Financial Inclusion Initiatives Practice Questions
20 free Financial Inclusion Initiatives practice questions for the Static GK. Tap an option to answer — you get instant feedback, the correct answer, and a detailed explanation for every question.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched with which of the following slogans?
- A Mera Desh, Mera Khata
- B Mera Khata, Bhagya Vidhata
- C Sabka Saath, Sabka Vikas, Sabka Vishwas
- D Shramew Jayate
Correct answer: Mera Khata, Bhagya Vidhata
PMJDY was launched in August 2014 with the slogan 'Mera Khata, Bhagya Vidhata'. It is a national mission for financial inclusion to ensure access to financial services like banking, savings, and deposit accounts.
What is the maximum age limit for joining the Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
- A 50 years
- B 60 years
- C 70 years
- D 80 years
Correct answer: 70 years
PMSBY is available to people in the age group of 18 to 70 years with a bank account. It provides an accidental death and disability cover of ₹2 lakh for a very low annual premium.
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), what is the life insurance cover amount provided in case of the death of the insured?
- A ₹1 lakh
- B ₹2 lakh
- C ₹3 lakh
- D ₹5 lakh
Correct answer: ₹2 lakh
PMJJBY offers a renewable one-year life cover of ₹2 lakh to all subscribing bank account holders. The scheme is available to people in the age group of 18 to 50 years.
Which scheme allows a subscriber to receive a fixed minimum pension of ₹1,000 to ₹5,000 per month after the age of 60?
- A Pradhan Mantri Vaya Vandana Yojana
- B Atal Pension Yojana (APY)
- C PM-Kisan Maandhan Yojana
- D National Pension System
Correct answer: Atal Pension Yojana (APY)
Atal Pension Yojana (APY) is focused on the unorganized sector. The pension amount depends on the age of joining and the contribution amount, and it is guaranteed by the Government of India.
The 'Stand-Up India' scheme was launched to promote entrepreneurship at the grassroots level specifically for which categories?
- A Youth and Farmers
- B SC/ST and Women Borrowers
- C Minorities and Rural artisans
- D Retired defense personnel
Correct answer: SC/ST and Women Borrowers
Stand-Up India facilitates bank loans between ₹10 lakh and ₹1 crore to at least one Scheduled Caste or Scheduled Tribe borrower and at least one woman borrower per bank branch. It is intended for setting up greenfield enterprises.
Which pillar of financial inclusion does the 'JAM Trinity' refer to?
- A Jobs, Aadhaar, Mobile
- B Jan Dhan, Aadhaar, Mobile
- C Joint accounts, Aadhaar, Money
- D Jeevan Jyoti, Aadhaar, Money
Correct answer: Jan Dhan, Aadhaar, Mobile
The JAM Trinity stands for Jan Dhan Yojana, Aadhaar, and Mobile numbers. It is the government's strategy to link these three to deliver social security benefits directly to the intended beneficiaries without leakages.
What is the overdraft limit for eligible account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
- A ₹2,000
- B ₹5,000
- C ₹10,000
- D ₹15,000
Correct answer: ₹10,000
The overdraft limit under PMJDY was doubled from ₹5,000 to ₹10,000 in 2018. Additionally, there is no condition for an overdraft up to ₹2,000 for eligible account holders.
The Pradhan Mantri Mudra Yojana (PMMY) provides loans up to ₹50,000 under which category?
- A Shishu
- B Kishore
- C Tarun
- D Bal
Correct answer: Shishu
Mudra loans are classified into three categories: Shishu (up to ₹50,000), Kishore (₹50,001 to ₹5 lakh), and Tarun (₹5,00,001 to ₹10 lakh). These represent the stage of growth and funding needs of the micro-unit.
Which specialized bank was established to provide financial services to the unbanked and promote a cashless economy?
- A Commercial Banks
- B Payments Banks
- C Cooperative Banks
- D Foreign Banks
Correct answer: Payments Banks
Payments Banks, like India Post Payments Bank, were introduced to further financial inclusion. They can accept deposits up to a certain limit but cannot issue loans or credit cards.
Which organization manages the 'Social Security Fund' for the Atal Pension Yojana?
- A IRDAI
- B SEBI
- C PFRDA
- D RBI
Correct answer: PFRDA
The Pension Fund Regulatory and Development Authority (PFRDA) is the statutory body that regulates and oversees the Atal Pension Yojana. It ensures the pension funds are managed effectively for the subscribers.
What is the annual premium for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) as per the latest revision?
- A ₹12
- B ₹330
- C ₹436
- D ₹20
Correct answer: ₹20
The premium for PMSBY was revised from ₹12 to ₹20 per annum in June 2022. The premium is auto-debited from the subscriber's bank account once a year.
The 'Vidyalakshmi' portal is an initiative related to which of the following?
- A Women's savings accounts
- B Old age pensions
- C Health insurance for students
- D Educational loans
Correct answer: Educational loans
Vidyalakshmi is a first-of-its-kind portal for students seeking Education Loans. It provides a single-window for students to access information and make applications for educational loans and government scholarships.
Under the PMJDY, an accidental insurance cover is provided through which card?
- A Visa Card
- B Mastercard
- C RuPay Debit Card
- D American Express
Correct answer: RuPay Debit Card
Every PMJDY account holder is provided with a free RuPay Debit card. This card comes with a built-in accidental insurance cover of ₹1 lakh (increased to ₹2 lakh for accounts opened after 28.08.2018).
Which scheme was launched to provide a social security net for the elderly by providing a guaranteed rate of return on their investments?
- A PM Vaya Vandana Yojana
- B PM Jan Arogya Yojana
- C PM Shram Yogi Maandhan
- D Sukanya Samriddhi Yojana
Correct answer: PM Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme exclusively for senior citizens aged 60 years and above. It is operated through LIC and offers a guaranteed payout for 10 years.
The 'Sukanya Samriddhi Yojana' (SSY) can be opened for a girl child until she attains what age?
- A 5 years
- B 12 years
- C 15 years
- D 10 years
Correct answer: 10 years
An SSY account can be opened by the natural or legal guardian for a girl child from her birth till she turns 10 years old. It is a small deposit scheme designed to meet education and marriage expenses.
The 'Gold Monetization Scheme' aims to mobilize gold held by households and institutions for what purpose?
- A Gifting during festivals
- B Selling in international markets
- C Display in museums
- D Productive use, reduced imports
Correct answer: Productive use, reduced imports
The Gold Monetization Scheme allows individuals to deposit their idle gold in banks and earn interest on it. This helps in bringing the gold into the formal economy and reduces India's reliance on gold imports.
What is the annual premium for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as per the latest revision?
- A ₹20
- B ₹12
- C ₹330
- D ₹436
Correct answer: ₹436
The premium for PMJJBY was revised from ₹330 to ₹436 per annum effective June 2022. It provides a life insurance cover of ₹2 lakh for any cause of death.
The 'PM Shram Yogi Maan-dhan' (PM-SYM) is a pension scheme specifically for workers in which sector?
- A Organized sector
- B Public sector employees
- C Foreign service
- D Unorganized sector
Correct answer: Unorganized sector
PM-SYM is a voluntary and contributory pension scheme for unorganized workers like street vendors, mid-day meal workers, and rickshaw pullers. It ensures a monthly pension of ₹3,000 after they turn 60.
Which of the following is NOT a feature of the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
- A No minimum balance required
- B Interest on deposit
- C Free credit card access
- D Accidental insurance cover
Correct answer: Free credit card access
PMJDY provides a RuPay Debit card, not a credit card. Its main features include zero balance requirements, interest on savings, and an inbuilt accidental insurance cover.
The 'Credit Guarantee Fund Trust for Micro and Small Enterprises' (CGTMSE) helps in financial inclusion by providing:
- A Direct cash transfers
- B Subsidized food
- C Collateral-free MSME credit
- D Free vocational skill training
Correct answer: Collateral-free MSME credit
CGTMSE was set up by the Government of India and SIDBI to provide credit guarantees to financial institutions. This encourages banks to lend to micro and small enterprises without asking for collateral security.