Civil Services Prep

Prelims 2014 · Economy · Question 12

What is/are the facility/facilities the beneficiaries can get from the services of Business Correspondent (Bank Saathi) in branchless areas?

  1. It enables the beneficiaries to draw their subsidies and social security benefits in their villages.
  2. It enables the beneficiaries in the rural areas to make deposits and withdrawals.

Select the correct answer using the code given below.

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Answer

Both 1 and 2

1. Business Correspondents/Bank Saathis provide last-mile banking and DBT access in unbanked or branchless areas. Beneficiaries can withdraw subsidies, pensions and other social security payments in their own villages. Verdict: Correct.

2. They also offer basic banking services such as cash deposits and withdrawals in rural areas through micro-ATMs/AEPS and related banking outlets. Verdict: Correct.

Since both 1 and 2 are correct, the answer is (c).

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