RBI creates new Financial Inclusion Fund
Q. RBI announced merger of two funds to create a new fund known as ______________.- Published on 19 Oct 15a. Financial Inclusion Fund
b. Financial Savings Fund
c. Financial Empowerment Fund
d. Financial Development Fund
ANSWER: Financial Inclusion Fund
RBI has announced merger of two funds to create FIF/Financial Inclusion Fund with corpus of INR 2000 crore for support of development and promotional activities for increasing coverage of banking services. Financial Inclusion Fund and Financial Inclusion Technology Fund will be merged into a single fund called FIF which will be INR 2000 crore. Contribution to FIF will be from an interest differential in excess of 0.5 percent on RIDF/Rural Infrastructure Development Fund and STCRC/Short Term Cooperative Rural Credit deposits on account of shortfall in priority sector lending with NABARD by banks.
