Based on the passage:
India has banking correspondents, who help bring people in the hinterland into the banking fold. For them to succeed, banks cannot crimp on costs. They also cannot afford to ignore investing in financial education and literacy. Banking correspondents are way too small to be viewed as a systemic risk. Yet India's banking regulator has restricted them to serving only one bank, perhaps to prevent arbitrage. Efforts at banking outreach may succeed only if there are better incentives at work for such last-mile workers and also those providers who ensure not just basic bank accounts but also products such as accident and life insurance and micro pension schemes.

Which one of the following is the most logical, rational and crucial inference that can be derived from the above passage?

Question

Based on the passage:
India has banking correspondents, who help bring people in the hinterland into the banking fold. For them to succeed, banks cannot crimp on costs. They also cannot afford to ignore investing in financial education and literacy. Banking correspondents are way too small to be viewed as a systemic risk. Yet India's banking regulator has restricted them to serving only one bank, perhaps to prevent arbitrage. Efforts at banking outreach may succeed only if there are better incentives at work for such last-mile workers and also those providers who ensure not just basic bank accounts but also products such as accident and life insurance and micro pension schemes.

Which one of the following is the most logical, rational and crucial inference that can be derived from the above passage?

Accepted Answer

Correct Option: For meaningful financial inclusion, India's banking system needs more number of banking correspondents and other such last-mile workers. The passage discusses banking correspondents who bring hinterland people into the banking fold, noting that banks must invest in financial literacy, provide better incentives, and ensure various financial products. It points out that banking outreach efforts require better incentives for last-mile workers and providers. From this, the most logical and crucial inference is that meaningful financial inclusion requires a greater number of banking correspondents and last-mile workers supported by appropriate incentives and outreach. Thus, option 2 is the most rational inference.

Which one of the following is the most logical, rational and crucial inference that can be derived from the above passage?

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