Banking Awareness Set 64 (Unified Payments Interface)

Banking Awareness on Unified Payments Interface

Important Banking Awareness Questions on Unified Payments Interface for SBI PO, IBPS PO, NIACL, LIC, RBI, RRB PO Clerk, IPPB and other competitive exams. Banking Awareness Unified Payments Interface UPI

  1. UPI has been developed by?
    A) RBI
    B) NPCI
    C) MeitY
    D) NOFN
    View Answer
    Option B
    Explanation
    : Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity.
  2. What is the maximum number of digits that a UPI-PIN can have?
    A) 4
    B) 5
    C) 6
    D) 8
    View Answer
    Option C
    Explanation
    : UPI-PIN (UPI Personal Identification Number) is a 4-6 digit pass code you create/set during first time registration with this App.
  3. In UPI, ______ is an Address which uniquely identifies a person’s bank account.
    A) Primary Address
    B) Unique Address
    C) Bank Address
    D) Payment Address
    View Answer
    Option D
    Explanation
    : Payment Address also known as Virtual Payment Address (VPA)
  4. Instant fund transfer under UPI, if available for how many hours in a day?
    A) 8 hours
    B) 10 hours
    C) 12 hours
    D) 24 hours
    View Answer
    Option D
    Explanation
    : All payments are instant and 24/7, regardless of your bank’s working hours.
  5. What is the limit of fund transfer using UPI?
    A) Rs 20,000
    B) Rs 10,000
    C) Rs 50,000
    D) Rs 1 Lakh
    View Answer
    Option D
    Explanation
    : At present, the upper limit per UPI transaction is Rs. 1 Lakh.
  6. Which of the following term is used for Requesting money in UPI?
    A) PULL
    B) PUSH
    C) DRAW
    D) ASK
    View Answer
    Option A
  7. Which of the following term is used for Sending money in UPI?
    A) PULL
    B) PUSH
    C) TRANSFER
    D) PUT
    View Answer
    Option B
  8. Which of the following is a financial transaction under UPI?
    A) Collect Request
    B) Set/Change PIN
    C) Check Transaction Status
    D) Raise Dispute/ Raise query
    View Answer
    Option A
    Explanation
    : There are two financial transactions that UPI supports:
    a) Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the intended beneficiary. Payment Addresses include Mobile Number & MMID, Account Number & IFSC and Virtual ID
    b) Collect Request: A Collect Request is a transaction where the customer is pulling funds from the intended remitter by using Virtual ID.
    Non-Financial Transaction:
    Mobile Banking Registration
    Generate One Time Password ( OTP)
    Set/Change PIN
    Check Transaction Status
    Raise Dispute/ Raise query
  9. What does S stands for in PSP with respect to UPI?
    A) Software
    B) Service
    C) System
    D) Synchronized
    View Answer
    Option C
    Explanation
    : PSP- Payment System Player . The bank which provides UPI
  10. The eligible criteria for the Banks who can participate in UPI is that the Bank should have approval from RBI for Mobile Banking Service and also should be live on _____.
    A) AEPS
    B) BBPS
    C) IMPS
    D) CTS
    View Answer
    Option C

 

 

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18 Thoughts to “Banking Awareness Set 64 (Unified Payments Interface)”

  1. KANAK

    Thnku sir 🙂

  2. Trisha

    @surajskt:disqus In Q.8, Non-Financial Transaction, Mobile Banking Registration………….Raise Dispute/ Raise query, Are these other services available on UPI?

    1. Suraj

      i think it depends on the which bank’s UPI app provides these feature; as per NPCI definition these features if provided by the bank will come under non financial transaction; only sending and receiving money is financial transaction

  3. DEEP..!!

    10th..bank should be live on BBPS OR IMPS.

  4. Vision

    Exellent work
    ty !!

  5. sachin shukla@Target SBI Mains

    ty))

  6. Inaayat

    Thanks team

  7. Rishi kanth Sarika

    sir how many more banking awareness sets do you have ??????

    1. Suraj

      check this out: http://aspirantszone.com/banking-awareness/

      you can see all our quizzes in the QUIZ ZONE menu

      1. yo

        Sir how much interest rate ippb is providing
        Currently?

        1. Suraj

          4.5% if the quarterly average balance is up to Rs25,000,
          5% if it is between Rs25,000 and Rs50,000, and
          5.5% if above Rs50,000.

          1. yo

            thanks a ton sir

  8. Ambika

    thank x 🙂

  9. Dipayan Nag

    VERY USEFUL QUESTIONS. THANKS AZ

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