Financial Inclusion — Set 11
Government Schemes · वित्तीय समावेशन · Questions 101–110 of 160
National Digital Financial Infrastructure (NDFI) initiative focuses on?
Correct Answer: B. Interoperable digital financial services infrastructure including Aadhaar, UPI, Account Aggregator Framework
National Digital Financial Infrastructure (NDFI) initiative by Government of India aims to build an interoperable digital financial services infrastructure. Key components include Aadhaar (identity), UPI (payments), Account Aggregator (AA) Framework (financial data sharing), and Open Credit Enablement Network (OCEN) for digital credit. AA Framework allows customers to share financial data across institutions with consent, enabling better credit assessment.
India's approach to financial inclusion is summarized as 'banking the unbanked, securing the unsecured, and funding the unfunded' - the third pillar refers to?
Correct Answer: B. Credit access through PMMY, Stand-Up India, and other credit schemes for micro entrepreneurs
India's financial inclusion strategy has three pillars: 'banking the unbanked' (PMJDY accounts), 'securing the unsecured' (PMJJBY, PMSBY, APY social security), and 'funding the unfunded' (PMMY, Stand-Up India, PM SVANidhi credit access). Together, these three pillars provide comprehensive financial inclusion - banking access, social protection, and credit access to all Indians regardless of income level.
India's DBT (Direct Benefit Transfer) cumulative savings from reduced leakages are estimated at?
Correct Answer: C. ₹2.73 lakh crore since 2014
India's DBT system has saved approximately ₹2.73 lakh crore (₹2.73 trillion) from reduced leakages, fraud, and duplicate beneficiaries since 2014 (as per government estimates). DBT has helped eliminate ghost beneficiaries in food, fertilizer, LPG, and other subsidy schemes. In FY 2022-23 alone, over ₹6.3 lakh crore was transferred to 31 crore beneficiaries under 312 DBT schemes. PMJDY bank accounts were critical for this digital delivery.
International Finance Corporation (IFC) rates India's PMJDY as?
Correct Answer: D. Model for developing countries
India's PMJDY has been recognized by international organizations including World Bank, IFC, and G20 as a model for developing countries implementing financial inclusion. India achieved 80% adult population bank account ownership within 5 years, when the World Bank had set a target of 80% for all G20 countries by 2020. India's JAM trinity model and digital public infrastructure approach is being studied and adopted by multiple countries.
Pradhan Mantri Jan Dhan Yojana was announced on which day as the 'National Financial Inclusion Mission'?
Correct Answer: B. Independence Day, August 15, 2014
PM Narendra Modi announced PMJDY as the National Financial Inclusion Mission on Independence Day, August 15, 2014 from Red Fort during his Independence Day address. The scheme was formally launched on August 28, 2014. Opening of 1.8 crore accounts on August 28, 2014 was a Guinness World Record for most bank accounts opened in one day (though later clarified to be over a month). PMJDY represents India's commitment to universal financial inclusion.
Which scheme specifically provides pension to unorganized sector workers - construction workers, garment workers, etc.?
Correct Answer: B. APY (Atal Pension Yojana)
Atal Pension Yojana (APY) provides pension to unorganized sector workers aged 18-40 years including construction workers, garment workers, domestic workers, street vendors, and other self-employed persons. APY guarantees ₹1,000 to ₹5,000 pension at age 60. Over 6 crore subscribers are enrolled in APY. APY replaced the earlier Swavalamban (NPS-Lite) scheme from June 2015.
Jeevan Pramaan (Digital Life Certificate) is used by which pensioners?
Correct Answer: B. Central Government pensioners (Civil and Defence)
Jeevan Pramaan (Digital Life Certificate) was launched in November 2014 to enable Central Government pensioners to submit their annual life certificate digitally from home using their Aadhaar and biometric data on a smartphone or computer. Previously, pensioners had to physically visit banks or pension disbursement offices. Over 2 crore pensioners use Jeevan Pramaan annually. It eliminates the need for physical proof of life verification.
What is the target for APY (Atal Pension Yojana) enrollment by 2025?
Correct Answer: C. 10 crore
Atal Pension Yojana (APY) targets 10 crore subscriber enrollment. As of 2023-24, over 6 crore subscribers have enrolled in APY. The government has been conducting special enrollment campaigns through banks, post offices, and Common Service Centres. APY is particularly important for self-employed and informal sector workers who do not have employer-provided pension. Banks have targets for enrolling APY subscribers.
Payment aggregators and payment gateways in India are regulated by?
Correct Answer: C. RBI
Payment Aggregators (PAs) and Payment Gateways (PGs) in India are regulated by RBI through its guidelines on Regulation of Payment Aggregators and Payment Gateways (March 2020). All PAs facilitating e-commerce transactions are required to obtain authorization from RBI. PGs providing only technology services (not settling funds) were initially exempted but are increasingly brought under regulation. This ensures consumer protection in digital payment ecosystem.
India's financial inclusion status - what percentage of adults now have bank accounts (2023)?
Correct Answer: C. 80%+
India has achieved 80%+ adult population with bank accounts as of 2023, up from 35% in 2011 (World Bank Global Findex). PMJDY has been the primary driver of this improvement. India's adult bank account ownership has grown from 26% (2011) to 35% (2011 Findex), 53% (2014), and 80%+ (2022-23). Particularly notable is women's financial inclusion improvement. India has met the G20 financial inclusion target.