Banking Awareness Set 70 (NACH and NPCI)

Banking Awareness on NACH and NPCI

Important Banking Awareness Questions on NACH and NPCI for SBI PO, IBPS PO, NIACL, LIC, RBI, RRB PO Clerk, IPPB and other competitive exams. 

  1. What does A stands for in NACH?
    A) Account
    B) Annual
    C) Adjustable
    D) Automated
    View Answer
    Option D
    Explanation
    : National Automated Clearing House
  2. Which of the following is the implementing body of NACH?
    A) RBI
    B) NPCI
    C) Ministry of Finance
    D) NABARD
    View Answer
    Option B
    Explanation
    : National Payments Corporation of India (NPCI) has implemented “National Automated Clearing House (NACH)” for Banks, Financial Institutions, Corporates and Government a web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature.
  3. NACH has been launched with an aim to consolidate multiple _____ systems running across the country
    A) ECS
    B) APB
    C) NEFT
    D) RTGS
    View Answer
    Option A
    Explanation
    : Electronic Clearing System (ECS)
    National Automated Clearing House (NACH) is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonization of standard & practices and removes local barriers/inhibitors.
  4. Which of the following system has been designed by NPCI for Direct Benefit Transfer (DBT) system?
    A) UPI
    B) BBPS
    C) IMPS
    D) ABPS
    View Answer
    Option D
    Explanation
    : NPCI developed a centralized Direct Benefit Transfer (DBT) system, alternatively known as Aadhaar Payment Bridge (APB) System for channelizing the entitlements using Aadhaar number issued by UIDAI in an electronic manner by identifying the beneficiary and crediting the beneficiary bank account directly, once the Aadhaar number and the bank account number of the recipient are linked.
  5. Which of the following clearing service is not controlled by Reserve Bank of India?
    A) Local ECS
    B) Regional ECS
    C) National ECS
    D) NACH
    View Answer
    Option D
    Explanation
    : While the Local ECS, Regional ECS, National ECS are controlled by the Reserve Bank of India or by the designated commercial banks, NACH functions on all India platforms managed by the National Payments Corporation of India (NPCI).
  6. NPCI has how many core promoter banks?
    A) 8
    B) 9
    C) 10
    D) 12
    View Answer
    Option C
    Explanation
    : Presently ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC).
  7. NPCI was incorporated under Section _____ of Companies Act 1956.
    A) Section 8
    B) Section 10
    C) Section 12
    D) Section 25
    View Answer
    Option D
    Explanation
    : Section 25 company under Companies Act 1956
    Important Point: Now it is Section 8 of Companies Act 2013
  8. Which of the following is not a product by NPCI?
    A) AEPS
    B) UPI
    C) ECS
    D) RuPay
    View Answer
    Option C
    Explanation
    : ECS if by RBI.
    NPCI- NFS, BHIM, UPI, IMPS, NACH, AEPS, RuPAY, BBPS
  9. What is the authorized capital of NPCI?
    A) Rs 100 crore
    B) Rs 200 crore
    C) Rs 250 crore
    D) Rs 300 crore
    View Answer
    Option D
    Explanation
    : Rs 300 crore
  10. What is the paid up capital of NPCI?
    A) Rs 50 crore
    B) Rs 100 crore
    C) Rs 137 crore
    D) Rs 150 crore
    View Answer
    Option C
    Explanation
    : Rs 137 crore

 

 

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12 Thoughts to “Banking Awareness Set 70 (NACH and NPCI)”

  1. Ambika

    thank-you sir 🙂

  2. pulkit

    thank you sir awsm:)

  3. Vision

    ty
    excellent work
    ADmin !!

  4. sachin shukla@Target SBI Mains

    thankuuu

  5. MAYANK BHARADWAJ100%

    thks

  6. kumkum ahuja

    thank u 🙂

  7. Vasudha⭐

    Thank you AZ

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