Financial Inclusion — Set 14
Government Schemes · वित्तीय समावेशन · Questions 131–140 of 160
Open Credit Enablement Network (OCEN) and Account Aggregator (AA) work together for which purpose?
Correct Answer: B. Democratizing credit access by enabling data-driven lending to underserved
Open Credit Enablement Network (OCEN) and Account Aggregator (AA) Framework together democratize credit access. AA enables borrowers to share financial data with consent, while OCEN creates a protocol for lenders to offer embedded credit across digital platforms (e-commerce, salary apps, billing systems). Together, they enable data-driven credit assessment for first-time borrowers and underserved segments who lack traditional credit history.
E-Shram portal - what is its purpose in financial inclusion?
Correct Answer: B. Registration of unorganized workers for social security benefits
E-Shram portal (eshram.gov.in) launched in August 2021 registers unorganized sector workers (construction workers, garment workers, domestic workers, street vendors, etc.) for social security coverage. Over 28 crore workers have registered. E-Shram linked to Aadhaar enables DBT of benefits under PMJJBY, PMSBY, APY, and PM-SYM. E-Shram card also serves as proof of employment for unorganized workers.
Digital Rupee (e₹) was introduced by RBI in which year?
Correct Answer: B. 2022
RBI launched Central Bank Digital Currency (CBDC) - Digital Rupee (e₹) - in pilot form in November 2022 for wholesale transactions (e₹-W) and December 2022 for retail transactions (e₹-R). Digital Rupee is RBI's sovereign digital currency, different from private cryptocurrencies. e₹ is available as 'digital cash' through participating banks' digital wallets. RBI plans to gradually scale up CBDC after pilots.
PM Vishwakarma - what does the 5% concessional interest rate scheme mechanism work as?
Correct Answer: B. Government provides interest subvention to banks for the difference between market rate and 5%
PM Vishwakarma's 5% interest rate works through an interest subvention mechanism where the Government provides the difference between the prevailing market lending rate and 5% to banks as interest subvention. So if market rate is 12%, Government pays 7% subvention to banks, who then charge beneficiaries only 5%. This is the same mechanism as Kisan Credit Card interest subvention for farmers. Interest subvention makes credit affordable without distorting market.
PMJDY accounts receive how many government schemes' benefits directly (approximate)?
Correct Answer: D. 312 DBT schemes
PMJDY bank accounts receive Direct Benefit Transfers (DBT) from over 312 central government DBT schemes as of 2022-23. These include PM-KISAN, MGNREGA wages, scholarship schemes, PMMVY maternity benefit, Ujjwala connection subsidy, JSY payments, pension payments, and many more. The common bank account infrastructure of PMJDY enables all central government schemes to deliver benefits directly to beneficiaries.
Insolvency and Bankruptcy Code (IBC) 2016 improved access to credit for MSMEs by?
Correct Answer: B. Creating a time-bound resolution process reducing NPAs and improving lender confidence
Insolvency and Bankruptcy Code (IBC) 2016 improved credit access for MSMEs by creating a time-bound insolvency resolution process (180-270 days) reducing the risk of capital being locked in Non-Performing Assets (NPAs). This gave lenders confidence to extend more credit to MSMEs. A separate pre-pack insolvency resolution for MSMEs was introduced in 2021. Better credit access improves financial inclusion for the MSME sector.
India's financial inclusion progress is tracked through which international framework?
Correct Answer: B. World Bank Global Findex Database and G20 GPFI Indicators
India's financial inclusion progress is primarily tracked through World Bank's Global Findex Database (published every 3 years - 2011, 2014, 2017, 2021) and G20's Global Partnership for Financial Inclusion (GPFI) indicators. India has shown dramatic improvement in Global Findex: from 35% adults with accounts (2011) to 80% (2021). IMF's Financial Access Survey also tracks India. RBI's own FI-Index provides domestic tracking.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) cumulative lives covered exceed?
Correct Answer: C. 16 crore
PMJJBY has over 16 crore (160 million) active subscribers as of 2023-24. Since launch in 2015, cumulative enrollment has exceeded 20 crore persons. PMJJBY has paid claims for over 7 lakh deaths, disbursing approximately ₹14,650 crore in death claims. The scheme has significantly improved life insurance penetration in India, particularly among low-income households who previously had no life insurance coverage.
PMSBY cumulative enrollment has crossed?
Correct Answer: C. 34 crore
PMSBY has over 34 crore (340 million) active subscribers as of 2023-24. Since launch in 2015, cumulative enrollment has exceeded 40 crore. PMSBY's ₹20 annual premium and ₹2 lakh accidental coverage makes it one of the world's largest affordable accident insurance schemes. PMSBY has paid accident claims to over 1 lakh families. The scheme has significantly improved accident insurance penetration in India.
Which government scheme provides financial assistance for construction of houses to poor - linked to PMJDY for subsidy transfer?
Correct Answer: B. Pradhan Mantri Awas Yojana (PMAY)
Pradhan Mantri Awas Yojana (PMAY) housing subsidy is disbursed directly to beneficiaries' bank accounts (including PMJDY accounts) through DBT. Credit Linked Subsidy Scheme (CLSS) under PMAY transfers housing loan interest subsidies to home loan accounts. PMJDY bank accounts are used for tracking and disbursing housing assistance. Financial inclusion through PMJDY enables efficient delivery of housing subsidies.