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What significant partnership aims to promote linguistic inclusivity in the financial services sector?
  • a)
    RBI and Digital India Bhashini Division
  • b)
    NITI Aayog and Ministry of Finance
  • c)
    SEBI and National Stock Exchange (NSE)
  • d)
    World Bank and IMF
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
What significant partnership aims to promote linguistic inclusivity in...
Significant Partnership Promoting Linguistic Inclusivity in the Financial Services Sector: RBI and Digital India Bhashini Division

The significant partnership that aims to promote linguistic inclusivity in the financial services sector is between the Reserve Bank of India (RBI) and Digital India Bhashini Division. This collaboration is an important step towards ensuring that financial services are accessible to individuals from diverse linguistic backgrounds, thus promoting inclusivity and financial literacy.

Reserve Bank of India (RBI)
- The RBI is the central bank of India and plays a crucial role in the country's financial system.
- It regulates and supervises various financial institutions and ensures the stability and integrity of the banking system.

Digital India Bhashini Division
- The Digital India Bhashini Division is a part of the Digital India initiative launched by the Government of India.
- It focuses on promoting digital literacy and ensuring that digital services are available in multiple Indian languages.

Objective of the Partnership
The objective of the partnership between RBI and Digital India Bhashini Division is to address the language barrier that many individuals face when accessing financial services. By providing financial information and services in multiple Indian languages, this partnership aims to make banking and financial services more inclusive and accessible to individuals who are not proficient in English or Hindi.

Promoting Financial Literacy
- One of the key goals of this partnership is to promote financial literacy among individuals who may be more comfortable interacting in their native language.
- By providing financial information, educational material, and services in multiple languages, the partnership aims to empower individuals with the necessary knowledge to make informed financial decisions.

Enhancing Access to Financial Services
- The collaboration between RBI and Digital India Bhashini Division also aims to enhance access to financial services for individuals who do not speak English or Hindi fluently.
- By providing banking services, such as account opening, loan applications, and customer support, in multiple Indian languages, the partnership aims to remove language barriers and make financial services more accessible to a wider population.

Impact and Benefits
- The partnership between RBI and Digital India Bhashini Division has the potential to significantly improve financial inclusion in India.
- By addressing the language barrier, individuals from diverse linguistic backgrounds will be able to access and utilize financial services more effectively, leading to increased financial literacy and empowerment.
- This initiative will also contribute to the overall digital transformation of the financial services sector in India by making digital services available in multiple languages.

In conclusion, the partnership between RBI and Digital India Bhashini Division is a significant step towards promoting linguistic inclusivity in the financial services sector. By providing financial information and services in multiple Indian languages, this collaboration aims to enhance financial literacy, improve access to financial services, and foster greater financial inclusion in India.
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What significant partnership aims to promote linguistic inclusivity in...
The Reserve Bank Innovation Hub (RBIH) and the Digital India Bhashini Division (DIBD/Bhashini) have partnered to promote linguistic inclusivity in the financial services sector. This collaboration will make digital financial services accessible in multiple languages, enhancing the banking experience for all.
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Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. Which of the given parts has an error in it?

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What significant partnership aims to promote linguistic inclusivity in the financial services sector?a)RBI and Digital India Bhashini Divisionb)NITI Aayog and Ministry of Financec)SEBI and National Stock Exchange (NSE)d)World Bank and IMFCorrect answer is option 'A'. Can you explain this answer?
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