Indian Contributions to Financial Inclusion

Description: This quiz aims to assess your knowledge about the significant contributions made by India towards financial inclusion.
Number of Questions: 15
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Tags: financial inclusion indian economy banking
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Which Indian institution was established in 1955 to provide financial assistance to small-scale industries?

  1. National Bank for Agriculture and Rural Development (NABARD)

  2. Small Industries Development Bank of India (SIDBI)

  3. National Housing Bank (NHB)

  4. Export-Import Bank of India (EXIM Bank)


Correct Option: B
Explanation:

SIDBI was established in 1955 to provide financial assistance to small-scale industries and promote entrepreneurship in India.

What is the name of the government-backed scheme launched in 2014 to provide financial assistance to women entrepreneurs?

  1. Mudra Yojana

  2. Stand-Up India Scheme

  3. Pradhan Mantri Jan Dhan Yojana

  4. Atal Pension Yojana


Correct Option: B
Explanation:

The Stand-Up India Scheme was launched in 2014 to provide financial assistance to women entrepreneurs and promote entrepreneurship among women in India.

Which Indian bank introduced the concept of microfinance in the 1980s?

  1. State Bank of India (SBI)

  2. Punjab National Bank (PNB)

  3. Canara Bank

  4. Grameen Bank


Correct Option: D
Explanation:

Grameen Bank, founded by Muhammad Yunus in Bangladesh, introduced the concept of microfinance in the 1980s. It provides small loans to the poor and marginalized population, particularly women, to help them start or expand their businesses.

What is the name of the mobile banking service launched by the Reserve Bank of India (RBI) in 2012?

  1. Unified Payments Interface (UPI)

  2. Bharat Interface for Money (BHIM)

  3. National Electronic Funds Transfer (NEFT)

  4. Real-Time Gross Settlement (RTGS)


Correct Option: B
Explanation:

BHIM is a mobile banking service launched by the RBI in 2012 to promote digital payments and financial inclusion in India. It allows users to make payments using their mobile phones.

Which Indian state government launched the 'Mukhyamantri Jan Kalyan Yojana' in 2016 to provide financial assistance to farmers?

  1. Uttar Pradesh

  2. Madhya Pradesh

  3. Rajasthan

  4. Haryana


Correct Option: B
Explanation:

The 'Mukhyamantri Jan Kalyan Yojana' was launched by the Madhya Pradesh government in 2016 to provide financial assistance to farmers affected by natural calamities and crop failures.

What is the name of the government-backed scheme launched in 2014 to provide financial assistance to street vendors?

  1. Pradhan Mantri Awas Yojana (PMAY)

  2. Pradhan Mantri Ujjwala Yojana (PMUY)

  3. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  4. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)


Correct Option:
Explanation:

PM SVANidhi is a government-backed scheme launched in 2020 to provide financial assistance to street vendors affected by the COVID-19 pandemic. It provides working capital loans to street vendors to help them resume their businesses.

Which Indian bank introduced the concept of 'banking correspondents' in the 1990s?

  1. State Bank of India (SBI)

  2. Punjab National Bank (PNB)

  3. Canara Bank

  4. HDFC Bank


Correct Option: A
Explanation:

SBI introduced the concept of 'banking correspondents' in the 1990s to provide banking services to remote and unbanked areas. Banking correspondents are individuals or entities authorized by banks to provide basic banking services such as cash deposits, withdrawals, and money transfers.

What is the name of the government-backed scheme launched in 2014 to provide financial assistance to senior citizens?

  1. Atal Pension Yojana (APY)

  2. Pradhan Mantri Jan Dhan Yojana (PMJDY)

  3. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  4. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)


Correct Option: A
Explanation:

APY is a government-backed scheme launched in 2014 to provide financial assistance to senior citizens. It provides a guaranteed pension to individuals who contribute regularly to the scheme during their working life.

Which Indian bank introduced the concept of 'no-frills accounts' in the 2000s?

  1. State Bank of India (SBI)

  2. Punjab National Bank (PNB)

  3. Canara Bank

  4. HDFC Bank


Correct Option: A
Explanation:

SBI introduced the concept of 'no-frills accounts' in the 2000s to provide basic banking services to the poor and unbanked population. No-frills accounts are basic savings accounts that offer limited services and do not require a minimum balance.

What is the name of the government-backed scheme launched in 2015 to provide financial assistance to farmers for crop insurance?

  1. Pradhan Mantri Fasal Bima Yojana (PMFBY)

  2. Pradhan Mantri Awas Yojana (PMAY)

  3. Pradhan Mantri Ujjwala Yojana (PMUY)

  4. Pradhan Mantri Suraksha Bima Yojana (PMSBY)


Correct Option: A
Explanation:

PMFBY is a government-backed scheme launched in 2015 to provide financial assistance to farmers for crop insurance. It provides insurance coverage to farmers against crop losses due to natural calamities, pests, and diseases.

Which Indian bank introduced the concept of 'micro ATMs' in the 2010s?

  1. State Bank of India (SBI)

  2. Punjab National Bank (PNB)

  3. Canara Bank

  4. HDFC Bank


Correct Option: A
Explanation:

SBI introduced the concept of 'micro ATMs' in the 2010s to provide banking services in remote and unbanked areas. Micro ATMs are small, portable devices that allow customers to withdraw cash, check their account balance, and transfer funds using their debit cards.

What is the name of the government-backed scheme launched in 2014 to provide financial assistance to pregnant women?

  1. Pradhan Mantri Matru Vandana Yojana (PMMVY)

  2. Pradhan Mantri Awas Yojana (PMAY)

  3. Pradhan Mantri Ujjwala Yojana (PMUY)

  4. Pradhan Mantri Suraksha Bima Yojana (PMSBY)


Correct Option: A
Explanation:

PMMVY is a government-backed scheme launched in 2014 to provide financial assistance to pregnant women. It provides a cash benefit to pregnant women for their nutritional needs and to compensate for the loss of wages during pregnancy.

Which Indian bank introduced the concept of 'mobile banking' in the 2000s?

  1. State Bank of India (SBI)

  2. Punjab National Bank (PNB)

  3. Canara Bank

  4. HDFC Bank


Correct Option: D
Explanation:

HDFC Bank introduced the concept of 'mobile banking' in the 2000s. Mobile banking allows customers to access their bank accounts and perform various banking transactions using their mobile phones.

What is the name of the government-backed scheme launched in 2016 to provide financial assistance to differently-abled persons?

  1. Pradhan Mantri Ujjwala Yojana (PMUY)

  2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  3. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

  4. Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)


Correct Option: D
Explanation:

DAY-NRLM is a government-backed scheme launched in 2016 to provide financial assistance to differently-abled persons. It provides skill training, employment opportunities, and microfinance assistance to differently-abled persons to help them become self-reliant.

Which Indian bank introduced the concept of 'internet banking' in the 1990s?

  1. State Bank of India (SBI)

  2. Punjab National Bank (PNB)

  3. Canara Bank

  4. HDFC Bank


Correct Option: D
Explanation:

HDFC Bank introduced the concept of 'internet banking' in the 1990s. Internet banking allows customers to access their bank accounts and perform various banking transactions using the internet.

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