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UPSC 2017 › Indian Economy › Digital Payments & Financial Inclusion

3 questions · 2017 · answers as per the UPSC key

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All years of Digital Payments & Financial Inclusion · Full UPSC 2017 paper
UPSC 2017 · Q40 · Indian Economy › Digital Payments & Financial Inclusion · Save

What is the purpose of setting up of Small Finance Banks (SFBs) in India ?

  1. To supply credit to small business units
  2. To supply credit to small and marginal farmers
  3. To encourage young entrepreneurs to set up business particularly in rural areas.

Select the correct answer using the code given below :

(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Show answer
Answer: (a) 1 and 2 only
UPSC 2017 · Q43 · Indian Economy › Digital Payments & Financial Inclusion · Save

Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)' ?

(a) Mobile wallets will not be necessary for online payments.
(b) Digital currency will totally replace the physical currency in about two decades.
(c) FDI inflows will drastically increase.
(d) Direct transfer of subsidies to poor people will become very effective.
Show answer
Answer: (a) Mobile wallets will not be necessary for online payments.
UPSC 2017 · Q79 · Indian Economy › Digital Payments & Financial Inclusion · Save

Consider the following statements :

  1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country.
  2. NPCI has launched RuPay, a card payment scheme.

Which of the statements given above is/are correct ?

(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Show answer
Answer: (c) Both 1 and 2