Automated Teller Machines (ATMs) set up, owned and operated by non-bank entities are called-

The correct answer is B, 2014. The Pradhan Mantri Jan Dhan Yojana was launched on 28 August 2014 as a national mission to give every household a bank account. The accounts opened under it are basic savings accounts with no minimum balance, and they carry a RuPay debit card, accident insurance cover and, after satisfactory operation, an overdraft facility of up to ten thousand rupees. The scheme also became the channel for direct benefit transfer of subsidies and pensions.

Option A, 2011, is the year the Reserve Bank deregulated savings interest rates and also the year of the earlier Swabhimaan campaign for village banking. Option C, 2016, is the year of demonetisation, of the launch of UPI and of the KYC Master Direction. Option D, 2019, saw the rollout of several digital payment measures. Only 2014 is the launch year of the Jan Dhan Yojana.

The correct answer is A, CERSAI, the Central Registry of Securitisation Asset Reconstruction and Security Interest of India. It keeps the Central KYC Records Registry, in which banks and other reporting entities file the KYC records of their customers with a unique KYC identifier. A customer whose record is already in the registry need not repeat the whole process when dealing with another bank, insurer or mutual fund, which saves both time and paper.

Option B, the National Payments Corporation of India, runs retail payment systems such as UPI, RuPay, NACH and the IMPS service. Option C, SEBI, regulates the securities market. Option D, IRDAI, regulates insurance. All three are regulators or system operators in the financial sector, which makes them plausible, but the KYC registry belongs to CERSAI, a company set up under the SARFAESI framework.

The correct answer is C, FCNR (B) account, the Foreign Currency Non-Resident Bank account. It is a term deposit held in a permitted foreign currency such as the US dollar, pound sterling, euro or yen, for a period of one to five years, and both principal and interest are repaid in that currency, so a change in the rupee rate does not affect the depositor. The exchange risk is carried by the bank.

Option A, the Non-Resident External account, is held in rupees; it is freely repatriable and the interest is exempt from income tax in India, but the depositor bears the exchange risk. Option B, the Non-Resident Ordinary account, is also in rupees and is meant for income earned in India such as rent, pension or dividend, with taxable interest and restricted repatriation. Option D, an escrow account, is a neutral account used to hold money until the conditions of a contract are met.

The correct answer is B, Depositor Education and Awareness Fund. Under the Banking Regulation Act as amended, a bank must transfer to this fund, maintained by the Reserve Bank of India, any deposit that has not been operated or claimed for ten years. The money is used for education and awareness of depositors, but the right of the depositor is not lost: the depositor or the legal heir may claim the amount from the bank at any time afterwards, with interest, and the bank then recovers it from the fund.

Option A, the Consolidated Fund of India, is the government's main account into which its revenues flow and has no connection with unclaimed deposits. Option C, the National Investment Fund, holds the proceeds of disinvestment of public sector undertakings. Option D, the Financial Inclusion Fund, is maintained with NABARD for developmental work in unbanked areas, which makes it a plausible but wrong option.

The correct answer is B, recurring deposit. In a recurring deposit the customer promises to pay a fixed sum every month for a chosen period, and the bank pays interest at a rate close to that on a term deposit of the same maturity, the whole amount being returned with interest at the end. It suits a salary earner who can save a small amount each month rather than a lump sum, and a default in an instalment usually attracts a small penalty.

Option A, a fixed deposit, takes one lump sum at the beginning for the chosen period. Option C, a current account, is a demand deposit for business use and pays no interest. Option D, a demand draft, is not a deposit at all but an instrument a bank issues for remitting money to another place, payable to the named person. Only the recurring deposit is built on monthly instalments.