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Financial inclusion attempts to provide digital financial solutions to the country's economically disadvantaged citizens. Which of the following is one among the schemes introduced to promote Financial Inclusion?
- a)Basic Savings Bank Deposit Account (BSBDA)
- b)Lead Bank scheme
- c)Pradhan Mantri Jan Dhan Yojana (PMJDY)
- d)Business correspondents
- e)All the above
Correct answer is option 'E'. Can you explain this answer?
Most Upvoted Answer
Financial inclusion attempts to provide digital financial solutions to...
The Government of India has introduced several financial Inclusion schemes. They are
i. Basic Savings Bank Deposit Account (BSBDA)
ii. Lead Bank scheme
iii. PradhanMantri Jan DhanYojana (PMJDY)
iv. Business correspondents
v. Stand up India scheme
i. Basic Savings Bank Deposit Account (BSBDA)
ii. Lead Bank scheme
iii. PradhanMantri Jan DhanYojana (PMJDY)
iv. Business correspondents
v. Stand up India scheme
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Financial inclusion attempts to provide digital financial solutions to...
Financial inclusion is an important aspect of economic development, as it aims to provide access to financial services to individuals who are economically disadvantaged and do not have access to traditional banking services. In order to promote financial inclusion, various schemes and initiatives have been introduced by governments and financial institutions. One such scheme is the Pradhan Mantri Jan Dhan Yojana (PMJDY) in India.
Pradhan Mantri Jan Dhan Yojana (PMJDY):
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship financial inclusion scheme launched by the Government of India in 2014. The main objective of the scheme is to provide access to financial services such as banking, savings accounts, remittances, credit, insurance, and pensions to the economically disadvantaged sections of society.
Under the PMJDY, every household is targeted to have at least one basic savings bank deposit account (BSBDA). These accounts can be opened with zero balance and provide access to a range of banking services. The scheme also provides for a RuPay debit card, which can be used for cash withdrawals, purchases, and online transactions. Additionally, the PMJDY provides overdraft facilities and access to micro-insurance and pension schemes.
Lead Bank Scheme:
The Lead Bank Scheme is another initiative introduced in India to promote financial inclusion. Under this scheme, each district in the country is assigned to a lead bank, which is responsible for coordinating and facilitating banking services in the district. The lead bank is required to ensure the provision of banking services to all sections of society, including the economically disadvantaged.
Business Correspondents:
Business correspondents play a crucial role in promoting financial inclusion. They are individuals or entities authorized by banks to provide basic banking services in remote and rural areas, where traditional bank branches are not accessible. Business correspondents act as intermediaries between banks and customers, facilitating the opening of accounts, cash deposits and withdrawals, remittances, and other banking services.
Conclusion:
In conclusion, financial inclusion is a key aspect of economic development, and various schemes and initiatives have been introduced to promote it. The Pradhan Mantri Jan Dhan Yojana (PMJDY), Lead Bank Scheme, and Business Correspondents are all important measures taken to provide digital financial solutions to economically disadvantaged individuals and promote financial inclusion.
Pradhan Mantri Jan Dhan Yojana (PMJDY):
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a flagship financial inclusion scheme launched by the Government of India in 2014. The main objective of the scheme is to provide access to financial services such as banking, savings accounts, remittances, credit, insurance, and pensions to the economically disadvantaged sections of society.
Under the PMJDY, every household is targeted to have at least one basic savings bank deposit account (BSBDA). These accounts can be opened with zero balance and provide access to a range of banking services. The scheme also provides for a RuPay debit card, which can be used for cash withdrawals, purchases, and online transactions. Additionally, the PMJDY provides overdraft facilities and access to micro-insurance and pension schemes.
Lead Bank Scheme:
The Lead Bank Scheme is another initiative introduced in India to promote financial inclusion. Under this scheme, each district in the country is assigned to a lead bank, which is responsible for coordinating and facilitating banking services in the district. The lead bank is required to ensure the provision of banking services to all sections of society, including the economically disadvantaged.
Business Correspondents:
Business correspondents play a crucial role in promoting financial inclusion. They are individuals or entities authorized by banks to provide basic banking services in remote and rural areas, where traditional bank branches are not accessible. Business correspondents act as intermediaries between banks and customers, facilitating the opening of accounts, cash deposits and withdrawals, remittances, and other banking services.
Conclusion:
In conclusion, financial inclusion is a key aspect of economic development, and various schemes and initiatives have been introduced to promote it. The Pradhan Mantri Jan Dhan Yojana (PMJDY), Lead Bank Scheme, and Business Correspondents are all important measures taken to provide digital financial solutions to economically disadvantaged individuals and promote financial inclusion.
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Financial inclusion attempts to provide digital financial solutions to the countrys economically disadvantaged citizens. Which of the following is one among the schemes introduced to promote Financial Inclusion?a)Basic Savings Bank Deposit Account (BSBDA)b)Lead Bank schemec)Pradhan Mantri Jan Dhan Yojana (PMJDY)d)Business correspondentse)All the aboveCorrect answer is option 'E'. Can you explain this answer?
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