Question

ulsory
Unit I
Q1) Case study: The expansion of banking services is a crucial need of time to promote
financial services among people in rural areas, migrant workers, low income group and small
businesses. Reserve Bank of India and Government of India had taken multiple steps to promote
the financial services in all part of the country through various financial schemes like Pradhan
Mantri Jan Dhan Jojna (PMIDY), digital payment interface like IMPS, UPI, RTGS, NEFT; but
the irony is still a large part of the country is either unbanked or under banked. Reserve Bank of
India realised the need of some more initiatives to be taken, so on 19th August 2015, Reserve
Bank of India approved “In-Principle" license to Il entities to launch payment banks in Indian
market on the basis of recommendation of Committee on “Comprehensive Financial Services for
Small Businesses and Low Income Households", but unfortunately only 4 banks have started
their operations till now. Even 3 banks have surrendered their licenses to RBI.
a) "Payment banks are not a cup of tea for the majority of Indian population currently".
Comment
(6 Marks)
b) "High rate of illiteracy enhances the fear factor, which results the low adoption rate of
advanced technology based services”. Comment.
(6 Marks)​

Answer 1

I can not wasting my time ok live

Answer 2

Payment banks are not a cup of tea for the majority of Indian population currently

Explanation:

• The majority of Indian population currently are not aware of the payment bank system.
• The main disadvantage is that we can only pay and receive digital money but cannot get credit cards and loan facility from such banks.  
• Payment banks are not appropriate for the majority of Indian population currently due to fraudulent transactions .  
• There is high rate illiteracy in India which results the low adoption rate of advanced technology based services. Those rural people have no access to  financial institutions.

To know more:

High rate of illiteracy enhances the fear factor, which results the low adoption rate of  advanced technology based services”. Comment.

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