Q136
Indian EconomyMoney, Banking & Financial Institutions
Financial inclusion as per RBI means
- a.greater consumer protection for newly included customers
- b.an easily accessed and speedy grievance redressal process
- c.expanded efforts on financial literacy
- d.All of the above
Answer: (D) All of the above
Financial inclusion means ensuring access to appropriate financial products and services (bank account, credit, insurance, pension, payments) for the weaker sections at an affordable cost. In the RBI's view it also needs consumer protection for the newly included customers, a quick and easy grievance redressal system and wider financial literacy, so all three statements apply. Related steps: Pradhan Mantri Jan Dhan Yojana (2014), Business Correspondents, Payments Banks and Small Finance Banks.