456: With reference to the institution of Banking Ombudsman in India, which one of the statements is not correct ?
(a) The Banking Ombudsman is appointed by the Reserve Bank of India
(b) The Banking Ombudsman can consider complaints from Non-Resident Indian having accounts in India
(c) The orders passed by the Banking Ombudsman are final and binding on the parties concerned
(d) The service provided by the Banking Ombudsman is free of any fee
Explanation:
Banking Ombudsman is a quasi judicial authority functioning under India's Banking Ombudsman Scheme 2006, and the authority was created pursuant to the a decision by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks. The Banking Ombudsman Scheme was first introduced in India in 1995, and was revised in 2002. The Banking Ombudsman is a senior official appointed by the RBI to redress customer complaints against deficiency in certain banking services. The Banking Ombudsman does not charge any fees for his services.
If one is not satisfied with the decision passed by the Banking Ombudsman, one can approach the appellate authority against the Banking Ombudsmen's decision. Appellate Authority is vested with a Deputy Governor of the RBI.
One can also explore any other recourse and/or remedies available to him / her as per the law.
The bank also has the option to file an appeal before the appellate authority under the scheme.
457: Atal Innovation Mission is set up under the
(a) Department of Science and Technology
(b) Ministry of Labour and Employment
(c) NITI Aayog
(d) Ministry of Skill Development and Entrepreneurship
Explanation:
AlM's objectives are to create and promote an ecosystem of innovation and entrepreneurship across the country at school, university, research institutions, MSME and industry levels. The Mission has been set up under NITI Aayog, in accordance with the Hon'ble Finance Minister's declaration in the 2015 Budget Speech.
458: Black hole is:
(a) A magnetic dark cavity
(b) Name of a star
(c) A hole in the moon
(d) A dying star
459: With reference to India, consider the following:
1. Nationalization of Banks
2. Formation of Regional Rural Banks
3. Adoption of villages by Bank Branches
Which of the above can be considered as steps taken to achieve the "financial inclusion" in India ?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 3 only
(d) 1, 2 and 3
Explanation:
Financial inclusion is the delivery of banking services at affordable costs to vast sections of disadvantaged and low income groups.
The Reserve Bank of India setup a commission (khan Commission) in 2004 to look into Financial Inclusion and the recommendations of the commission were incorporated into the Mid-term review of the policy (2005-06).
Financial inclusion is "the process of ansuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost".
Steps taken by banking industry for financial inclusion in India included :
- Nationalisation Banks
- Introduction of Lead Bank Scheme
- Introduction of Priority Sector Norms
- Introduction of Service Area Concept
- Adoption of Villages by Bank Branches
- Formation of Regional Rural Banks
- Strengthening of Cooperatives
460: With reference to 'Pradhan Mantri Fasal Bima Yojana', consider the following statements:
1. Under this scheme, farmers will have to pay a uniform premium of two percent for any crop they cultivate in any season of the year.
2. This scheme covers post-harvest losses arising out of cyclones and unseasonal rains.
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