Question 10GS3GS3
The Financial Inclusion index of the RBI has suggested that India is on the right path towards including the population in economic activities.
Main Body
Efforts Transformative Capacity: 1) Welfare to be targeted eg: JAM trinityJambhaarAadharMonetary benefit 2) Increased digital literacyIncreasing from 10% 3) Resolves sufficiencies in banking system eg: BAANKNET portal by RBI for auction 4) Recognising beneficiaries and direct payment 5) Easier provision of financial services eg: OCEN for markets - ULIN for credit access - BHIMUPI for payment Challenges that are fastest: 1) Low financial literacy(10%) 2) Lack of penetration of fintech in rural areas 3) Problems of internet connectivity and branch presence 4) Absence of customer-friendly interfaceWay forwardRBI's 3 step Policy - Financial Literacy - Inclusive Policy - Consumer Trust Financial Inclusion will be a gamechanger in India's growth story, as can already be seen with popularity of online bank app, UPI, etc.
136 words1 paragraphs
Conclusion
Financial inclusion will be a gamechanger in India's growth story, as can already be seen with popularity of online bank app, UPI, etc.
23 words
Diagram
Hierarchical diagram showing JAM trinity with components: Jambhaar, Aadhar, and Monetary benefit
Topper
ADITYA TALWAR
AIR 2702025
Subject & Paper
GS3GS3
Topic
Economic Development
Financial Inclusion
Digital financial services and inclusion
Writing Stats
159
Total words
1
Paragraphs
analytical
Tone