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CS Professional · Banking and Insurance - Laws and Practice · Various Government Schemes

Imran's PMJDY account is used for receiving government subsidies directly. A relative says that Direct Benefit Transfer is the only objective of PMJDY. Which of the following best reflects a pillar or feature of the PMJDY mission, showing the relative is wrong?

PMJDY is a national financial inclusion mission aimed at universal banking access for households, covering basic accounts, remittance, credit, insurance and pension. DBT is only one benefit. It is not limited to urban salaried people and does not displace RBI regulation.

  1. AThe scheme is limited to cash transfers under the DBT and has no other component
  2. BThe scheme covers only urban households with a salary account
  3. CThe scheme aims at universal access to banking facilities, including basic accounts, remittance, credit, insurance and pension, using a household-based approachCorrect
  4. DThe scheme replaces the role of RBI in regulating banks for financial inclusion

Explanation

PMJDY is a National Mission on Financial Inclusion aiming at universal access to banking services, covering basic savings accounts, access to credit, remittance facility, insurance and pension for every household. DBT is only one use. It is not urban-only and does not replace RBI's regulatory role.

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