULI works similarly to UPI in payments - it standardizes data sharing for credit decisions. ULI aims to democratize credit access particularly for small and rural borrowers who struggle to get formal credit.
Pradhan Mantri Fasal Bima Yojana (PMFBY) premium subsidy is paid through which transfer?
Correct Answer: B. DBT to farmer's bank account (PMJDY account)
PMFBY premium subsidy (farmer's share and government share) are processed through banking systems with government subsidy transferred for credit to farmer accounts. For no-claim cases and for certain windfall protection, premium adjustments are made through bank accounts. Farmer PMJDY accounts are used for receiving crop insurance claims from PMFBY. The claim amount is transferred directly to the insured farmer's bank account through DBT.
PMJJBY and PMSBY - do they require medical examination for enrollment?
Correct Answer: C. No medical examination required
Both PMJJBY and PMSBY do not require any medical examination for enrollment. The only requirements are: being in the eligible age group (18-50 for PMJJBY, 18-70 for PMSBY), having a bank account, and auto-debit consent for premium payment. This 'no medical exam' feature makes them accessible to all, including persons with pre-existing health conditions. This is what makes Jan Suraksha schemes truly inclusive social security.
National Financial Inclusion Strategy (NFIS) defines financial inclusion as?
Correct Answer: B. Access to affordable financial services: credit, savings, remittance, insurance, and pension
NFIS defines financial inclusion as ensuring access to affordable financial products and services that meet needs - covering credit, savings, remittance/payment, insurance, and pension/investment. True financial inclusion goes beyond account opening to actual usage of financial services. This comprehensive definition guides India's multiple financial inclusion schemes: PMJDY (savings/payments), PMMY (credit), PMJJBY/PMSBY (insurance), APY (pension).
PM Vishwakarma Yojana's total target beneficiaries over 5 years (2023-28) is?
Correct Answer: C. 30 lakh
PM Vishwakarma Yojana aims to benefit approximately 30 lakh artisans and craftspersons over five years (2023-24 to 2027-28). The scheme has a total outlay of ₹13,000 crore. In the first year of launch, the target was to enroll 5 lakh artisans. The 18 identified traditional trades have a large workforce across India that can benefit from formalization, skill upgrading, credit access, and market linkage through PM Vishwakarma.