Banking Awareness Quiz : Set – 43
Q.1) Abbreviation of UPI?
a) Unified Payment Interface
b) Unique Payment Interface
c) Union Pay Interface
d) Unified Pay Interface
e) None of these
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Q.2) UPI is an ______ payment service?
a) Offline
b) Online
c) Mobile Net
d) Both a and b
e) None of these
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Ans: b
UPI is an online payments solution which facilitates the transfer of funds instantly between person and person smart phone. It can be used both to send and receive funds.
Q.3) which is called as Umbrella Organisation?
a) RBI
b) UPI
c) NPCI
d) IBA
e) None of these
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Ans: c
NPCI – National Payment Corporation of India is its umbrella Organisation. It was set up with the guidance and support of the RBI and IBA (Indian Bank’s Association).
Q.4) UPI was launched by Whom?
a) Raghuram Rajan
b) Urjit patel
c) R.Gandhi
d) SS Mundra
e) Narendra Modi
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Ans: a
UPI can be used both to send and receive funds. The system was launched this April by the then RBI Governor Raghuram Rajan. The National Payments Corporation of India (NPCI) announced in August, 2016 that it is operational.
Q.5) How many banks launched their UPI platform so far?
a) 19
b) 20
c) 21
d) 22
e) 23
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Ans: C
The National Payments Corporation of India (NPCI) on Thursday said the Unified Payments Interface (UPI) will go live for customers of 21 banks.
The list of banks providing the app on Google Play Store are: Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.
Q.6) Abbreviation of BHIM?
a) Bharat Interface for Money
b) Bharat Interact for Money
c) Bill Interface for Money
d) Bharat Internet for Money
e) None of these
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Ans : a
BHIM is a digital payments solution app based on the Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments systems in India. If you have signed up for UPI-based payments on your bank account, which is also linked to your mobile phone number, you’ll be able to use the BHIM app to carry out digital transactions.
Q.7) which payment service used by BHIM app?
a) RTGS
b) NEFT
c) MPIN
d) VPN
e) IMPS
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Ans : e
It uses IMPS (Immediate Payment Service) for which one has to pay a minimal fee for transactions of 1 lakh or above.
Q.8) BHIM is an ——– payment platform?
a) Online
b) Offline
c) Peer to peer network
d) Both a and b
e) None of these
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Ans : d
Having an internet connection is not mandatory for making transactions through the app.UPI, or Unified Payment Interface, is a payment system that allows money transfer between any two bank accounts by using a Smartphone. UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
Q.9) what is the maximum limit of transaction per day in BHIM app?
a) Rs.1000
b) Rs.10000
c) Rs.15000
d) Rs20000
e) Rs.50000
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Ans : d
For now maximum limit for every transaction has been set at 10,000 INR and a total transaction of 20,000 INR per day. The limits are expected to change in future.
Q.10) Which of the following is developed the BHIM app?
a) RBI
b) CERN
c) NPCI
d) IBA
e) None of these
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Ans : c
At a programme in New Delhi, Prime Minister Narendra Modi launched the mobile payment app BHIM (Bharat Interface for Money). Developed by the National Payments Corporation of India (NPCI), BHIM is an aggregator for all UPI-based services offered by banks.
