General Studies · Financial Inclusion and Social Security Schemes
Mr. Rajesh is a Business Correspondent (BC) working in a remote village in Bastar. He uses a biometric handheld device to facilitate transactions for the local tribal community who receive MGNREGA wages. Recently, a group of villagers approached him, confused about why their PMJJBY premium of 436 rupees was deducted from their accounts in May. Rajesh explained the renewal cycle and also informed them about the PMSBY cover. One elderly villager, who does not have an identity-linked account verified through biometric systems, was unable to withdraw money. Rajesh advised him to visit the base branch to complete KYC for future doorstep banking. The village sarpanch also requested Rajesh to organize a literacy camp for the Atal Pension Yojana (APY). Based on the scenario above, which of the following statements regarding the regulatory and operational aspects of financial inclusion is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
- 1Rajesh is not authorized to give information about the Atal Pension Yojana as BCs are only allowed to handle savings and withdrawal transactions.
- 2The PMJJBY premium deduction is correct as the scheme runs on an annual cycle from June 1 to May 31, and the explanation provided by the BC is accurate.✓
- 3The elderly villager cannot use the BC point because biometric banking is strictly prohibited for individuals above the age of 60 in rural areas.
- 4The deduction of 436 rupees in May is incorrect because the PMJJBY scheme follows the calendar year from January to December.
Correct answer
The PMJJBY premium deduction is correct as the scheme runs on an annual cycle from June 1 to May 31, and the explanation provided by the BC is accurate.
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