Answer: D

Explanation:

A tax is usually an involuntary charge levied by a government on individuals and corporations in order to finance government activities. There are two types of taxes; Direct Taxes and Indirect Taxes.

Excise duty is a type of tax that is levied on goods produced within the country. It is a tax on the production or sale of a good. Since the year 2000, this tax is known as Central Value Added Tax. It was earlier known as Modvat in 1986. Hence, option (d) is correct.

Answer: A

Explanation:

Financial inclusion is defined as the process of ensuring access to financial services, at an affordable cost, timely, and with adequate credit, to vulnerable sections and low-income groups.

The Reserve Bank of India released the National Strategy for Financial Inclusion (NSFI) for the period 2019-2024. It sets out the vision and key objectives of financial inclusion policies in India to help expand and sustain the financial inclusion process at the national level through a broad convergence of action involving all stakeholders in the financial sector. Hence, option (a) is correct.

Answer: B

Explanation:

Urban Co-operative Banks (UCBs) are also known as Primary Co-operative Banks which are registered as Co-operative Societies under the provisions of the Co-operative Societies Act of the respective State or the Multi-State Co-operative Societies Act, 2002 of the State. UCBs lend to members of a community on favorable terms to facilitate access to credit.

UCB banking operations are regulated by the RBI to meet its capital adequacy, risk control, and lending norms. However, their management and resolution in case of distress are regulated by the Registrar of Co-operative Societies under the State or Central Government. Hence, UCBs are only partially regulated by RBI. Hence, statement 1 is incorrect.

UCBs are located in both urban and rural areas. Urban Co-operative Banks (UCBs) are either scheduled or non-scheduled and operate in multi-state or single states. Rural co-operative banks can be either short-term or long-term in nature. Hence, statement 2 is correct.

Answer: B

Explanation:

Development banks are financial institutions that provide long-term loans to capital-intensive investments over a long period of time. It plays a counter-cyclical role in ensuring investment flows even during economic downturns and actively supporting regional integration and internationalization of domestic companies. Sources of wealth include long-term savings institutions, pensions, life insurance funds and post office deposits. It provides refinance facilities to commercial banks in the same way that banks provide direct finance to customers. Hence, statement 1 is correct.

It provides only long-term loans. It accepts deposits from commercial banks and central and state governments, unlike commercial banks which accept deposits from the public. Hence, statement 2 is incorrect.

Answer: C

Explanation:

The most appropriate parameter to measure the growth of a country is its per capita income. Countries with high per capita income are considered developed as compared to countries with low per capita income. Hence, option (c) is correct.