Financial Inclusion & Financial Literacy | PAPER II – PRINCIPLES & PRACTICES OF BANKING | MODULE A: GENERAL BANKING OPERATIONS

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Banker - Financial Inclusion & Financial Literacy

Banker - Financial Inclusion & Financial Literacy

Financial Inclusion & Financial Literacy

1. Financial Inclusion by Extension of Banking Services

Financial inclusion refers to delivering financial services at affordable costs to sections of disadvantaged and low-income groups. Banks play a crucial role in expanding their outreach to rural and underserved areas through brick-and-mortar branches, Business Correspondents (BCs), and banking agents.

2. Use of Mobiles/Tablets in Financial Inclusion Drive

Mobile phones and tablets serve as effective tools for expanding banking access. Mobile banking apps, Aadhaar-enabled payment systems (AEPS), and digital onboarding allow banks to reach remote customers easily. These technologies reduce operational costs and improve real-time financial services.

3. Financial Literacy

Financial literacy involves educating people about financial concepts such as savings, budgeting, investment, credit, and insurance. Banks organize financial literacy camps and workshops to promote responsible financial behavior and informed decision-making among the public.

4. Rural Self Employment Training Institutes (RSETI)

RSETIs are training institutions established by banks in collaboration with the Ministry of Rural Development to promote self-employment among rural youth. They provide free training in various trades, entrepreneurship, and soft skills to help individuals start their own businesses.

MCQs: Financial Inclusion & Literacy

1. What is the main objective of financial inclusion?

  1. Increasing bank profits
  2. Providing affordable financial services to all
  3. Enhancing investment in stock markets
  4. Reducing bank branches

Answer: B

2. Which of the following is used in digital financial inclusion?

  1. Cheque book
  2. Passbook
  3. Mobile Phones
  4. Landline Phones

Answer: C

3. What does RSETI primarily promote?

  1. Foreign trade
  2. Stock market training
  3. Self-employment in rural areas
  4. Online banking security

Answer: C

4. Which institution supports the establishment of RSETIs?

  1. RBI
  2. SEBI
  3. Ministry of Rural Development
  4. Ministry of Finance

Answer: C

5. Financial literacy helps people to:

  1. Avoid taxes
  2. Make informed financial decisions
  3. Increase expenses
  4. Become bank employees

Answer: B

6. Business Correspondents are appointed by:

  1. SEBI
  2. Banks
  3. Post Offices
  4. Government schools

Answer: B

7. AEPS stands for:

  1. Automated E-Payment System
  2. Authorized Electronic Payment System
  3. Aadhaar Enabled Payment System
  4. Account Enabling Payment Services

Answer: C

8. Which is a benefit of using mobile technology in financial inclusion?

  1. Increased paperwork
  2. Limited customer base
  3. Real-time transactions
  4. Delayed banking operations

Answer: C

9. Financial literacy is NOT related to:

  1. Saving habits
  2. Credit management
  3. Foreign policies
  4. Insurance awareness

Answer: C

10. Who is the main target of RSETI training programs?

  1. Urban professionals
  2. Foreign investors
  3. Rural unemployed youth
  4. Banking executives

Answer: C

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