Financial inclusion Current Affairs, GK & News

Financial Inclusion

Financial inclusion means providing to the large unbanked population of India access to financial products and services like:Bank accounts, immediate credit, savings products, remittance and payment services, insurance, mortgage, entrepreneurial credit, financial advisory services.Steps taken so far for promotion of financial inclusion have been – the cooperative movement, setting up of State Bank of India, ..

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World Bank Global Findex Database 2021

World Bank recently released the “Global Findex Database 2021”. As per report, account ownership has increased worldwide. Key Findings of the report Report notes that, three out of four adults are having a financial account today. Despite that, 1.4 billion adults have no bank account. In developing countries; wage payment, from private sector or government ..

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Financial support to IPPB

The Union Cabinet has given its approval for the financial support of Rs 820 crore for the India Post Payments Bank. This monetary support will help the state-run payments bank penetrate deeper into the nation, especially in the country’s rural areas, and will work towards boosting financial inclusion. Overview: IPPB has more than five crore ..

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RBI Guidelines on Digital Banking Units

The Reserve Bank of India (RBI) has recently released guidelines for the banks of the country to set up digital banking units (DBUs). An announcement regarding the setting up of 75 DBUs in 75 districts was made in the Union Budget 2022-23. About Digital Banking Units A DBU is a specialized business unit that houses ..

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Union Budget 2022-23-Highlights

On February 1, 2022, the Union Finance Minister Nirmala Sitaraman presented the Union budget 2022-23. The budget focuses on macro economic growth, energy transition, promoting digital economy, climate action, tech enabled development, crowding in private investment. Here are the highlights of the budget. Key Highlights Digital Rupee is to be issued using block chain technologies ..

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RBI introduced Financial Inclusion Index

The Reserve Bank of India introduced the financial inclusion index on August 17, 2021. Key Points The Financial Inclusion Index will be used to capture the extent of financial inclusion in India. This index was part of the announcements made in first bi-monthly monetary policy of April 2021. About Financial Inclusion Index (FI Index) Financial ..

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Basic Savings Account can be opened in Post Offices

The Ministry of Finance recently notified changes in Post Office Savings Account Scheme, 2019. The ministry notified that a beneficiary of Government welfare scheme can open a basic savings bank account with any post office in the country. What are the changes introduced? The accounts can be opened in an India Post Payment Bank or ..

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