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UPI Personal Identification Number is a ____ digit pass code you create/set during
first time registration with UPI App
A. 4 – 5
B. 3 – 5
C. 4 – 6
D. 3 – 6
E. None of these
C. 4 – 6
Explanation:
UPI Personal Identification Number is a 4 – 6 digit pass code you create/set during first
time registration with UPI App
E. Only A and B
Explanation:
Only Savings and Current bank accounts are supported by BHIM
B. Rs. 1 Lakh
Explanation:
The upper limit per UPI transaction is Rs. 1 Lakh
C. 30 min
Explanation:
The default time is 30 min.
E. No Charge
Explanation:
There is no charge for transaction from Rs.1 to Rs.1 Lakh
10. ________ is only a transfer mechanism, which transfers money between different
bank accounts and does not hold Money.
A. PayTM
B. Airtel Money
C. mPesa
D. BHIM
E. None of these
D. BHIM
Explanation:
BHIM is only a transfer mechanism, which transfers money between different bank
accounts and does not hold Money
1. How many digits will be used to represent Universal Account Number ?
1.10
2.11
3.20
4.12
Answer
Answer – 4. 12
2. Mobile Money Identifier (MMID) is a 7 digit unique number issued by the bank.
What are the last three digits represent?
1. to identify the account of the user
2. to identify the branch of the user
3. to identify the bank of the user
4. None of these
Answer
3. PAN card will be issued under Section __________ of the Income Tax Act.
1.139A
2.189A
3.89A
4.None of these
Answer
Answer – 1.139A
4. Permanent Account Number (PAN) is used to identify the Indian nationals and
regular Income Tax payer under the______________.
1. Indian Income Tax Act, 1981
2. Indian Income Tax Act, 1961
3. Indian Income Tax Act, 1971
4. None of these
Answer
Answer
Answer
Answer
Answer
Answer
Answer – 3.20
10. IFS Code is 11 alpha numeric code. What is the fifth character?
1. An alphabet
2. Check digit
3. 0
4. None of these
Answer
Answer – 3.0
Answer
Answer
Answer
Answer – 1. Airtel Payments Bank Limited & 2. India Post Payment Bank
4. The RBI will consider grant full licenses for payment banks under which section of
the Banking Regulation Act, 1949?
1. Section 19
2. Section 20
3. Section 21
4. Section 22
5. Section 23
Answer
Answer – 4. Section 22
Answer
6. Which of the below entity has surrendered its “in-principle” license which is given
by RBI to launch its Payment Bank?
1. National Securities Depository
2. Aditya Birla Nuvo
3. Tech Mahendra
4. Vodafone M-Pesa
5. Reliance Industries
Answer
7. Payment banks cannot issue financial products such as mutual funds and insurance
but they can issue loans to their customers. Is it True or False?
Answer
Answer – False
Answer
Answer
Answer – 3. 74%
10. How much of minimum capital requirement needs to hold initially for payment
bank?
1. 10 crore
2. 25 crore
3. 50 crore
4. 100 crore
5. 125 crore
Answer
C. BHIM
Explanation:
BHIM – Smartphone app built using UPI interface
4. Which is the umbrella organisation for all retail payment systems in India?
A. UPI
B. BBPS
C. NPCI
D. NCMC
E. None of these
C. NPCI
Explanation:
NPCI is the umbrella organisation for all retail payment systems in India
D. NFS
Explanation:
Network of shared automated teller machines in India is called National Financial
Switch(NFS).
6. What is the single mobile application for accessing different bank accounts?
A. UPI
B. BBPS
C. NPCI
D. NFS
E. None of these
A. UPI
Explanation:
UPI is the single mobile application for accessing different bank accounts
D. Bharat QR
Explanation:
A common QR code built for ease of payments is known as Bharat QR
9. _______are payment instruments that can be used to purchase goods and services at
any card-accepting POS terminals.
A. Closed System Payment Instruments
B. Semi-closed System Payment Instruments
C. Open System Payment Instruments
D. Semi-Open System Payment Instruments
E. None of these
10. ________ can be used for purchase of goods and services and also permit cash
withdrawal at ATMs, Merchant Local Locations, and automated business
correspondents.
A. Closed System Payment Instruments
B. Semi-closed System Payment Instruments
C. Open System Payment Instruments
D. Semi-Open System Payment Instruments
E. None of these
The maximum value of any prepaid payment instrument, where specific limits have not
been prescribed, shall not exceed ______
A. Rs. 25000
B. Rs. 75000
C. Rs. 50000
D. Rs. 100000
E. None of these
Answer & Explanation
C. Rs. 50000
Explanation:
The maximum value of any prepaid payment instrument, where specific limits have not been
prescribed, shall not exceed Rs 50,000/-
Entities, seeking approval/authorisation from the RBI for issuance of PPIs should have
a minimum positive net worth of _______.
A. Rs. 10 Crore
B. Rs. 15 Crore
C. Rs. 20 Crore
D. Rs. 25 Crore
E. None of these
Answer & Explanation
D. Rs. 25 Crore
Explanation:
Entities, seeking approval/authorisation from the RBI for issuance of PPIs should have a
minimum positive net worth of Rs 25 crore.
Amount in a PPI should not exceed _____ at any point of time if the customer provides
full KYC
A. Rs. 1 lakh
B. Rs. 2 lakh
C. Rs. 3 lakh
D. Rs. 4 lakh
E. None of these
Answer & Explanation
A. Rs. 1 lakh
Explanation:
Amount in a PPI should not exceed Rs 1 lakh at any point of time if the customer provides full
KYC
Amount in a PPI should not exceed _____ if the customer provides minimum KYC
details to the PPI issuing entity.
A. Rs. 10,000
B. Rs. 20,000
C. Rs. 15,000
D. Rs. 25,000
E. None of these
Answer & Explanation
B. Rs. 20,000
Explanation:
Amount in a PPI should not exceed Rs 20,000 if the customer provides minimum KYC details to
the PPI issuing entity
The maximum value in PPIs for credit of cross border inward remittance at any point of
time shall not exceed _______
A. Rs. 45,000
B. Rs. 35,000
C. Rs. 25,000
D. Rs. 50,000
E. None of these
Answer & Explanation
D. Rs. 50,000
Explanation:
The maximum value in PPIs for credit of cross border inward remittance at any point of time
shall not exceed Rs. 50,000/-.
The maximum value outstanding in PPI-MTS(Mass Transit System operator) cannot
exceed the limit of _______at any point of time
A. Rs. 2000
B. Rs. 5000
C. Rs. 4000
D. Rs. 3000
E. None of these
Answer & Explanation
D. Rs. 3000
Explanation:
The maximum value outstanding in PPI-MTS(Mass Transit System operator) cannot exceed the
limit of Rs. 3,000/-(Rupees Three Thousand Only)at any point of time
Bank and non-bank entities are permitted to issue prepaid gift instruments.The
maximum validity of the prepaid gift instruments shall be _______
A. 3 years
B. 5 years
C. 4 years
D. 2 years
E. None of these
Answer & Explanation
A. 3 years
Explanation:
Bank and non-bank entities are permitted to issue prepaid gift instruments.The maximum
validity of the prepaid gift instruments shall be 3 years
Maximum value of each prepaid gift instrument shall not exceed _______
A. Rs. 20000
B. Rs. 10000
C. Rs. 25000
D. Rs. 15000
E. None of these
Answer & Explanation
A. Rs. 20000
Explanation:
Maximum value of each prepaid gift instrument shall not exceed Rs. 20,000/-
The amount outstanding at any point of time in Open System PPIs by banks shall not
exceed ________
A. Rs. 200000
B. Rs. 100000
C. Rs. 250000
D. Rs. 150000
E. None of these
Answer & Explanation
B. Rs. 100000
Explanation:
The amount outstanding at any point of time in Open System PPIs by banks shall not exceed Rs.
100000
_______ are redeemable at a group of clearly identified merchants that contract
specifically with the issuer to accept the payment instrument.
A. Closed System Payment Instruments
B. Semi-closed System Payment Instruments
C. Open System Payment Instruments
D. Semi-Open System Payment Instruments
E. None of these
Answer & Explanation
B. Semi-closed System Payment Instruments
Explanation:
Semi-closed System Payment Instruments are redeemable at a group of clearly identified
merchants that contract specifically with the issuer to accept the payment instrument.
D. All of these
Explanation:
The prepaid instruments can be issued as smart cards, magnetic stripe cards, internet
accounts, online wallets, mobile accounts, mobile wallets, paper vouchers and any such
instruments used to access the prepaid amount.
C. Mobikwik Wallet
Explanation:
Mobikwik Wallet is an example for Semi-Closed System Payment Instrument
B. 13
Explanation:
BHIM app currently supports 13 languages (including English)
D. Best
Explanation:
BFD – Best Finger Detection
7. RRN number is a ______ digit number generated to record the transaction and
to identify a transaction uniquely.
A. 11
B. 15
C. 10
D. 12
E. None of these
C. 10
Explanation:
RRN number is a 10 digit number generated to record the transaction and to identify a
transaction uniquely.
B. Enabled
Explanation:
Aadhaar Enabled Bank Account (AEBA)
B. 6
Explanation:
IIN – Issuer Identification Number – 6 digits
1. _____ is a USSD based mobile banking service from NPCI that brings together all
the Banks and Telecom Service Providers.
A. NUUP
B. QSAM
C. UPI
D. BHIM
E. None of these
A. NUUP
Explanation:
NUUP (National Unified USSD Platform) is a USSD based mobile banking service from
NPCI that brings together all the Banks and Telecom Service Providers
B. QSAM
Explanation:
QSAM (Query Service on Aadhaar Mapper) – This service helps user in knowing their
Aadhaar Seeding status with their bank account.
3. In NUUP, a customer can access banking services by just pressing ______ from
his/her mobile phones.
A. *99#
B. *999#
C. *149#
D. *99*99#.
E. *14*99#.
A. *99#
Explanation:
In NUUP, a customer can access banking services by just pressing *99# from his/her
mobile phones.
D. *99*99#
Explanation:
QSAM service can be availed by dialling *99*99#
B. 7
Explanation:
MMID is a 7 digit number, issued by banks.
10. CVD is a _______digit number printed on the back of the card same as CVV as
referred to by other international schemes.
A. 2
B. 3
C. 4
D. 5
E. None of these
B. 3
Explanation:
CVD is a 3 digit number printed on the back of the card same as CVV as referred to by
other international schemes.
1. RBI guidelines for Mobile Banking Services has prescribed a ceiling of ________
per transaction for financial transactions using *99# service.
A. Rs. 2000
B. Rs. 5000
C. Rs. 3000
D. Rs. 4000
E. None of these
B. Rs. 5000
Explanation:
RBI guidelines for Mobile Banking Services has prescribed a ceiling of Rs.5000
per transaction for financial transactions using *99# service.
2. TRAI has set a maximum ceiling of _______ per transaction for using the *99#
service.
A. Rs. 1.50
B. Rs. 2.50
C. Rs. 3.50
D. Rs. 4.50
E. None of these
B. Query
Explanation:
QSAM – Query Service on Aadhaar Mapper
4. Which of the following has been authorized by RBI as the Bharat Bill Payment
Central Unit (BBPCU)?
A. NACH
B. NHB
C. NPCI
D. All of these
E. None of these
C. NPCI
Explanation:
QSAM service can be availed by dialling *99*99#
A. 10
Explanation:
NPCI has ten promoter banks namely, 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.
C. Section 8
Explanation:
NPCI is a not-for-profit organisation registered under section 8 of the Companies Act
2013
C. Mumbai
Explanation:
The headquarters of NPCI is Mumbai
D. Bridge
Explanation:
APBS – Aadhaar Payments Bridge System