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Read the passage and answer the following questions.

The RBI has now initiated processes of improving the financial access to people in rural areas. All banks would be opening rural accounts using Business Facilitators and Business Correspondents. These correspondents would encourage people in rural areas to open bank accounts so that they can save their money and also use loan facilities of the bank. These facilitators would help them connect with the local branch. Electronic identification systems would be used to open these accounts.

Recently, the government initiated providing Unique Identification Number to every citizen of India. All those who have enrolled themselves and given a card called Aadhaar. Those who have this number can open the bank account easily and also get the benefits and services provided by government. Earlier banks used to make it mandatory to put a minimum amount while opening an account.

Nowadays, can open account and there is no compulsion to keep any minimum amount. This is called ‘Basic Savings Bank Deposit Account’ (BSBDA).

1) What has RBI initiated?

2) What would be the uses of RBI’s steps?

3) What initiations has the government taken recently?

4) What is the name of the card?

5) Is there any mandatory to put a minimum account?

1 Answer

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1. The RBI has now initiated processes of improving the financial access to people in rural areas.

2. They would encourage people in rural areas to open bank accounts, to save money ’ and also use loan facilities of the banks.

3. Recently, the government initiated providing unique identification number to every citizen of India.

4. Aadhaar card.

5. Now, there is no compulsion to keep a minimum amount. This is called ‘Basic Savings Bank Deposit Account’.

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