India's Digital Banking Plan

India has developed a digital system enabling easy money transfers via mobile apps, benefiting those without traditional banking access. This initiative is supported by India's retail banks and the Reserve Bank of India. Under Prime Minister Modi, efforts were made to ensure every Indian has a bank account. The system uses mobile technology and biometric validation to provide banking access to remote areas.

What is the primary benefit of India's new mobile banking system?

• It provides free internet access to all users.

• It allows people to transfer money using a mobile app.

• It offers discounts on online shopping.

• It guarantees higher interest rates on savings.

Who is primarily responsible for pushing the mobile banking technology forward in India?

• Private tech companies

• India's retail banks and the Reserve Bank of India

• International financial organizations

• Local government bodies

What was one of Prime Minister Modi's goals regarding banking in India?

• To promote cryptocurrency

• To reduce interest rates

• To encourage every Indian to open a bank account

• To increase the number of ATMs

Why do many Indians not operate their bank accounts?

• They do not trust banks.

• They live in remote areas without easy access to banks.

• They prefer using cash.

• They lack internet access.

How can users validate their identity in the mobile banking system?

• By answering security questions

• Through biometric features like iris scans and fingerprints

• By entering a password

• By using a PIN code