Economics · Financial Inclusion
Based on the operational guidelines governing financial inclusion initiatives in India, which of the following summaries accurately reflects the respective roles and interaction between Business Correspondents (BCs) and Financial Literacy frameworks?
- 1The CFL project operates as a community-led financial discipline module funded entirely by the Ministry of Rural Development, completely separate from commercial banking networks and corporate monitoring systems.
- 2BCs are legally permitted to handle cash deposits and basic withdrawals only, while the entirety of loan application processing and insurance enrolment is exclusively confined to main commercial bank branches.
- 3The BC model has become obsolete due to the complete penetration of mobile banking, leading regulatory authorities to redirect all financial resources toward the NGO-led CFL project exclusively.
- 4While BCs expand the physical and transactional reach of banking services to the last mile, Financial Literacy Centers (FLCs) and community-led Centres for Financial Literacy (CFLs) work simultaneously to ensure that the newly included population becomes financially literate and protected.✓
Correct answer
While BCs expand the physical and transactional reach of banking services to the last mile, Financial Literacy Centers (FLCs) and community-led Centres for Financial Literacy (CFLs) work simultaneously to ensure that the newly included population becomes financially literate and protected.
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