Important Banking Awareness Quizzes (Topic Wise) Day-198

Dear Readers, Here we have provided the Important Banking Awareness Quizzes based on particular topic, which will help to understand and prepare in a better way. Candidates those who are preparing for upcoming IBPS/SBI Exams 2018 can make use of it.

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1. Unified Payments Interface (UPI) is a digital payment architecture rolled out by __________

a) Reserve Bank of India

b) State Bank of India

c) Securities and Exchange Board of India

d) National Payments Corporation of India

e) None of these

2. In which year Unified Payments Interface was launched?

a) 2015

b) 2016

c) 2014

d) 2017

e) None of these

3. Unified Payments Interface (UPI) is a system that powers ________________

a) single bank accounts into a multiple mobile application

b) multiple bank accounts into a multiple mobile application

c) multiple bank accounts into a single mobile application

d) single bank accounts into a single mobile application

e) None of these

4. UPI works only on __________

a) Mobile/Tablet

b) Computer/laptop

c) Both Mobile and Computer

d) Telephones

e) None of these

5. Unified Payments Interface is regulated by _____________

a) NABARD

b) State Bank of India

c) SEBI

d) IRDAI

e) None of these

6. The limit on transaction through UPI system is _____________

a) 25000

b) 50000

c) 100000

d) 200000

e) None of these

7. What are the working hours for UPI?

a) Only on working days

b) 24×7, 365 days

c) Only working hours time on working days

d) All days except Sunday

e) None of these

8. Unified Payments Interface eliminates the need to share your _______________

a) Name

b) Bank Account

c) IFSC Code

d) Bank branch

e) All of the above

9. UPI can also be used to send a request for money, like ___________

a) Invoice

b) Receipt

c) Loan

d) Deposit

e) None of these

10. UPI is launched by NPCI with RBI’s vision of migrating Indian economy towards a _______________

a) less-cash and less digital society

b) more-cash and more digital society

c) more-cash and less digital society

d) less-cash and more digital society

e) None of these

11. Who can avail the benefits of UPI service?

a) Women

b) Senior Citizens

c) Students

d) Businessmen

e) Every consumer with a bank account

12. The UPI transaction will be shown as _______________ in the bank account statement

a) NEFT Bank transfer

b) RTGS Bank transfer

c) IMPS Bank transfer

d) All of the above

e) None of these

13. In UPI customers share only ____________for payment

a) Account Number

b) Virtual Address

c) IFSC Code

d) Name

e) None of these

14. In UPI, banks which have their own mobile application to facilitate transaction is called as ______________

a) Issuers

b) Money Service Providers

c) Cash Service Providers

d) Payment Service Providers

e) None of these

15. In UPI, banks which don’t have their payments interface and rely on third party software for transaction using UPI is called as _____________

a) Issuers

b) Money Service Providers

c) Cash Service Providers

d) Payment Service Providers

e) None of these

Answers:

1. The Unified Payments Interface (UPI) is a digital payment architecture rolled out by National Payments Corporation of India (NPCI)

Correct Answer is: d)

2. In the mid-week of April 2016 RBI Governor launched the UPI developed by NPCI.

Correct Answer is: b)

3. Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood

Correct Answer is: c)

4. UPI works only on the mobile interface

Correct Answer is: a)

5. Unified Payments Interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform

Correct Answer is: e)

6. The limit on transaction through UPI system is Rs 1 lakh

Correct Answer is: c)

7. UPI works 24×7, 365 days, unlike RTGS or NEFT services which have specific working hours.

Correct Answer is: b)

8. Unified Payments Interface eliminates the need to share your name, your bank account number, IFSC code, or bank branch.

Correct Answer is: e)

9. UPI can also be used to send a request for money, like an invoice.

Correct Answer is: a)

10. UPI is launched by NPCI with RBI’s vision of migrating Indian economy towards a ‘less-cash’ and more digital society.

Correct Answer is: d)

11. Every consumer with a bank account can avail the benefits of this service

Correct Answer is: e)

12. The UPI transaction will be shown as IMPS Bank transfer in the bank account statement.

Correct Answer is: c)

13. Payment through UPI is safe as the customers share only their virtual address and provide no other sensitive information.

Correct Answer is: b)

14. Payment Service Providers (PSP) includes those banks which have their own mobile application to facilitate transaction

Correct Answer is: d)

15. Issuers include banks which don’t have their payments interface and rely on third party software for transaction using UPI.

Correct Answer is: a)

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