Consider the following statements regarding the recommendations of Nachiket Mor Committee:1. The committee recommended to provide each Indian resident above 18 years of age with an individual full service electronic amount.2. It recommended for constitution of Financial Inclusion Promotion and Development Fund.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?

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Consider the following statements regarding the recommendations of Nachiket Mor Committee:
1. The committee recommended to provide each Indian resident above 18 years of age with an individual full service electronic amount.
2. It recommended for constitution of Financial Inclusion Promotion and Development Fund.
Which of the above statements is/are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'A'. Can you explain this answer?

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Consider the following statements regarding the recommendations of Nac...

• Statement 2 is incorrect: The Committee on financial inclusion headed by C. Rangarajan recommended for constitution of financial inclusion promotion and development fund.
Nachiket Mor Committee
• The Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (Chairperson: Dr. Nachiket Mor) submitted its final report on December 2013. The Reserve Bank of India (RBI), on September 2013, had appointed the Committee to propose measures for achieving financial inclusion and increased access to financial services.
The Committee proposed the following:
• Provide each Indian resident above the age of 18 with an individual, fullservice electronic bank account
• Set up widely distributed Electronic Payment Access Points offering deposit and withdrawal facilities at reasonable cost
• Provide each low-income household convenient access to formally regulated providers that can provide suitable:
1. Credit product
2. Investment and deposit products
3. Insurance and risk management
4. Products at a reasonable price,
5. Suitable financial services.
C. Rangarajan Committee
• The Committee headed by Dr. C. Rangarajan had proposed the constitution of two funds with NABARD – the Financial Inclusion Promotion & Development Fund and the Financial Inclusion Technology Fund with an initial corpus of Rs. 500 crore each to be contributed in equal proportion by GoI / RBI / NABARD.

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Consider the following statements regarding the recommendations of Nachiket Mor Committee:1. The committee recommended to provide each Indian resident above 18 years of age with an individual full service electronic amount.2. It recommended for constitution of Financial Inclusion Promotion and Development Fund.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?

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