Financial Inclusion — Set 4
Government Schemes · वित्तीय समावेशन · Questions 31–40 of 160
National Payments Corporation of India (NPCI) was established in which year?
Correct Answer: B. 2008
NPCI (National Payments Corporation of India) was established in December 2008 under the Payment and Settlement Systems Act 2007 with guidance from RBI and Indian Banks' Association (IBA). NPCI is a not-for-profit organization under Section 8 of Companies Act and is owned by major banks. NPCI operates the core payment infrastructure of India including UPI which has become the most popular payment system globally.
Micro Finance Institutions (MFIs) in India are primarily regulated by?
Correct Answer: B. RBI
Micro Finance Institutions (MFIs) are primarily regulated by the Reserve Bank of India (RBI) under the RBI Act 1934. RBI issued Master Direction on Regulatory Framework for Microfinance Loans in 2022 which standardized MFI regulations. MUDRA Bank under SIDBI provides refinance support to MFIs. NABARD also supports Self Help Group (SHG) bank linkage program which works alongside MFI sector.
SHG (Self Help Group) bank linkage program is primarily promoted by which institution?
Correct Answer: B. NABARD
SHG (Self Help Group) bank linkage program was pioneered by NABARD (National Bank for Agriculture and Rural Development) in 1992. It is the world's largest microfinance program involving over 1.2 crore SHGs with savings accounts at banks. NABARD's SHG-Bank Linkage Programme and NRLM (National Rural Livelihoods Mission) together provide credit and livelihood support to poor households, especially women.
Pradhan Mantri Garib Kalyan Package's banking component during COVID-19 deposited how much per month in women PMJDY accounts?
Correct Answer: C. ₹1,000
Under Pradhan Mantri Garib Kalyan Package (PMGKP) announced in March 2020 during COVID-19, ₹500 per month for three months was transferred to women PMJDY account holders. The government transferred approximately ₹10,025 crore to 20.05 crore women PMJDY accounts. This was done directly through DBT to provide immediate financial relief to poor women during the lockdown period.
What is the National Financial Inclusion Strategy (NFIS) 2019-24 focused on?
Correct Answer: B. Expanding access to financial services: credit, insurance, pension, and investment for all Indians
National Financial Inclusion Strategy (NFIS) 2019-24 focuses on ensuring access to financial services for all Indians including credit, insurance, pension, and investment products in addition to basic banking. It aims to expand from 'bank account for all' to 'financial services for all.' The strategy covers digital financial services, capacity building, financial literacy, and consumer protection. NFIS is coordinated by Department of Financial Services (DFS) under Ministry of Finance.
PMMY (Mudra) loans are guaranteed by which fund?
Correct Answer: B. Credit Guarantee Fund for Micro Units (CGFMU)
Mudra loans are guaranteed by Credit Guarantee Fund for Micro Units (CGFMU) which was set up specifically to provide guarantee coverage for PMMY loans. CGFMU provides guarantee to lenders for Mudra loans, reducing the credit risk and enabling banks and NBFCs to lend to micro enterprises without collateral. CGTMSE covers loans to micro and small enterprises above the Mudra range.
Financial Literacy and Credit Counselling Centres (FLCCs) were established by which organization?
Correct Answer: B. RBI
Financial Literacy and Credit Counselling Centres (FLCCs) were established by RBI to provide free and unbiased credit counselling and financial literacy services to rural and semi-urban populations. FLCCs operate under the guidance of lead banks in each district. They help customers understand financial products, manage debt, and make informed financial decisions. RBI's National Centre for Financial Education (NCFE) coordinates financial literacy campaigns.
Jan Dhan Darshak App is used for which purpose?
Correct Answer: B. Locate banking service providers (banks, post offices, ATMs, BC agents) on a map
Jan Dhan Darshak App developed by NPCI is a mobile application that helps users locate the nearest banking service provider - banks, post offices, ATMs, Banking Correspondents (BC agents), and CSCs - on a map. It helps users find financial services in their area, particularly useful for people in rural and semi-urban areas. The app is available in English and Hindi.
PM SVANidhi scheme's initial loan amount for street vendors was how much?
Correct Answer: B. ₹10,000
PM SVANidhi provides initial working capital loans of ₹10,000 to urban street vendors. After timely repayment, the loan can be enhanced to ₹20,000 (second loan) and then ₹50,000 (third loan). The scheme was designed as a stepped lending mechanism to progressively scale up credit access. Over 67 lakh street vendors have benefited and the scheme has helped formalize their business activities.
Atal Pension Yojana (APY) is open for subscription till what age?
Correct Answer: B. 40 years
Atal Pension Yojana (APY) is open for Indian citizens aged 18-40 years. Entry must be between 18-40 years so that minimum contribution period of 20 years is completed before pension starts at 60 years. The monthly contribution depends on age of joining and desired pension amount (₹1,000 to ₹5,000). Persons above 40 years are not eligible to join APY.