Banking Awareness for Upcoming Exams Set 15

This set contains questions based on the banking terms which were in news recently. There is a high chance of such terms and related questions being asked in the exam.

  1. Which of the following is the largest network of shared ATMs in India?
    A) NFS
    B) NTFS
    C) NEFT
    D) NPCI
    View Answer
    Option A
    Explanation
    : National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India.
  2. NFS was developed by?
    A) NPCI
    B) IDRBT, Hyderabad
    C) NASSCOM
    D) RBI
    View Answer
    Option B
    Explanation
    : The National Financial Switch is the largest interconnected network of automated teller machines (ATMs) in India. This system was developed by Institute of development and research in Banking Technology (IDRBT), Hyderabad. NFS is operated by NPCI.
  3. How many institutions in India have joined the NFS network?
    A) 645
    B) 600
    C) 745
    D) 500
    View Answer
    Option C
    Explanation
    : NFS network comprise of 745 members which include 100 direct members, 645 sub-members including regional rural banks (RRBs) and white label ATM operators (WLAOs)* [Data as on 2 March 2017]
  4. What does C stands for in BBPCU?
    A) Composition
    B) Central
    C) Cash
    D) Corporate
    View Answer
    Option B
    Explanation
    : Bharat Bill Payment Central Unit (BBPCU)
    The BBPS will consist of two types of entities carrying out distinct functions : BBPCU , BBPOU
  5. Who operates Bharat Bill Payment System (BBPS)?
    A) RBI
    B) NABARD
    C) SEBI
    D) NPCI
    View Answer
    Option D
  6. What does D stands for in NCD?
    A) Debt
    B) Deposit
    C) Debentures
    D) Data
    View Answer
    Option C
    Explanation
    : NCD – Nonconvertible Debentures
  7. In BHIM app money can be send using ?
    A) Virtual Payment Address (VPA)
    B) Account Number
    C) QR code
    D) All of these
    View Answer
    Option D
    Explanation
    : User can send money using a Virtual Payment Address (VPA), Account Number & IFSC, Aadhaar Number or QR code.
  8. What does QR stands for in QR code?
    A) Queue Representation
    B) Query Response
    C) Quasi Representation
    D) Quick Response
    View Answer
    Option D
    Explanation
    : QR Code – Quick Response Code
  9. In BHIM app , a Virtual Private Address has the extension of ___ ?
    A) VPA
    B) UPI
    C) depends on the name of bank
    D) NPCI
    View Answer
    Option B
    Explanation
    : name@upi
  10. What does I stands for in BHIM?
    A) Instruction
    B) Instant
    C) Immediate
    D) Interface
    View Answer
    Option D
    Explanation
    : Bharat Interface for Money (BHIM)

 

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7 Thoughts to “Banking Awareness for Upcoming Exams Set 15”

  1. Aditya Negi

    @Suraj Please explain ques 9

    1. Suraj

      like in normal banking system we have account number to identify a customer. In UPI apps after registering ourselves by entering account number and other required details, we have to make a Virtual Private Address. It is similar to an email address. As we can give our desired username in email id, similarly in UPI apps we can give VPA as per our desire . Now as email IDs have extension like gmail , yahoo etc .. UPI VPA have extensions like @sbi @bob depending on in which bank we have account.
      But in BHIM app irrespective of the bank in which you have account, this extenions will be @upi
      suppose u give the username/VPA as adityanegi01 then your VPA will be adityanegi01@upi
      now u can use this for sending and receiving money from upi app

      1. Aditya Negi

        Thank you for the detailed explanation.

  2. Sachin Shukla

    ty..

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