Multiple Choice Questions on In order to promote financial literacy among customers and to provide access to formal financial ser........... for SBI(PO) Exam Preparation

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Indian Economy - Understanding the basics of Indian economic system

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    In order to promote financial literacy among customers and to provide access to formal financial services in an affordable manner, the Reserve Bank of India (RBI) has released a National Strategy for Financial Inclusion (NSFI) 2019-24 . It also suggested making the public credit registry fully –database of credit information of borrowers--operational by ________

    January 2021

    Incorrect Answer

    March 2021

    Incorrect Answer

    October 2021

    Incorrect Answer

    December 2021

    Incorrect Answer

    March 2022

    Correct Answer
    Explanation:

    • In order to promote financial literacy among customers and to provide access to formal financial services in an affordable manner, the Reserve Bank of India (RBI) has released a National Strategy for Financial Inclusion (NSFI) 2019-24.
    • NSFI has been finalized and approved by the Financial Stability Development Council (FSDC). The document was formally released by Mahesh Kumar Jain, Deputy Governor, RBI.
    • Key Recommendations:
    - There should be universal access to financial services wherein every village should have access to a formal financial services provider within a 5-km radius.
    - The banking outlets of commercial banks to be increased to provide easy and hassle-free digital process.
    - The strengthening of digital financial services in all tier-II to tier-VI centres is required to facilitate a less-cash society by March 2022.
    - Every eligible adult should be provided with basic financial services like savings account, credit, micro-life and non-life insurance products, pension product, and a suitable investment product.
    - By March 2020, every adult enrolled under the Pradhan Mantri Jan Dhan Yojna (PMJDY) should be enrolled under an insurance scheme and pension scheme.
    - The Public Credit Registry(PCR) has to be made fully operational by March 2022.

    Hence option 5 is correct.


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