Financial Inclusion — Set 3

Correct Answer: A. Ministry of Finance

Jan Suraksha Yojana umbrella covers three social security schemes: PMJJBY, PMSBY, and APY. All three are implemented under the Ministry of Finance. PMJJBY and PMSBY are insurance schemes implemented through banks and insurance companies, while APY is implemented by PFRDA. The schemes were announced in Budget 2015-16 and launched simultaneously in May 2015.

Correct Answer: C. ₹27 lakh crore

Pradhan Mantri MUDRA Yojana has sanctioned cumulative loans exceeding ₹27 lakh crore (₹27 trillion) since its launch in April 2015 through 2023. Over 44 crore loans have been disbursed. The scheme has particularly benefited women entrepreneurs (68% of beneficiaries), SC/ST entrepreneurs (22% of beneficiaries), and minority community borrowers. Shishu loans account for the majority of loan accounts.

Correct Answer: B. Cash withdrawal, balance enquiry, mini statement, and Aadhaar to Aadhaar fund transfer at banking correspondent points

AePS (Aadhaar-enabled Payment System) operated by NPCI allows cash withdrawal, cash deposit, balance enquiry, mini statement, and Aadhaar-to-Aadhaar fund transfer at Banking Correspondent (BC) points using Aadhaar authentication. AePS enables last-mile financial services through BC agents equipped with biometric scanners. It is particularly important for PMJDY account holders in rural areas without easy bank access.

Correct Answer: C. ₹300 per month for UPI/digital transactions

PM SVANidhi scheme provides digital payment incentive up to ₹100 per month cashback for street vendors making digital transactions via UPI or other digital payment methods. Vendors who use digital payments consistently get enhanced loan eligibility. The scheme also gives interest subsidy of 7% on timely repayment of loans. PM SVANidhi has helped formalize the informal street vendor economy.

Correct Answer: C. 50 crore

PMJDY has opened over 53 crore (530 million) bank accounts since its launch on August 28, 2014. The zero-balance feature and ease of account opening helped achieve this scale. More than 55% of PMJDY accounts are held by women. The scheme has helped ensure that every adult in India has access to a bank account. Average balance in PMJDY accounts has also increased significantly.

Correct Answer: B. Revolving credit for agricultural and allied activities, personal needs, and consumption requirements at subsidized interest rates

Kisan Credit Card (KCC) provides revolving credit for short-term credit requirements for crop cultivation, post-harvest expenses, produce marketing, consumption needs, maintenance of farm assets, and allied activities. KCC provides credit at 7% interest rate with 3% interest subvention for timely repayment. KCC was launched in 1998 and has been digitized. PM-KISAN beneficiaries are also eligible for KCC.

Correct Answer: C. ₹436

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) annual premium was revised to ₹436 per year (from ₹330) effective June 1, 2022. The premium is auto-debited from the bank account. PMJJBY provides ₹2 lakh life insurance for death due to any cause. It is available for 18-50 year old bank account holders. Risk period is from June 1 to May 31 each year.

Correct Answer: B. Ministry of Housing and Urban Affairs (MoHUA)

PM SVANidhi (PM Street Vendor's AtmaNirbhar Nidhi) was launched in June 2020 under the Ministry of Housing and Urban Affairs (MoHUA). It was specifically designed to help urban street vendors who lost their livelihood during COVID-19 lockdown. The scheme provides micro-credit, promotes digital payments, and aims to help vendors gain access to formal credit. ULBs (Urban Local Bodies) identify eligible vendors.

Correct Answer: C. 5%

PM Vishwakarma Yojana provides collateral-free loans at a concessional interest rate of 5% against prevailing market rates. Phase I provides up to ₹1 lakh and Phase II provides up to ₹2 lakh. The difference between the market rate and 5% is provided as interest subvention by the Government. The scheme covers 18 traditional trades including blacksmith, goldsmith, potter, carpenter, weaver, and others.

Correct Answer: C. 70 years

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is available for bank account holders aged 18-70 years for accidental insurance cover. The annual premium of ₹20 is auto-debited from the bank account. Coverage is ₹2 lakh for accidental death or total permanent disability, and ₹1 lakh for partial permanent disability. The scheme was launched in May 2015 along with PMJJBY and APY.