Financial Inclusion — Set 9
Government Schemes · वित्तीय समावेशन · Questions 81–90 of 160
Jan Dhan Yojana's tagline was?
Correct Answer: A. 'Mera Khata Bhagya Vidhata'
PMJDY's tagline is 'Mera Khata Bhagya Vidhata' meaning 'My Account is the Creator of My Destiny', reflecting the aspiration that financial inclusion through banking can transform economic prospects. The scheme was announced on Independence Day August 15, 2014 with a target of opening 7.5 crore accounts by January 26, 2015. India exceeded this target and continues to expand PMJDY.
PMJJBY, PMSBY and APY together form which initiative?
Correct Answer: B. Jan Suraksha Abhiyan
PMJJBY, PMSBY, and APY together form the Jan Suraksha Abhiyan (People's Security Campaign). All three schemes were announced in Budget 2015-16 and simultaneously launched in May 2015. They represent the government's effort to provide comprehensive social security to the unorganized sector at nominal cost. Together, these three schemes have enrolled over 50 crore persons.
What was the first Digital Payment launched specifically under Government-to-Person (G2P) transfers?
Correct Answer: C. NACH (National Automated Clearing House) for DBT
NACH (National Automated Clearing House) is the primary system used for Government-to-Person (G2P) bulk transfers under Direct Benefit Transfer (DBT). NACH enables bulk and repetitive payment transfers from government accounts to beneficiary bank accounts including MGNREGA wages, PM-KISAN installments, scholarship payments, and pension distributions. NACH is operated by NPCI and processes millions of transactions daily.
PMJDY zero-balance accounts: what happens if the account is dormant?
Correct Answer: B. Account becomes dormant but balance is protected; KYC update can reactivate
PMJDY zero-balance accounts that become dormant (no transactions for 24 months) maintain their balance and do not lose it. RBI guidelines protect dormant account balances. Accounts can be reactivated by completing KYC verification or conducting any transaction. Dormancy does not trigger account closure. Banking correspondents conduct financial literacy campaigns to encourage regular use of PMJDY accounts.
Stand-Up India - loan amount range for SC/ST and women entrepreneurs is?
Correct Answer: B. ₹10 lakh to ₹1 crore
Stand-Up India provides loans between ₹10 lakh to ₹1 crore for SC/ST borrowers and women entrepreneurs for setting up greenfield enterprises. The scheme ensures at least one SC/ST and one women borrower per bank branch get such a loan. The loan should be composite (including term loan and working capital). Repayment period can be up to 7 years. SIDBI's Stand-Up Connect Centre provides online assistance.
What is the overdraft amount under PMJDY for women account holders?
Correct Answer: C. Women get preference but same amount
Under PMJDY, the overdraft facility of ₹10,000 is available for both men and women account holders in active accounts. However, the government gives preference to women in getting the overdraft facility. The earlier overdraft of ₹5,000 has been doubled to ₹10,000 for active PMJDY accounts. The overdraft is provided by banks on a discretionary basis based on account performance.
Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) provides pension to which category?
Correct Answer: B. Small and marginal farmers aged 18-40 with land up to 2 hectares
Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) provides ₹3,000 per month pension to small and marginal farmers having land up to 2 hectares upon attaining 60 years of age. The scheme was launched in September 2019. Eligible farmers aged 18-40 contribute ₹55-₹200 per month with equal government contribution. PM-KMY is voluntary and implemented through CSCs.
Micro Insurance Regulatory and Development Authority (IRDA) - what is 'Jan Samarth Portal'?
Correct Answer: B. A one-stop portal linking government credit-linked schemes with banks
Jan Samarth Portal (jansamarth.in) is a National Portal launched in June 2022 that links 13 government credit-linked schemes with banks to enable direct loan application and processing. Schemes on the portal include PM-KISAN, PMMY, Kisan Credit Card, Education Loan, Stand-Up India, PM SVANidhi, and others. Citizens can apply for loans under multiple schemes through a single portal.
India's UPI transactions in FY 2023-24 were approximately?
Correct Answer: C. 13,000 crore transactions
India processed over 13,000 crore (130 billion) UPI transactions in FY 2023-24 worth approximately ₹200 lakh crore. This makes India the world's leading real-time payment market. UPI now accounts for about 50% of all digital payment transactions in India. India's UPI is being replicated globally - Singapore, UAE, Malaysia, France, and other countries have integrated with India's UPI. NPCI International promotes UPI globally.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) - who provides the life insurance?
Correct Answer: C. LIC and other life insurance companies who register with the scheme
PMJJBY life insurance is provided by Life Insurance Corporation of India (LIC) and other life insurance companies that register with the scheme and offer it through bank partners. Banks act as master policy holders and premium is auto-debited from linked accounts. LIC is the primary insurer under PMJJBY. The claim process requires the nominee to contact the bank or LIC for ₹2 lakh payment upon death of insured.