Considert the following statements regarding Financial Inclusion 1 It aims at better access to usefu...........

Economic Affairs Financial Inclusion

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Considert the following statements regarding Financial Inclusion?

1. It aims at better access to useful and affordable financial products for individuals and businesses

2. Opening of transaction account is the first step towards financial inclusion

3. Financial inclusion helps in achieving sustainable development goals.

Which of the above statements is/are correct?

1 only

1 and 3 only

2 only

1, 2 and 3

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Explanation:

Financial Inclusion:

! Statement 1 and 2 are correct: Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

! Being able to have access to a transaction account is a first step toward broader financial inclusion since a transaction account allows people to store money, and send and receive payments. A transaction account serves as a gateway to other financial services

! Moving from access to account to account usage is the next step

! Government Initiatives for financial inclusion are:

! Setting up of Business Correspondents model.

! Setting of Basic Saving Bank Deposit (BSBD) accounts.

! Simplified Branch Authorization Policy.

! Compulsory Requirement of Opening Branches in Un-banked Villages.

! Setting of Financial Literacy Centers.

! Statement 3 is correct: Financial inclusion is the means to achieve sustainanble development goals targets.

it is positioned prominetly as on enabler of SD G 1,2 ,3 ,5,8,9,10,17