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Question

Which is NOT correct about Financial Inclusion Fund?

A Financial Inclusion Fund & Financial Inclusion Technology Fund are merged into a single Fund Correct Answer Incorrect Answer
B The overall corpus of the new FIF is be Rs. 2000 crore Correct Answer Incorrect Answer
C The fund will promote developmental and promotional activities related to Financial Inclusion Correct Answer Incorrect Answer
D The fund shall not be utilized for normal business/banking activities Correct Answer Incorrect Answer
E All of the above are correct Correct Answer Incorrect Answer

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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