General Awareness Quiz on Financial Inclusion- 23rd December 2020

Q1.What is Financial Inclusion?
(a)It is a social science concerned with the production, distribution, and consumption of goods and services
(b)It is a branch of economics that studies how an overall economy—the market or other systems that operate on a large scale—behaves.
(c)It is an apex development institution fully owned by Government of India.
(d) It is defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.
(e)All of the above

Q2. What are the Benefits of Financial Inclusion?
(a)Bringing more and more customers to the bank and it potentially increasing the business of the banks.
(b)Helps to improve the standard of living of the majority of people.
(c)Bridges the gap between rural people and urban people.
(d)Strong consumer protection.
(e)All of the above

Q3.Government has launched many flagship schemes to promote financial inclusion and provide financial security to empower the poor and unbanked in the country. which of the following is Not one of them?
(a)Pradhan Mantri Mudra Yojana
(bStand-Up India Scheme
(c)Pradhan Mantri Jeevan Jyoti Bima Yojana
(d)Beti bachao beti padhao
(e)Atal Pension Yojana.

Q4. “Project Financial Literacy” under financial inclusion is undertaken by?
(a)SBI
(b)RBI
(c)Ministry of education
(d)Ministry of statistics and Implementation
(e)None of the above

Q5.Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) have taken initiatives to promote financial inclusion in rural areas. These are-
(a)opening of bank branches in remote areas.
(b)Issuing Kisan Credit Cards (KCC)
(c)Linkage of self-help groups (SHGs) with banks.
(d)Increasing the number of automated teller machines (ATMs)
(e)All of the above

Q6.one of the Initiatives taken by the government for financial inclusion is LBS. what Does ‘L’ stands for in LBS?
(a)Lead
(b)Loan
(c)Liable
(d)Liquidity
(e)Liability

Q7.What do you mean by ‘BSBDA’?
(a)An interest-bearing deposit account held at a bank or other financial institution.
(b)This account does not have the facility of minimum balance account.
(c)Records a nation’s transactions with the rest of the world
(d)A term-deposit that allows to make regular deposits and earn returns on the investment.
(e)All of the above

Q8.Financial Inclusion does not assure?
(a)Reducing Poverty
(b)Reducing Inequality
(c)Reducing opening of new accounts
(d)Reducing Migration
(e)Improving poor families overall welfare

Q9.Process of ensuring access to financial services to weaker sections of societies at affordable rates is known as-
(a)Finance for all
(b)Financial stability
(c)Financial inclusion
(d)Affordable fianances
(e)None of the above

Q10.which statement is true regarding ‘No frills account’ ?
(a)These are opened with a minimum balance of Rs100
(b)These Pay an Interest of 2.5% on quarterly basis
(c)These accounts were converted into BSBDA which is basic savings bank deposit account.
(d)Both (a)&(b)
(e)Both (b)&(c)

Solutions

S1.Ans.(d)
Sol.Financial Inclusion is defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.

S2.Ans.(e)
Sol.The Benefits of Financial Inclusion are-
(a)Bringing more and more customers to the bank and it potentially increasing the business of the banks.
(b)Helps to improve the standard of living of the majority of people.
(c)Bridges the gap between rural people and urban people.
(d)Strong consumer protection.

S3.Ans.(d)
Sol..Government has launched many flagship schemes to promote financial inclusion and provide financial security to empower the poor and unbanked in the country are-
(a)Pradhan Mantri Mudra Yojana
(bStand-Up India Scheme
(c)Pradhan Mantri Jeevan Jyoti Bima Yojana
(e)Atal Pension Yojana.

S4.Ans.(b)
Sol.The Reserve Bank of India has undertaken a project titled “Project Financial Literacy

S5.Ans.(e)
Sol.Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) have taken initiatives to promote financial inclusion in rural areas. These are-
(a)opening of bank branches in remote areas.
(b)Issuing Kisan Credit Cards (KCC)
(c)Linkage of self-help groups (SHGs) with banks.
(d)Increasing the number of automated teller machines (ATMs)

S6.Ans.(a)
Sol.one of the Initiatives taken by the government for financial inclusion is Lead Banking Scheme(LBS).This scheme envisages the lead role for an individual bank. This includes private banks as well as public banks.

S7.Ans.(b)
Sol.This account does not have the facility of minimum balance account.

S8.(c)
Sol.Financial Inclusion assures-
(a)Reducing Poverty
(b)Reducing Inequality
(d)Reducing Migration
(e)Improving poor families overall welfare

S9.Ans.(c)
Sol.Process of ensuring access to financial services to weaker sections of societies at affordable rates is known as Financial Inclusion

S10.Ans.(c)
sol.This is a basic banking account where a person can keep a minimum balance of zero or a very low balance. Recently, the changes were made in the no-frills account. These accounts were converted into BSBDA which is basic savings bank deposit account.This was issued by the RBI in 2012.

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