MCQs - 2026-06

The framework clarifies that only entities regulated by the RBI (Regulated Entities - REs) are permitted to undertake lending activities. LSPs are agents of REs and cannot lend on their own.

The 'cooling-off' or 'look-up' period allows borrowers to exit the loan by paying the principal and proportionate annual percentage rate (APR) without any penalty during this period, providing them flexibility and protection.

The RBI framework mandates that the disbursement of loans must be made directly into the bank accounts of the borrowers and not through any third party, including Lending Service Providers (LSPs).

The RB-IOS, 2021, covers all commercial banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks, and Non-Scheduled Primary (Urban) Co-operative Banks with deposits of ₹50 crore and above, NBFCs with asset size of ₹100 crore and above, and all non-bank Prepaid Payment Instrument (PPI) Issuers. Primary Agricultural Credit Societies (PACS) are generally not directly regulated by RBI under this scheme.

The RB-IOS, 2021, adopts the 'One Nation One Ombudsman' approach, providing a single point of reference for customers to file complaints against any regulated entity covered under the scheme, irrespective of the type of entity or location.

The Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021, integrates the Banking Ombudsman Scheme, 2006, the Ombudsman Scheme for Non-Banking Financial Companies, 2018, and the Ombudsman Scheme for Digital Transactions, 2019.

The campaign is an extension and modernization effort aligned with the broader Skill India Mission to enhance the employability of the Indian workforce.

The campaign focuses on high-growth sectors like AI, machine learning, and digital technologies to prepare the youth for the 4th Industrial Revolution.

The Yuva Kaushal Vikas Abhiyan aims to bridge the skill gap by training youth in emerging technologies and future-ready skills required by the industry.

The sustainability focus includes integrating solid and liquid waste management (SLWM) systems within the housing clusters to ensure cleaner rural environments.