Question
Which of the following activities can lead to financial inclusion in India?
Select the correct answer using the codes given below :
- Issuing of general-purpose credit cards.
- Strict know your customer (KYC) norms
- Opening of Bank branches in unbanked rural areas.
- Opening of no-frills account.
Select the correct answer using the codes given below :
Answer: Option A
Answer: (a)
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society.
For financial inclusion ‘Know your customer (KYC) norms should be relaxed and no-frills account should be opened for low-income segments which are looking for basic banking only.
Along with general-purpose credit cards should be issued and bank branches should be opened in unbanked rural areas.
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Answer: (a)
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society.
For financial inclusion ‘Know your customer (KYC) norms should be relaxed and no-frills account should be opened for low-income segments which are looking for basic banking only.
Along with general-purpose credit cards should be issued and bank branches should be opened in unbanked rural areas.
Was this answer helpful ?
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