Financial Inclusion — Set 7
Government Schemes · वित्तीय समावेशन · Questions 61–70 of 160
RBI's 'Payments Vision 2025' aims to increase digital payment transactions by?
Correct Answer: A. 3x (triple)
RBI's Payments Vision 2025 aims to increase digital payment transactions by approximately 3x (triple) - targeting 1 billion UPI transactions per day, ensuring digital payment infrastructure in every village, and making digital payments accessible to 2 billion Indians. The vision focuses on five Cs: Competition, Cost, Convenience, Confidence, and Convergence in payments. India already leads globally in real-time payment transactions.
Small Finance Banks (SFBs) were introduced to serve which segment?
Correct Answer: B. Underserved sections including small borrowers, marginal farmers, micro and small industries, and unorganized sector
Small Finance Banks (SFBs) were introduced by RBI in 2015 to provide banking services to underserved sections - small borrowers, marginal farmers, micro and small industries, and unorganized sector entities. SFBs are required to extend 75% of their loans to priority sector. 10 SFBs got licenses in 2016 including ESAF, Suryoday, Utkarsh, Jana, and others. SFBs have contributed significantly to financial inclusion.
Payment Banks were introduced to serve which purpose?
Correct Answer: B. Provide remittance and savings services but not lending
Payment Banks were introduced by RBI in 2015 to provide basic banking services - remittance, savings, and payment services - primarily to migrant workers, low-income households, and small businesses. Payment Banks can accept deposits up to ₹2 lakh per customer but cannot provide loans or credit cards. Paytm Payments Bank, Airtel Payments Bank, India Post Payments Bank are examples.
India Post Payments Bank (IPPB) was launched to leverage which network for financial inclusion?
Correct Answer: B. Post office network across India
India Post Payments Bank (IPPB) was launched in September 2018 to leverage India Post's extensive network of 1.55 lakh post offices and 3 lakh+ postmen for financial inclusion. IPPB provides savings accounts, money transfer, direct benefit transfers, and payment services at doorstep through postmen. IPPB is particularly important for rural financial inclusion as post offices reach even the most remote villages.
Jan Suraksha Abhiyan - which three schemes are covered?
Correct Answer: B. PMJJBY, PMSBY, APY
Jan Suraksha Abhiyan covers three social security schemes: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) - life insurance, Pradhan Mantri Suraksha Bima Yojana (PMSBY) - accident insurance, and Atal Pension Yojana (APY) - pension. All three were launched simultaneously in May 2015. Together, they provide comprehensive social security to economically weaker sections at very affordable costs.
FASTag was mandated for all vehicles from when by the National Highways Authority of India?
Correct Answer: B. February 15, 2021
FASTag was made mandatory for all vehicles across national highways from February 15-16, 2021. FASTag uses RFID technology for electronic toll collection, allowing vehicles to pass toll plazas without stopping for cash payment. FASTag transactions are part of India's digital payment ecosystem operated by NPCI (NETC - National Electronic Toll Collection). FASTag has significantly reduced traffic congestion at toll plazas and increased toll collection efficiency.
Pradhan Mantri Jan Dhan Yojana's Mission was to ensure 'every household' has a bank account - who is excluded from PMJDY?
Correct Answer: C. None - all households are eligible
PMJDY is universal - all Indian households are eligible to open PMJDY accounts regardless of income, location, or occupation. There is no income limit. The scheme was originally for unbanked households but has expanded to include upgradation of no-frill accounts and ensuring every adult has access to banking services. However, duplicate accounts and dormant accounts are managed through KYC verification.
NABARD's Micro Finance Innovation Department (MFID) coordinates which programme?
Correct Answer: B. SHG-Bank Linkage Programme
NABARD's Microfinance Innovations Department (MFID) coordinates the SHG (Self Help Group)-Bank Linkage Programme which is the world's largest microfinance program. NABARD promoted SHG-BLP from 1992 and there are now over 1.2 crore SHGs with loans from banks. NABARD also coordinates NRLM (now DAY-NRLM) SHG programme in coordination with Ministry of Rural Development.
How many loan categories are there in PM Mudra Yojana (PMMY) after Budget 2024-25?
Correct Answer: C. 4 categories
After Budget 2024-25, PMMY has 4 loan categories: (1) Shishu - up to ₹50,000, (2) Kishore - ₹50,001 to ₹5 lakh, (3) Tarun - ₹5 lakh to ₹10 lakh, and (4) Tarun Plus - up to ₹20 lakh (new category for borrowers who have successfully repaid Tarun loans). The original three categories (Shishu, Kishore, Tarun) represented the three stages of business development. This fact is important for competitive examinations and is frequently asked in RRB NTPC, SSC, and state PSC exams.
PM Vishwakarma Yojana's total budget allocation is?
Correct Answer: C. ₹13,000 crore
PM Vishwakarma Yojana has a total outlay of ₹13,000 crore over five years (2023-24 to 2027-28). The scheme is jointly implemented by Ministry of Micro, Small and Medium Enterprises (MoMSME) and Ministry of Skill Development and Entrepreneurship. Benefits include recognition (PM Vishwakarma Certificate and ID card), skill training (₹500/day stipend), toolkit incentive (₹15,000), collateral-free credit at 5%, digital payment support, and market linkage.