OSCB Banking Assistant Practice Questions - Odisha State Cooperative Bank Banking Assistant Exam

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Read the passage carefully and answer the question: Financial inclusion has become a cornerstone of economic development policy in India. By providing banking services to unserved and underserved segments, the government aims to channel formal credit to small-scale enterprises and marginal farmers. Financial technology, or Fintech, has acted as a catalyst, offering low-cost digital payment solutions and micro-lending options. However, digital illiteracy in remote villages remains a formidable barrier, preventing rural populations from fully trusting online financial ecosystems. Therefore, financial literacy programs must run parallel to technology deployment to ensure meaningful financial inclusion. Based on the passage, what is the role of Fintech in financial inclusion?

It acts as a catalyst by offering low-cost digital payment solutions and micro-lending. It completely replaces the need for physical bank branches and human staff. It operates as the primary regulatory authority over rural cooperative societies. It eliminates the necessity of financial literacy programs in remote villages.

Correct Answer:

It acts as a catalyst by offering low-cost digital payment solutions and micro-lending.

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