Question 1

Settlement of funds has no waiting period. This is termed as

Accepted Answer

Real time

Answer

Gross real time

Answer

Tenure

Answer

Gestation

Question 2

RTGS service is available to customers on week days is between

Accepted Answer

9:00am-3:00pm

Answer

9:00 am-4:00pm

Answer

10:00am-3:00pm

Answer

10:00am-4:00pm

Question 3

Minimum amount of RTGS is

Accepted Answer

2 lakhs

Answer

50 thousand

Answer

1 lakh

Answer

3 Lakhs

Question 4

NEFT full form is

Accepted Answer

National Electronic Funds Transfer

Answer

National Electronic Fund Transfer

Answer

National Electronic Finance Transfer

Answer

National Electronic Financial Transfer.

Question 5

What is the charges for the amount above ₹ 1 lakh and up to ₹ 2 lakhs?

Accepted Answer

₹15 + service tax

Answer

₹ 5 + service tax

Answer

₹ 20 + service tax

Answer

₹ 25 +service tax

Question 6

Full form of NPCI

Accepted Answer

National Payment Corporation of India.

Answer

National Policy Control of Institution

Answer

National Payment Control of Institution

Answer

National Policy Corporation of India

Question 7

To transfer funds ____ digit MMID isused

Accepted Answer

7

Answer

5

Answer

6

Answer

8

Question 8

CBS full form

Accepted Answer

Core Banking Solutions

Answer

Country Board Solutions

Answer

Country Banking Solutions

Answer

Core Banking Savings

Question 9

ATM full form

Accepted Answer

Automated Teller Machine

Answer

All Time Money

Answer

Any Time Money

Answer

Automatic Teller Machine

Question 10

Which is not related to RTGS?

Accepted Answer

Processed Batch wise

Answer

Processed individually

Answer

Minimum value of 2 lakhs

Answer

No limit on the number of transfer during the day.

Question 11

1. What is the minimum amount of money that can be transferred through RTGS ?

Accepted Answer

2,00,000

Answer

2,50.,000 ·

Answer

3,00,000

Answer

5,00,000

Question 12

NEFT works on the principle of which of the following?

Accepted Answer

Deferred Net Settlement

Answer

Gross Batch Settlement

Answer

Priority et Settlement

Answer

Domain Net Settlement

Question 13

Which of the following is not true about National Electronic Funds Transfer

Accepted Answer

Fund Transfer operated in hourly batches

Answer

There is no limit on transactions through NEFT

Answer

NEFT is a payment system which facilitates one-to-one funds transfer

Answer

Only bank branches which are NEFT enabled can be a part ofthe NEFT fund

network

Question 14

Which of the following is NOT a benefit of E-Banking?

Accepted Answer

Being technology intensive it results in less human interface and thus requires less manpower, which contributes to increasing underemployment in banking sector .

Answer

E-Banking provides 365 days of 24 x 7 banking facilities to its customers.

Answer

Customers can make some of the permitted transactions from the office or house or while traveling via mobile telephone.

Answer

It inculcates a sense of financial discipline by recording each and every transaction

Question 15

IMPS is managed by

Accepted Answer

SBI and NPCI

Answer

RBI

Answer

NPCI

Answer

RBI and NPCI

Question 16

Paying through which of the following instruments does not reduce the bank balance at the time of transaction:

Accepted Answer

Internet Banking

Answer

Debit Card

Answer

Credit Card

Answer

Mobile Banking

Question 17

Regular short-Term loan subject to a limit based on credit worthiness given by a bank to a business normally to meet working capital requirements is known as:

Accepted Answer

Bank overdraft

Answer

Cash Credit

Answer

Bank draft

Answer

Bank Loan

Question 18

MMID is used for fund transfer in IMPS.What does the First M and Second M in MMID stands for?

Accepted Answer

Multi, Money

Answer

Mobile Message

Answer

Mobile, Money

Answer

Money, Mobile

Question 19

Which of the following statement is correct about RTGS and NEFT?

1. RTGS and NEFT both are ways of Electronic Funds Transfer

2. NEFT is suitable for high value transactions and RTGS is suitable for low value transactions

3. NEFT operates on hourly batches and RIGS operates on real time basis

4. NEFT and RIGS both facilitate intra and inter-bank transferof funds, within and

across the city.

Accepted Answer

(i), (iii) and (iv) are correct

Answer

(i) and (ii) are correct

Answer

(ii)and (iii) are correct

Answer

(i)and (iv) are correct

Question 20

What does I stand for in IMPS?

Accepted Answer

Immediate

Answer

Instant

Answer

Inter

Answer

Interface

Question 21

Assertion (A): Bharat issues a cheque of z 2,00,000 to his creditor,Swadesh whereas his available balance in Current Account is only Z 1,00,000.

Reason (R): The customer who maintains a current account with the bank, takes permission from the bank to withdraw more money than deposited in his account. This facility is called as Bank Overdraft.

Accepted Answer

Both Assertion(A) and Reason(R) are True and Reason(R) is the correct explanation of Assertion (A).

Answer

Both Assertion(A) and Reason (R) are True and Reason (R) is not the correct explanation of Assertion (A).

Answer

Assertion (A) is True but Reason (R) is False.

Answer

Assertion (A) is False but Reason(R) is True.

Question 22

Assertion (A): The customer can get information about the balance ·in his account and latest transactions on the telephone.

Reason (R): Under Tele banking, the account of a customer is linked by telephone to the bank's computer.

Accepted Answer

Assertion (A) is True but Reason (R) is False.

Answer

Both Assertion (A) and Reason (R) are True and Reason (R) is the correct explanation of Assertion (A).

Answer

Both Assertion(A) and Reason (R) are True and Reason (R) is not the correct explanation of Assertion (A).

Answer

Assertion (A) is False but Reason(R) i_s True.

Question 23

NEFT can be used to receive foreign remittances.

Accepted Answer

false

Answer

true

Question 24

IMPS transfer service is facilitated by NPCI.

Accepted Answer

true

Answer

false

Question 25

IMPS is flexible and dependable in nature

Accepted Answer

true

Answer

false

Question 26

MMID is a 11-digit number.

Accepted Answer

false

Answer

true

Question 27

IMPS takes not more than an hour to transfer money in the bank of the

receiver.

Accepted Answer

true

Answer

false

Question 28

In E-banking system centralized database reduces load on branches.

Accepted Answer

true

Answer

false

Question 29

RTGS is typically used for high-value transactions and there is usually a fee charged by the bank.

Accepted Answer

true

Answer

false

Question 30

IMPS is the fastest and most convenient for small transactions.

Accepted Answer

true

Answer

false

Question 31

RTGS payment cannot be reversed.

Accepted Answer

true

Answer

false

Question 32

In NEFT system the receiver of the fund has to pay charges.

Accepted Answer

false

Answer

true

Question 33

The difference between debit and credit cards:

Accepted Answer

Your accounts gets debited immediately on using a debit or ATM Card

Answer

None of the above

Answer

Your account get debited immediately on using a debit or ATM card

Answer

Your account does not get debited immediately on using a debit card

Question 34

RuPay card has been launched by:

Accepted Answer

National Payment Corporation of India(NPCI)

Answer

Punjab National Bank (PNB)

Answer

Reserve Bank of India (RBI)

Answer

State Bank of India (SBI)

Question 35

PIN stands for:

Accepted Answer

Personal Identification Number

Answer

None of The Above

Answer

Permanent Identification Number

Answer

Portable Identification Number

Question 36

What are the facilities available to the customers through ATM?

Accepted Answer

All of the above

Answer

Details of certain number of transactions

Answer

Cash withdrawal subject to a predetermined limit per day

Answer

Cash deposit

Answer

Balance Enquiry

Question 37

Which statement is NOT true?

Accepted Answer

Paying with a debit card is like taking out a loan, and paying with a credit card is like using cash.

Answer

Debit cards take money out of your account now, and credit cards use money that you pay back later.

Answer

Credit cards and debit cards can both be used to make purchases.

Answer

Credit cards and debit cards can both be used when you don't have enough cash for a purchase.

Question 38

What is a wallet transfer in the context of digital finance?

Accepted Answer

Sending money from one digital wallet to another

Answer

Making an online purchase using a virtual wallet

Answer

Moving physical cash from one wallet to another

Answer

Transferring funds from a digital wallet to a bank account

Question 39

Which of the following is a common type of wallet used for transfers?

Accepted Answer

Mobile wallet

Answer

Leather wallet

Answer

Jewelry wallet

Answer

Physical wallet

Question 40

What is the advantage of using a digital wallet for transfers?

Accepted Answer

Faster and convenient transactions

Answer

Limited acceptance at merchants

Answer

Requires in-person visits to banks

Answer

Prone to physical theft

Question 41

Which technology facilitates secure wallet-to-wallet transfers?

Accepted Answer

NFC (Near Field Communication)

Answer

Bluetooth

Answer

Fax machines

Answer

Dial-up internet

Question 42

When transferring money between wallets, what information is typically required?

Accepted Answer

Email address or phone number linked to the recipient's wallet

Answer

Full physical address

Answer

Social Security Number (SSN)

Answer

Bank account number and routing code

Question 43

What is the usual transaction fee associated with wallet transfers?

Accepted Answer

Flat fee regardless of the transaction amount

Answer

No fees are charged for wallet transfers

Answer

Varies based on the recipient's location

Answer

Fixed percentage of the transaction amount

Question 44

What security measure is commonly used to authenticate wallet transfers?

Accepted Answer

Utilizing fingerprint or facial recognition

Answer

Asking for the recipient's astrological sign

Answer

Requesting the recipient's favorite color

Answer

Sending a verification code via postal mail

Question 45

Which of the following is a potential disadvantage of wallet transfers?

Accepted Answer

High fees for transactions

Answer

Immediate transaction processing

Answer

Support for multiple currencies

Answer

Limited availability in rural areas

Question 46

What is a demand draft (DD)?

Accepted Answer

An instrument issued by the bank to transfer money within the same branch

Answer

A draft issued by the bank to demand repayment of a loan

Answer

A prepaid card used for online transactions

Answer

A document used for opening a new bank account

Question 47

How is a demand draft typically paid for?

Accepted Answer

By cash at the time of issuance

Answer

By credit card payment

Answer

By depositing a post-dated check

Answer

By transferring funds from a bank account

Question 48

What information is required to issue a demand draft?

Accepted Answer

Recipient's bank account number and routing code

Answer

Recipient's email address

Answer

Recipient's home address

Answer

Recipient's phone number

Question 49

What is the primary purpose of using a demand draft?

Accepted Answer

Settling a debt or making payments in a secure manner

Answer

Withdrawing cash from an ATM

Answer

Making international wire transfers

Answer

Purchasing foreign currency from the bank

Question 50

How is a demand draft different from a regular check?

Accepted Answer

A demand draft is always payable to the bearer, while a check is payable to a specific person or entity.

Answer

A demand draft requires a counter signature, while a check does not.

Answer

A demand draft can be used for cash withdrawals, while a check cannot.

Answer

A demand draft is issued by the bank, while a check is issued by an individual.

Question 51

In which situations is a demand draft commonly used?

Accepted Answer

Making large payments for educational fees, real estate transactions, or government services

Answer

Withdrawing cash from an ATM abroad

Answer

Everyday retail purchases

Answer

Sending money through online payment platforms

Question 52

What is the validity period of a demand draft?

Accepted Answer

90 days from the date of issuance

Answer

7 days from the date of issuance

Answer

30 days from the date of issuance

Answer

365 days from the date of issuance

Question 53

What happens if a demand draft is lost or stolen before it is encashed?

Accepted Answer

The payer can cancel the demand draft and get a refund

Answer

The recipient is liable for any losses incurred

Answer

The bank will issue a new demand draft without any additional charges

Answer

The payer has to bear the loss, and the amount cannot be recovered

Question 54

What is a bank draft?

Accepted Answer

A written order by a bank to pay a specified amount to a designated recipient

Answer

A financial instrument used for investing in stocks and bonds

Answer

A bank's policy document outlining customer account terms and conditions

Answer

A document issued by a bank to authorize the purchase of foreign currency

Question 55

Bank drafts are often used for:

Accepted Answer

Transferring funds internationally.

Answer

Withdrawing cash from ATMs.

Answer

Applying for a credit card.

Answer

Making online purchases.

Question 56

Which of the following is true about bank drafts?

Accepted Answer

The funds are directly debited from the recipient's account.

Answer

They are not considered a secure form of payment.

Answer

They can only be used within the country where they are issued.

Answer

The payer must have a bank account to obtain a bank draft.

Question 57

Compared to personal checks, bank drafts are:

Accepted Answer

More secure as they are backed by the bank's funds.

Answer

Less widely accepted by merchants

Answer

More convenient for everyday transactions

Answer

Less secure since they can be easily forged

Question 58

When might a bank draft be the preferred method of payment?

Accepted Answer

Making a large payment for a real estate transaction.

Answer

Sending a small amount of money to a friend.

Answer

Paying regular monthly bills.

Answer

Purchasing goods from a local store.

Question 59

Which parties are involved in a bank draft transaction?

Accepted Answer

The payer, the payee, and the issuing bank.

Answer

The payer, the payee, and the receiving bank.

Answer

The payer, the payee, and a third-party guarantor.

Answer

Only the payer and the payee.

Question 60

What happens if a bank draft is lost or stolen?

Accepted Answer

The payer can request a stop payment and get a refund.

Answer

The payee can request a replacement from their bank

Answer

The bank is not liable for any loss, and the funds are gone forever

Answer

The payer can claim insurance to cover the lost amount.

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