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Which of the following will help in financial inclusion?
- JAM trinity
- Promotion of digital payments
- Enhancing Financial literacy
- Expansion of financial services in Rural and Semi-Urban Areas
- a)1 and 3 only
- b)1, 3 and 4 only
- c)1 and 4 only
- d)3 and 4 only
- e)All of the above
Correct answer is option 'E'. Can you explain this answer?
Most Upvoted Answer
Which of the following will help in financial inclusion? JAM trinity P...
Following will have an impact on financial inclusion process:
- Jan Dhan-Aadhar-Mobile (JAM) Trinity:
- The combination of Aadhaar, PMJDY, and a surge in mobile communication has reshaped the way citizens access government services.
- As per the estimates in March 2020, the total number of beneficiaries under the Jan Dhan scheme has been more than 380 million.
- By significantly changing the concept of individual identity, Aadhaar has not only brought about a secure and easily verifiable system but also easy to obtain as well to help in the financial inclusion process.
- The government has also launched many flagship schemes to promote financial inclusion and provide financial security to empower the poor and unbanked in the country.
- These include the Pradhan Mantri Mudra Yojana, Stand-Up India Scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana.
- Expansion of financial services in Rural and Semi-Urban Areas:
- These include the opening of bank branches in remote areas.
- Issuing Kisan Credit Cards (KCC)
- Linkage of self-help groups (SHGs) with banks.
- Increasing the number of automated teller machines (ATMs)
- Business correspondents model of Banking, etc.
- Promotion of Digital Payments:
- With the strengthening of the Unified Payment Interface (UPI) by NPCI, digital payments have been made secure, compared to the past.
- The Aadhar-enabled payment system (AEPS) enables an Aadhar enabled bank account (AEBA) to be used at any place and at any time, using micro ATMs.
- The payment system has been made more accessible due to offline transaction-enabling platforms, like Unstructured Supplementary Service Data (USSD), which makes it possible to use mobile banking services without the internet, even on a basic mobile handset.
- Enhancing Financial Literacy:
- The Reserve Bank of India has undertaken a project titled "Project Financial Literacy".
- The Objective of the project is to disseminate information regarding the central bank and general banking concepts to various target groups, including, school and college-going children, women, rural and urban poor, defense personnel, and senior citizens.
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Which of the following will help in financial inclusion? JAM trinity Promotion of digital payments Enhancing Financial literacy Expansion of financial services in Rural and Semi-Urban Areasa)1 and 3 onlyb)1, 3 and 4 onlyc)1 and 4 onlyd)3 and 4 onlye)All of the aboveCorrect answer is option 'E'. Can you explain this answer?
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