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7) A Reserve Bank of India (RBI) committee on financial inclusion headed by Deepak Mohanty has suggested that the government should transfer cash directly to persons instead of giving subsidies, and should replace interest subvention on agriculture loans with affordable universal crop insurance scheme. Explain with examples how these recommendations, if implemented, will bring about financial inclusion.

TopicInclusive development – issues

7) A Reserve Bank of India (RBI) committee on financial inclusion headed by Deepak Mohanty has suggested that the government should transfer cash directly to persons instead of giving subsidies, and should replace interest subvention on agriculture loans with affordable universal crop insurance scheme. Explain with examples how these recommendations, if implemented, will bring about financial inclusion. (200 Words)

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