Banking · Financial Inclusion
A Lead District Manager (LDM) is analyzing the data for his district and notices a high percentage of 'Dormant' PMJDY accounts. Upon field visits, he discovers that many villagers are hesitant to use their RuPay cards for digital payments or even for withdrawals at BC points because they are afraid of 'hidden charges' and do not understand the benefits of keeping money in the bank. To address this specific 'Behavioral Barrier' to financial inclusion, which sequence of actions would be most effective as per the National Strategy for Financial Education guidelines?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Advise the banks to freeze the accounts of people who do not transact for three months to force them to visit the branch.
- 2Launch an aggressive marketing campaign about the 'Overdraft' facility, promising 10,000 Rupees to everyone who opens a new account.
- 3Organize 'Financial Literacy Melas' in the local language, focusing on the safety of deposits, absence of hidden charges in PMJDY, insurance benefits linked to the RuPay card, and demonstrating Micro-ATMs.✓
- 4Replace all local BCs with young graduates from the city who can compel villagers to use digital payment modes.
Correct answer
Organize 'Financial Literacy Melas' in the local language, focusing on the safety of deposits, absence of hidden charges in PMJDY, insurance benefits linked to the RuPay card, and demonstrating Micro-ATMs.
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