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Q117 (UPPCS/2024) Economy › Schemes, Inclusion & Social Sector

With reference to India, consider the following events :
1. Nationalisation of Banks
2. Formation of Regional Rural Banks
3. Adoption of villages by Bank Branches
Which of the above events can be considered as steps taken to achieve "financial inclusion in India"?

Explanation

Financial inclusion aims to provide affordable financial services to the underprivileged and unbanked sections of society. All three events listed were significant milestones in this journey in India:

  • Nationalisation of Banks (1969 and 1980): This shifted the focus from "class banking" to "mass banking," ensuring that credit reached priority sectors like agriculture and small-scale industries in rural areas.
  • Formation of Regional Rural Banks (1975): Established based on the Narasimham Working Group recommendations, RRBs were designed to provide institutional credit specifically to small farmers, agricultural labourers, and rural artisans.
  • Adoption of villages by Bank Branches: Under the Village Adoption Scheme (and later the Service Area Approach), bank branches adopted specific villages to provide integrated credit and banking facilities, aiming for intensive development and financial coverage.

Therefore, all three are considered steps toward achieving financial inclusion.

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SIMILAR QUESTIONS

IAS · 2010 · Q77 Relevance score: 6.59

With reference to India, Consider the following: 1. Nationalization of Banks 2. Formation of Regional Rural Banks 3. Adoption of villages by Bank Branches Which of the above can be considered as steps taken to achieve the “financial inclusion” in India.

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