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Which of the following activities can lead to financial inclusion in India?
(1) Issuing of general purpose credit cards.
(2) Strict know your customer' (KYC) norms
(3) Opening of Bank branches in unbanked rural areas.
(4) Opening of no-frills account.
Select the correct answer answer using the codes gives below :
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- 1, 2 and 3 only
- 2, 3 and 4 only
- l, 3 and 4 only
- 2 and 3 only
Correct Option: C
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society. For financial inclusion 'know your customer' norms should be relaxed and no frills account should be opened for low income segments which are looking for basic banking only . Along with general purpose credits cards should be issued and bank branches should be opened in unbanked rural areas.
