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Choose the correct option with respective statements in similar order as either True or False from the given statements :
(I) Strengthening the drive for financial inclusion by introducing the Prime Minister's Jan Dhan Yojana (PMJDY) and leveraging the JAM Trinity (Jan-Dhan, Aadhar, and Mobile).
(II) Licensing of differentiated banks, namely, the Payments Banks and Small Finance Banks, as recommended by the Nachiket Mor Committee.
(III) The consolidation among PSU Banks reduced their number from 27 to 12.
(lV) The operationalization of the Insolvency and Bankruptcy Code (IBC) was aimed at accelerating the growth of the financial sector.
(I) Strengthening the drive for financial inclusion by introducing the Prime Minister's Jan Dhan Yojana (PMJDY) and leveraging the JAM Trinity (Jan-Dhan, Aadhar, and Mobile).
(II) Licensing of differentiated banks, namely, the Payments Banks and Small Finance Banks, as recommended by the Nachiket Mor Committee.
(III) The consolidation among PSU Banks reduced their number from 27 to 12.
(lV) The operationalization of the Insolvency and Bankruptcy Code (IBC) was aimed at accelerating the growth of the financial sector.
- a)True, True, False, False
- b)False, True, False, True
- c)True, True, True, True
- d)False, False, True, True
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Choose the correct option with respective statements in similar order ...
(I) True - The statement is true. The Prime Minister's Jan Dhan Yojana (PMJDY) was introduced to strengthen financial inclusion by providing access to banking services to the unbanked population. The JAM Trinity, which includes Jan-Dhan (bank accounts), Aadhar (unique identification), and Mobile, was leveraged to facilitate efficient and targeted delivery of financial services.
(ll) True - The statement is true. The Nachiket Mor Committee recommended the licensing of differentiated banks, namely Payments Banks and Small Finance Banks, to cater to the specific needs of underserved and unbanked segments of the population. These banks have distinct characteristics and are designed to enhance financial inclusion.
False statements:
(lll) False - The statement is false. While there have been efforts to consolidate Public Sector Banks (PSBs), the number of PSBs has not been reduced from 27 to 12. However, there have been mergers and amalgamations aimed at creating stronger and more efficient banking entities.
(lV) False - The statement is false. The operationalization of the Insolvency and Bankruptcy Code (IBC) was not primarily aimed at accelerating the growth of the financial sector. The IBC was introduced to provide a streamlined and time-bound process for the resolution of stressed assets, which in turn helps in maintaining financial stability and promoting investor confidence. While it has positive effects on the financial sector, its primary purpose is the resolution of insolvency-related issues.
Most Upvoted Answer
Choose the correct option with respective statements in similar order ...
Explanation of the Correct Answer
To understand why option 'A' (True, True, False, False) is the correct answer, let's analyze each statement:
Statement I: Strengthening the drive for financial inclusion
- True: The Prime Minister's Jan Dhan Yojana (PMJDY) was indeed introduced to enhance financial inclusion in India. It aimed to provide banking services to the unbanked population while leveraging the JAM Trinity (Jan-Dhan, Aadhaar, and Mobile) to facilitate this process.
Statement II: Licensing of differentiated banks
- True: The Nachiket Mor Committee recommended the establishment of differentiated banks, including Payments Banks and Small Finance Banks, to enhance access to banking services for underserved sections of the population. This recommendation was implemented by the Reserve Bank of India (RBI).
Statement III: Consolidation among PSU Banks
- False: While it is true that there has been consolidation among Public Sector Undertaking (PSU) banks, the number did not reduce from 27 to 12. The actual number of PSU banks has decreased, but the exact count may vary based on mergers that have occurred over time.
Statement IV: Operationalization of the Insolvency and Bankruptcy Code (IBC)
- False: The Insolvency and Bankruptcy Code (IBC) was primarily aimed at streamlining the process of insolvency resolution and improving the ease of doing business rather than directly accelerating growth in the financial sector.
In summary, the first two statements are true, while the last two are false, confirming that the correct option is 'A'.
To understand why option 'A' (True, True, False, False) is the correct answer, let's analyze each statement:
Statement I: Strengthening the drive for financial inclusion
- True: The Prime Minister's Jan Dhan Yojana (PMJDY) was indeed introduced to enhance financial inclusion in India. It aimed to provide banking services to the unbanked population while leveraging the JAM Trinity (Jan-Dhan, Aadhaar, and Mobile) to facilitate this process.
Statement II: Licensing of differentiated banks
- True: The Nachiket Mor Committee recommended the establishment of differentiated banks, including Payments Banks and Small Finance Banks, to enhance access to banking services for underserved sections of the population. This recommendation was implemented by the Reserve Bank of India (RBI).
Statement III: Consolidation among PSU Banks
- False: While it is true that there has been consolidation among Public Sector Undertaking (PSU) banks, the number did not reduce from 27 to 12. The actual number of PSU banks has decreased, but the exact count may vary based on mergers that have occurred over time.
Statement IV: Operationalization of the Insolvency and Bankruptcy Code (IBC)
- False: The Insolvency and Bankruptcy Code (IBC) was primarily aimed at streamlining the process of insolvency resolution and improving the ease of doing business rather than directly accelerating growth in the financial sector.
In summary, the first two statements are true, while the last two are false, confirming that the correct option is 'A'.
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Choose the correct option with respective statements in similar order as either True or False from the given statements :(I) Strengthening the drive for financial inclusion by introducing the Prime Ministers Jan Dhan Yojana (PMJDY) and leveraging the JAM Trinity (Jan-Dhan, Aadhar, and Mobile).(II) Licensing of differentiated banks, namely, the Payments Banks and Small Finance Banks, as recommended by the Nachiket Mor Committee.(III) The consolidation among PSU Banks reduced their number from 27 to 12.(lV) The operationalization of the Insolvency and Bankruptcy Code (IBC) was aimed at accelerating the growth of the financial sector.a)True, True, False, Falseb)False, True, False, Truec)True, True, True, Trued)False, False, True, TrueCorrect answer is option 'A'. Can you explain this answer?
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