Multiple choice

Which statement is incorrect with regard to General Credit Card (GCC) scheme?

  1. GCCs are issued by commercial banks to meet general credit requirement of customers in rurl/semi-urban areas

  2. Total credit facility under a GCC for an individual should not exceed Rs. 25,000

  3. Banks should not insist for collateral securities while issuing GCCs

  4. A loan disbursed under GCC Scheme is not a part of Priority Sector Lending

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Statement D is INCORRECT - loans under the GCC (General Credit Card) scheme ARE part of Priority Sector Lending. The other statements are correct: GCCs are issued for rural/semi-urban areas (A), credit limit is Rs. 25,000 (B), and collateral is not required (C). The Priority Sector classification makes these loans important for financial inclusion.

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