WBCS.LIVE practice question

Financial inclusion as per RBI means

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. greater consumer protection for newly included customers.
  2. an easily accessed and speedy grievance redressal process.
  3. expanded efforts on financial literacy.
  4. All of the above

Correct answer and explanation

Correct answer: All of the above

Explanation: āœ… Correct Answer: D) All of the above šŸ“š Explanation: Financial inclusion is the process of ensuring access to appropriate financial products and services at an affordable cost to vulnerable groups. The RBI's strategy includes promoting financial literacy (C), protecting consumers (A), and providing efficient grievance mechanisms (B). It aims to bring the "unbanked" population into the formal financial system.