Financial Inclusion — Set 12

Correct Answer: C. ₹500

PM Vishwakarma artisans receive a training stipend of ₹500 per day during their skill training program. Basic training is for 5-7 days (40 hours) and advanced training for 15 days. Post-training, artisans receive a toolkit incentive of ₹15,000 to purchase modern tools. The skill training is provided by training institutes identified under the scheme and imparts both traditional and modern techniques.

Correct Answer: B. Enabling creditworthiness assessment to extend formal credit to new borrowers

CIBIL credit score (from 300 to 900) enables lenders to assess creditworthiness of individuals and determine loan eligibility. Building credit history through PMMY, KCC, SHG loans, or PM SVANidhi allows borrowers to establish credit scores and graduate to larger formal loans. PM SVANidhi specifically credit-links vendors to build their CIBIL scores. There are 4 major credit bureaus in India: CIBIL, Experian, Equifax, and CRIF High Mark.

Correct Answer: B. DBT through PFMS (Public Financial Management System)

PM-KISAN installments of ₹2,000 are transferred directly to farmers' bank accounts (including PMJDY accounts) through DBT using PFMS (Public Financial Management System). PFMS is an integrated system for end-to-end digital flow of funds from central government to final beneficiaries. PM-KISAN has disbursed over ₹2.81 lakh crore to over 11 crore farmers since 2019. PMJDY accounts are crucial for this last-mile delivery.

Correct Answer: B. Jan Samarth Portal (jansamarth.in)

Jan Samarth Portal (jansamarth.in) launched in June 2022 is a national portal that links 13 government credit-linked schemes including PM-KISAN, KCC, PMMY, Education Loan, Stand-Up India, PM SVANidhi, and others. Citizens can apply for loans under multiple government schemes through a single digital platform. The portal streamlines loan application processes and connects borrowers with banks for scheme-linked financing.

Correct Answer: C. 40%

RBI mandates all domestic scheduled commercial banks and foreign banks (with 20+ branches) to lend 40% of their Adjusted Net Bank Credit (ANBC) or Credit Equivalent Amount of Off-Balance Sheet Exposure (CEOBE) whichever is higher, to priority sectors. Priority sectors include agriculture, MSMEs, education, housing, social infrastructure, renewable energy, and weaker sections. This PSL mandate drives formal credit to underserved segments.

Correct Answer: B. No - suicide deaths in the first year are not covered under PMJJBY

PMJJBY excludes suicide deaths in the first year of insurance coverage. After the first year, suicide is covered. The exclusion for first-year suicide is standard in life insurance policies to prevent adverse selection. Natural death, accident death, and all other causes are covered from the beginning of coverage. The 2 lakh claim is paid to the nominee/legal heir of the deceased account holder.

Correct Answer: C. Micro enterprises (smallest enterprises in MSME classification)

PMMY specifically addresses micro enterprises - the smallest segment of the MSME sector with investment up to ₹1 crore and turnover up to ₹5 crore (as per Udyam). PMMY fills the credit gap for businesses too small to access CGTMSE or SIDBI schemes. Stand-Up India addresses small enterprises. Medium enterprises access credit through regular banking channels. MSME sector employs over 11 crore workers and contributes 30% to India's GDP.

Correct Answer: C. 5 free

PMJDY RuPay cardholders are entitled to 5 free ATM transactions (in a month) at any ATM. However, this is linked to RBI's general guidelines for savings bank account holders. For PMJDY zero-balance accounts, typically 5 free ATM withdrawals are allowed at their own bank's ATMs and 3 free at other bank ATMs per month. After free limits, nominal charges apply. ATM access is critical for PMJDY account holders to access their DBT credits.

Correct Answer: B. Consolidates 9 labour laws including EPFO, ESIC, PMJJBY, PMSBY, APY, and PM-SYM for unorganized workers

Social Security Code 2020 consolidates 9 labour laws and aims to extend social security coverage to unorganized workers through schemes like PMJJBY, PMSBY, APY, PM Shram Yogi Maan-dhan (PM-SYM), and others. The Code creates a web portal (e-Shram) for registering unorganized workers. E-Shram has registered over 28 crore unorganized workers who can then access social security benefits linked to their Aadhaar-seeded accounts.

Correct Answer: C. ₹2.73 lakh crore

Government estimates suggest approximately ₹2.73 lakh crore savings from DBT implementation since 2014 through elimination of ghost beneficiaries, duplicate entries, and leakages in welfare programmes. In LPG alone, PAHAL/DBT saved approximately ₹50,000 crore by identifying and eliminating 3 crore duplicate/ghost connections. PMJDY bank accounts and Aadhaar authentication were crucial for DBT success. PM Modi called this JAM trinity the 'anti-poverty vaccine.'