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Banking Awareness Test - Payment Systems In India

Published on Wednesday, October 28, 2015
banking quiz
Q1. Paper Based Payments instruments Includes:
a) Cheques only
b) Drafts only 
c) Treasury Bills 
d) Both (a) and (b) 
e) None of The Above 

Q2. Paper Based Payments instruments such as cheques, drafts etc. accounts for nearly ______of the volume of total non - cash transactions in the country. 
a) 50%
b) 70%
c) 60%
d) None of The Above 


Q3. Reserve Bank of India had introduced ______technology for speeding up and bringing in efficiency in processing of cheques:
a) MICR 
b) OMR
c) OCR
d) None of The Above 


Q4. The Initiatives in Electronic Payments taken by RBI in _____and _____focused on technology based solutions for the improvement of the payments:
a) Mid 80s and Early 90s
b) Mid 70s and Early 80s 
c) Mid 70s and Early 90s
d) None of The Above 


Q5. ECS stands for:
a) Electronic Cheque Service
b) Electronic Clearing Service
c) Electronic Customer Service 
d) None of The Above 


Q6. RBI introduced the ECS (Credit) scheme during the 1990s to handle and facilitate:
a) bulk payment requirements like salary and interest etc.
b) repetitive payment requirements like dividend payments etc.
c) customer accounts to be credited on the specific value date
d) All of The Above
e) None of The Above


Q7. During September, 2008, RBI launched a new service known as __________ at National Clearing Cell (NCC), Mumbai :
a) National Electronic Customer Satisfaction Service
b) National Electronic Clearing Speed Service
c) National Electronic Clearing Service
d) None of The Above


Q8. ECS (Debit) Scheme was introduced by RBI to provide:
a) a faster method of effecting periodic and repetitive collections of utility companies
b) a faster method of effecting periodic and repetitive collections of private banks
c) a faster method of effecting periodic and repetitive collections of all banks
d) None of The Above


Q9. Which among the following is correct about Electronic Funds Transfer:
a) This retail funds transfer system introduced in the Late 1990s.
b) This system enabled a account holder of a bank to electronically transfer funds to another account holder with any other participating bank.
c) It is available across 15 major centers in the country, this system is no longer available for use by general public, for whose benefit a feature - rich and more efficient system is now in place.
d) All of The Above
e) None of The Above


Q10. Which among the following is incorrect about NEFT:
a) it accepting cash for originating transactions
b) it initiating transfer requests without any minimum or maximum amount limitations
c) facilitating one - way transfers to Nepal
d) receiving confirmation of the date/time of credit to the account of the beneficiaries
e) All of The Above
f) None of The Above

Q11. NPCI stands for:
a) National Payment Council of India
b) Non - Payments Corporation of India
c) National Payments Corporation of India
d) None of The Above

Q12. NPCI became functional in early:
a) 2007
b) 2008
c) 2009
d) None of The Above

Q13. ATMs are one of the most convenient source to make payment to someone. Presently there are over ________ATMs in India:
a) 59,000
b) 45,000
c) 61,000
d) None of The Above 

Q14. Savings Bank Customers can withdraw cash from any bank terminal up to _____times in a month without being charged for the same:
a) 3
b) 5
c) 6
d) None of The Above


Q15. There are over _____POS terminals in the country, which enable customers to make payments for purchases of goods and services by mean of credit/debit cards. 
a) 5 Lakh
b) 6 Lakh
c) 7 Lakh
d) None of The Above

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