Digital Banking Awareness Questions for upcoming banks and insurance exams SBI PO, IBPS PO/Clerk, Federal Bank, RRB PO/Clerk, RBI, IPPB.
- Which of the following is not true about National Electronic Funds Transfer (NEFT) system?
A) There is no limit on transaction through NEFT
B) NEFT operates in hourly batches.
C) NEFT is a payment system which facilitates one-to-one funds transfer.
D) Only bank branches which are NEFT enabled, can be a part of the NEFT funds transfer network.
E) All of the above are correct
- Which of the following is not true about Real Time Gross Settlement (RTGS) system?
A) The minimum amount that can be received through RTGS is ` 2 lakh.
B) The banks receive the funds in real time as soon as funds are transferred by the remitting bank.
C) The minimum amount to be remitted through RTGS is ` 2 lakh.
D) RTGS is a payment system which facilitates settlement of funds transfers individually on an order by order basis.
E) All of the above are correct.
- Which of the following is not true about Unified Payments Interface (UPI)?
A) UPI is an instant payment system developed by the National Payments Corporation of India (NPCI).
B) Through UPI, all payments are instant and takes place in banking hours.
C) Under UPI person will have a single identity and password for using multiple bank accounts.
D) UPI is based on the Immediate Payment Services (IMPS) infrastructure.
E) All of the above are correct.
- Which of the following is not true about Mobile Money Identifier (MMID)?
A) Mobile Money Identifier (MMID) is a seven-digit number, issued by banks for effecting financial transactions through the user’s mobile phone.
B) The user’s mobile number MMID are uniquely linked with his bank account number, and is one of the key inputs to facilitate fund transfer.
C) Both the remitter and the beneficiary are required to have their MMIDs to effect a fund transfer through the mobile phone.
D) A unique MMID and mobile number combination helps in identifying the beneficiary’s details. A single MMID can be linked to a mobile number.
E) To receive an MMID, the user is required to approach his bank and follow the necessary procedure for obtaining the number.
- Which of the following is not true about Payments Bank?
A) Payments bank can issue ATM/debit cards but not credit cards
B) Initial capital required for a Payments Bank is Rs 100 crore
C) Payments Bank must maintain Cash Reserve Ration (CRR) as decided by RBI.
D) Payments Bank can give a loan of up to only Rs 1 lakh.
E) Payments Bank can enable transfers and remittances through a mobile phone.
- Which of the following is not true about Small Finance Bank?
A) Maximum loan size to a single person cannot exceed 10% of total capital funds; cannot exceed 15% in the case of a group.
B) At least 50% of its loans should constitute loans and advances of up to 25 lakh.
C) Minimum paid-up equity capital requirement of Small Finance Banks is Rs 100 crore.
D) Small Finance banks must have 25% of its branches set up in unbanked areas.
E) They can set up subsidiaries to undertake non-banking financial service activities.
- Which of the following is not true about Immediate Payment Service (IMPS)?
A) IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones.
B) The facility is provided by National Payments Corporation of India through its existing NFS switch.
C) Internet Banking Account facilitates IMPS to transfer money to any account.
D) To use IMPS, both the account holder and beneficiary needs to have Mobile Money Identifier (MMID).
E) IMPS allows instant money transfer.
- Which of the following is not true about National Automated Clearing House (NACH)?
A) It is a centralised clearing system launched by the National Payments Corporation of India (NPCI).
B) It aims to replace and consolidate multiple existing Electronic Clearing Service (ECS) systems across India
C) NACH platform has been created to replace the Electronic Clearing Service (ECS) system
D) NACH have the same day presentation and settlement, including returns processing.
E) All of the above are true.
- Which of the following is not true about Bharat Interface for Money (BHIM) app?
A) BHIM is a digital payments solution app, for easy and quick transactions, based on the Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI).
B) Money can also be sent to non-UPI supported banks using IFSC code and account number.
C) BHIM allows daily transaction limit of Rs 20,000.
D) Through BHIM app, a maximum of Rs 5,000 is allowed per transaction.
E) BHIM framework allows its usage without internet also.
- Which of the following is not true about Aadhaar-enabled payment system (AEPS)?
A) AEPS enables bank customers to access their Aadhaar-linked bank accounts through the Aadhaar authentication.
B) For a transaction through AEPS, only Aadhaar number and fingerprint captured during the enrolment are required.
C) AEPS allows inter-operability among different systems adopted by different banks in a safe and secured manner.
D) AEPS is aimed at empowering the marginalised and excluded segments to conduct financial transactions through micro ATMs deployed by banks in villages.
E) Customers can find out their account balance, deposit cash, withdraw money and transfer funds to other Aadhaar-linked bank accounts through the help of business correspondents of the bank they have account in.