Financial inclusion: GK, Current Affairs, Questions, Trivia and News

IPPB crosses a milestone of two crore customers

India Post Payments Bank (IPPB) has recently achieved the milestone of two crore customers. IPPB was launched by the Indian Prime Minister on September 1, 2018, with the main objective of financial inclusion. In September 2019, the payments bank launched the Aadhaar-enabled payment system (AePS) services. And then, it has become the single largest platform in the ..

RBI unveils National Strategy for Financial Inclusion 2019-24

The Reserve Bank of India (RBI) has recently unveiled a National Strategy for Financial Inclusion 2019-24. It aims at providing formal and affordable financial services and to promote financial literacy among customers. Reserve Bank of India under the aegis of Financial Inclusion Advisory Committee (FIAC) have released the strategy. Some of its recommendations include: Setting up Financial service providers ..

MoU signed to organize “National Organic Festival of Women Entrepreneurs”

A Memorandum of Understanding(MoU) was signed between the Ministry of Women and Child Development (MoWCD) and the Ministry of Food Processing Industries (MoFPI) to organize the “National Organic Festival of Women Entrepreneurs”. The event will be planned and organized by the National Institute of Food Technology Entrepreneurship and Management (NIFTEM) located in Kundli, Sonepat, Haryana. ..

Migrants can change address by giving self-declaration

The government has allowed migrants to change address on Aadhaar by giving self declaration. It will help them open bank account and promote financial inclusion. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules as per the gazette notification issued on 13 Nov. This move will allow an individual to ..

Airtel Payments Bank launches ‘Bharosa savings account’

The Airtel Payments Bank has launched the Bharosa Savings Account to deepen the financial inclusion in the country. It has been designed to serve the unique needs of under-banked and unbanked population of India. The account offers free Personal Accident Insurance cover worth Rs 5 Lakhs on maintaining a balance of just Rs 500 along ..

Chit Funds (Amendment) Bill, 2019

The Union Cabinet has approved the introduction of the Chit Funds (Amendment) Bill, 2019 in Parliament. If passed and made into a law, the bill aims to substantially lower the compliance requirements on the registered legal chit funds of India.? This will be beneficial to both the organizers and the subscribers of the chit fund. ..

India Post Payments Bank to be converted into Small Finance Bank

Indian Posts has made a decision to convert India Post Payments Bank into Small Finance Bank. This will enable the Bank to offer small loans to customers. Payment Banks Payments banks were introduced by the Reserve Bank of India (RBI) to meet the government’s financial inclusion target. A payment Bank will be set up as ..

RBI eases norms for Basic Savings Bank Deposit Accounts

The Reserve Bank of India (RBI) has eased the norms for the Basic Savings Bank Deposit Accounts. New Facilities Issuance of Cheque Book which may/may not be priced. Allowing deposit of cash at bank branch as well as ATMs/CDMs without imposing any limit on the number and value of deposits that can be made in ..