FIF: Corpus, Maintaining agency & objectives

Q.  Which of the following statements is/are correct about Financial Inclusion Fund (FIF)?

1. It has a corpus of Rs 2,000 crore to support 'developmental and promotional activities' for expanding reach of banking services.
2. The new FIF will be administered by the reconstituted Advisory Board constituted by government and will be maintained by NABARD.
- Published on 20 Oct 15

a. Only 1
b. Only 2
c. Both
d. None

ANSWER: Both
 
FIF is created by merger of two funds- Financial Inclusion Fund and Financial Inclusion Technology Fund into a single Fund - Financial Inclusion Fund (FIF).
The fund shall not be utilized for normal business or banking activities
The objectives of the FIF :
1. To support 'developmental and promotional activities' including creating of FI infrastructure across the country
2. Capacity building of stakeholders
3. Creation of awareness to address demand side issues.
4. Enhanced investment in Green Information and Communication Technology (ICT) solution

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