Question
Which is NOT correct about Financial Inclusion Fund?
Solution
Reserve Bank of India (RBI) has established Financial Inclusion Fund (FIF) with Rs. 2000 crore corpus expanding reach of banking services. This fund will support the developmental and promotional activities covered under the financial inclusion initiatives. Key facts FIF has been established as a single entity (fund) by merging Financial Inclusion Fund (FIF) and Financial Inclusion Technology Fund (FITF). It will provide support for funding the setting up and operational cost for running financial inclusion and Literacy Centres. One of its major objective will be enhanced investment in Green Information and Communication Technology (ICT) solution. It will be administered by the reconstituted Advisory Board constituted by Union Government and will be maintained by NABARD.
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