Ans: A

Exp:

The National Strategy for Financial Inclusion 2019-2024 sets forth the vision and key objectives of the financial inclusion policies in India. The strategy aims to provide access to formal financial services in an affordable manner, broadening & deepening financial inclusion and promoting financial literacy & consumer protection.

Strategic Pillars of National Strategy for Financial Inclusion:

• Universal Access to Financial Services: Every village to have access to a formal financial service provider within a reasonable distance of 5 KM radius.
• Providing a Basic Bouquet of Financial Services: Every adult who is willing and eligible needs to be provided with a basic bouquet of financial services that include a Basic Savings Bank Deposit Account, credit, a micro life and non-life insurance product, a pension product and a suitable investment product.
• Access to Livelihood and Skill Development 
• Customer Protection and Grievance Redressal: Customers shall be made aware of the recourses available for resolution of their grievances. About storing and sharing of customer’s biometric and demographic data, adequate safeguards need to be ensured to protect the customer’s Right to Privacy.
• Financial Literacy and Education
• Effective Co-ordination: There needs to be focused and continuous coordination between the key stakeholders viz. Government, the Regulators, financial service providers, Telecom Service Regulators, Skills Training institutes etc. to make sure that the customers are able to use the services in a sustained manner.  

Reference: vikaspedia.in, prsindia.org

Ans: A

Exp:

Statement 1 is correct: Regional Rural banks (RRBs) in India were established by Government of India, under provisions of the RRBs Act 1976, enacted by the Indian Parliament. With a view to developing the rural economy by catering for the basic banking needs for the purpose of development of Agriculture, Trade, Commerce, Industry and other productive activities in the rural areas, credit and other facilities, particularly to the small and marginal farmers, Agricultural Labourers, Artisans and small entrepreneurs and for matters connected therewith and individuals thereto.

Statement 2 is incorrect: RRBs are jointly owned by the Government of India(GOI), the Sponsor Bank and the concerned State Government and with share proportions 50%,35% & 15%, respectively. Govt.of.India with a view to improve the operational viability and efficiency of RRBs, initiated the process of Structural Consolidation by amalgamating RRBS. 

Reference: https://karnatakagraminbank.com/organisational-information/origin

Ans: B

Exp:

Non-fungible tokens, or NFTs, are unique digital identifiers/tokens that are backed by the blockchain technology and are used to provide ownership and authenticity of a specific asset. Some of the characteristics of Non Fungible Tokens are as follows-

• • They  cannot be copied or subdivided. 
  • They can represent digital or real-world articles. Example- artpiece, photos, GIF’s etc. 

• They can have only one owner at a time. 

• The value of one NFT is not equal to another. 

• They cannot be traded or exchanged at equivalency and, therefore, cannot be used as a medium of commercial transactions.

Reference: Chapter 10, Technology and Finance, Nitin Singhania Economy.

Ans: D

Exp:

Statement 1 is correct: Unified Payment Interface (UPI) is an advanced version of Immediate Payment Service. The unique feature of UPI is the immediate money transfer through mobile devices round the clock 24*7 and 365 days. 

Statement 2 is correct: It is a payment system launched by the National Payments Corporation of India (NPCI). National Payments Corporation of India is an umbrella organisation for operating retail payments and settlement systems in India. It is an initiative of the Reserve Bank of India and the Indian Banks’ Association under the provisions of the Payment and Settlement Systems Act, 2007.

Statement 3 is correct: It powers multiple bank accounts into a single mobile application. A single mobile application may be used for accessing different bank accounts. It may also be used for Utility Bill Payments, Over the Counter Payments and Barcode (Scan and Pay) based payments.

Reference: Chapter 10, Technology and Finance, Nitin Singhania Economy.

Ans: B

Exp:

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is the National Mission for Financial Inclusion to ensure access to financial services, namely, basic savings & deposit accounts, remittance, credit, insurance, and pension in an affordable manner. 

The components of PMJDY are as follows: 

• • One basic savings bank account is opened for unbanked person.

• There is no requirement to maintain any minimum balance in PMJDY accounts.

• Interest is earned on the deposit in PMJDY accounts.

• Rupay Debit card is provided to PMJDY account holder.

• • Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.

• An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.

Reference: Chapter 10, Technology and Finance, Nitin Singhania Economy.