What is the main goal of the RBI's National Strategy for Financial Inclusion (NSFI) 2019-2024?
A To increase the number of bank branches in metropolitan areas.
B To provide access to formal financial services to all citizens.
C To promote cashless transactions only.
D To regulate cryptocurrency.
Answer: B
The NSFI aims to provide access to formal financial services, including banking, insurance, pension, and credit, to all citizens in a timely and affordable manner.
72.
Which initiative by RBI aims to promote digital payments in rural and semi-urban areas by providing incentives to banks and payment system operators?
A National Electronic Funds Transfer (NEFT)
B Real-Time Gross Settlement (RTGS)
C Payment Infrastructure Development Fund (PIDF)
D Unified Payments Interface (UPI)
Answer: C
The Payment Infrastructure Development Fund (PIDF) scheme was launched by the RBI to subsidize the deployment of Point of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and North Eastern States.
73.
What is the primary objective behind RBI enhancing the customer grievance redressal mechanism?
A To reduce the number of customer complaints.
B To provide a single point of reference for customers to file complaints against regulated entities.
C To increase the operational efficiency of banks.
D To promote digital banking.
Answer: B
The primary objective is to simplify and streamline the grievance redressal process for customers by providing a 'One Nation One Ombudsman' approach, making it easier for them to file complaints.
74.
Which of the following entities are covered under the RBI's Integrated Ombudsman Scheme, 2021?
A Only Commercial Banks
B Commercial Banks, NBFCs, and Payment System Participants
C Only Public Sector Banks
D Only Cooperative Banks
Answer: B
The Integrated Ombudsman Scheme, 2021, covers commercial banks, regional rural banks, scheduled primary co-operative banks, non-banking financial companies (NBFCs) with asset size of βΉ50 crore and above, and all payment system participants.
75.
What is the integrated grievance redressal mechanism launched by RBI for customers?
A Banking Ombudsman Scheme
B Integrated Ombudsman Scheme, 2021
C Consumer Protection Act
D RBI Grievance Cell
Answer: B
The RBI launched the Integrated Ombudsman Scheme, 2021, integrating the existing three ombudsman schemes (Banking Ombudsman Scheme, Ombudsman Scheme for NBFCs, and Ombudsman Scheme for Digital Transactions) into a single scheme.
76.
Which of the following is NOT a key component of the RBI's new framework for resolving stressed assets?
A Early identification and reporting of defaults.
B Mandatory implementation of a Resolution Plan (RP) within specified timelines.
C Incentivizing banks to evergreen stressed assets.
D Reference to the Insolvency and Bankruptcy Code (IBC) for non-resolution.
Answer: C
The framework aims to prevent evergreening of stressed assets by mandating strict timelines and resolution processes, not to incentivize it. Evergreening is a practice where banks try to hide the true status of a non-performing asset by granting additional loans to the defaulting borrower.
77.
The RBI's new framework for stressed assets emphasizes a review period for borrower accounts classified as 'default'. What is the typical initial review period mentioned for such accounts?
A 7 days
B 30 days
C 90 days
D 180 days
Answer: B
The framework mandates that lenders must undertake a review of the borrower account within 30 days of default. This 30-day period is known as the 'Review Period'.
78.
What is the primary objective of the RBI's new framework for resolving stressed assets in banks?
A To allow banks to write off bad loans without any resolution efforts.
B To provide a harmonized and comprehensive framework for early identification and resolution of stressed assets.
C To encourage banks to lend more aggressively to risky sectors.
D To transfer all stressed assets to the government for resolution.
Answer: B
The new framework aims to provide a comprehensive and harmonized approach for the early identification, reporting, and resolution of stressed assets, replacing previous disparate guidelines.
79.
Which of the following entities are primarily responsible for adhering to the RBI's enhanced digital lending guidelines?
A Only banks and Non-Banking Financial Companies (NBFCs).
B Only Lending Service Providers (LSPs).
C Regulated Entities (REs) and Lending Service Providers (LSPs) engaged by them.
D Only technology companies providing digital platforms.
Answer: C
The framework applies to Regulated Entities (REs) of the RBI (banks and NBFCs) and also covers the Lending Service Providers (LSPs) engaged by them, making both accountable.
80.
Under the new digital lending guidelines, to whose bank account must the loan disbursement and repayment be executed?
A Directly to and from the Regulated Entity (RE).
B Directly to and from the borrower's bank account.
C To and from the Lending Service Provider (LSP).
D To and from any third-party payment aggregator.
Answer: B
A key provision of the enhanced framework is that the loan disbursement and repayment must be executed directly between the Regulated Entity (RE) and the borrower's bank account, without any pass-through to the Lending Service Provider (LSP).
