[amp_mcq option1=”1st December 2019″ option2=”31st December 2019″ option3=”1st March 2020″ option4=”1st April 2020″ correct=”option4″]
The correct answer is: D. 1st April 2020
Life Insurance Corporation of India (LIC) waived off the convenience fee on all payments to the national insurer, effective from 1st April 2020. This was done to promote digital transactions and reduce the use of cash. The waiver of convenience fee is applicable on all payments made through digital modes, such as internet banking, mobile banking, and credit/debit cards.
The decision to waive off the convenience fee was taken after the government announced a slew of measures to promote digital transactions. The government had also announced a cashback scheme for digital transactions under the Pradhan Mantri Jan Dhan Yojana (PMJDY).
The waiver of convenience fee is expected to encourage more people to use digital modes of payment. This will help in reducing the use of cash and promote a cashless economy.
Here is a brief explanation of each option:
- Option A: 1st December 2019. This option is incorrect because the waiver of convenience fee was effective from 1st April 2020.
- Option B: 31st December 2019. This option is incorrect because the waiver of convenience fee was effective from 1st April 2020.
- Option C: 1st March 2020. This option is incorrect because the waiver of convenience fee was effective from 1st April 2020.
- Option D: 1st April 2020. This option is correct because the waiver of convenience fee was effective from 1st April 2020.