Question
Statement 1: Contributions to the PM-SYM scheme vary
based on the age at which a worker joins the scheme. Statement 2: The scheme allows for a one-time lump sum payment instead of monthly contributions. Which of the above statements is/are correct?Solution
Statement 1 is correct as the contribution amount under PM-SYM varies depending on the age at which the worker enrolls in the scheme. However, there is no provision for a one-time lump sum payment; contributions are made monthly.
The CRR cut will only benefit the banks and not the industry, which is suffering of high interest rates and slow demand.Â
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