UPSC Exam > UPSC Questions > Consider the following statements. 1. A cash...
Start Learning for Free
Consider the following statements.
1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties
2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the country
Which of these statements are correct?
- a)1 Only
- b)2 Only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
Consider the following statements. 1. A cashless society describes an...
- Some countries have made an attempt to move towards an economy which uses less cash and more digital transactions.
- A cashless society describes an economic state whereby financial transactions are not connected with money in the form of physical bank notes or coins but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.
- In India the government has been consistently investing in various reforms for greater financial inclusion. During the last few years’ initiatives such as Jan Dhan accounts, Aadhar enabled payment systems, e –Wallets, National financial Switch (NFS) and others have strengthened the government resolve to go cashless.
- Today, financial inclusion is seen as a realistic dream because of mobile and smartphone penetration across the country.
Most Upvoted Answer
Consider the following statements. 1. A cashless society describes an...
Explanation:
Statement 1: A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties.
This statement is incorrect. A cashless society is the opposite of using physical banknotes or coins in financial transactions. In a cashless society, transactions are conducted using digital methods such as debit cards, credit cards, mobile wallets, and online banking. The transfer of digital information between the transacting parties eliminates the need for physical cash.
Statement 2: Financial inclusion is seen as an impossible dream because of mobile and smartphone penetration across the country.
This statement is incorrect. Financial inclusion refers to the accessibility and availability of financial services to all individuals and businesses, including those who are unbanked or underbanked. It aims to provide opportunities for individuals to participate in the formal financial system and benefit from various financial services.
Mobile and smartphone penetration across the country can actually contribute to achieving financial inclusion. With the increasing use of mobile phones and smartphones, especially in developing countries, people can access financial services through mobile banking, mobile wallets, and other digital platforms. This enables individuals who may not have access to traditional banking services to conduct financial transactions and manage their finances.
Therefore, both statements are incorrect.
Conclusion: Neither statement 1 nor statement 2 is correct.
Statement 1: A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties.
This statement is incorrect. A cashless society is the opposite of using physical banknotes or coins in financial transactions. In a cashless society, transactions are conducted using digital methods such as debit cards, credit cards, mobile wallets, and online banking. The transfer of digital information between the transacting parties eliminates the need for physical cash.
Statement 2: Financial inclusion is seen as an impossible dream because of mobile and smartphone penetration across the country.
This statement is incorrect. Financial inclusion refers to the accessibility and availability of financial services to all individuals and businesses, including those who are unbanked or underbanked. It aims to provide opportunities for individuals to participate in the formal financial system and benefit from various financial services.
Mobile and smartphone penetration across the country can actually contribute to achieving financial inclusion. With the increasing use of mobile phones and smartphones, especially in developing countries, people can access financial services through mobile banking, mobile wallets, and other digital platforms. This enables individuals who may not have access to traditional banking services to conduct financial transactions and manage their finances.
Therefore, both statements are incorrect.
Conclusion: Neither statement 1 nor statement 2 is correct.
Attention UPSC Students!
To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.
|
Explore Courses for UPSC exam
|
|
Similar UPSC Doubts
Top Courses for UPSCView all
Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
Question Description
Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
Solutions for Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice UPSC tests.
|
|
Explore Courses for UPSC exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup