Digital Payments — Set 7
Banking · डिजिटल भुगतान · Questions 61–70 of 90
What is the full form of NEFT?
Correct Answer: B. National Electronic Fund Transfer
National Electronic Fund Transfer (NEFT) is a nationwide payment system that facilitates one-to-one funds transfer. It operates in half-hourly batches throughout the day. Since 2019, NEFT is available 24x7 for all customers.
Which card network is NOT an NPCI product?
Correct Answer: C. Mastercard
Mastercard is a private American global financial services corporation, whereas RuPay is an Indian product of NPCI. BHIM and IMPS are systems/apps developed and managed by NPCI. NPCI was established to create domestic alternatives to global networks.
What is the minimum age to open a bank account and use digital banking in India normally?
Correct Answer: B. 10 years
The correct answer is '10 years'. Minors aged 10 and above are allowed to open and operate a savings bank account independently with limited facilities. They can often use debit cards and mobile banking under the supervision or with the consent of parents. Full banking rights generally begin at age 18.
Which of the following is a 'Push' transaction in UPI?
Correct Answer: B. Pay to VPA
A push transaction is when the sender initiates the money transfer by providing the receiver's details. Paying to a VPA is a classic push payment where the user 'pushes' funds from their account. In contrast, a collect request is a pull transaction.
What is the full form of QR code used in digital payments?
Correct Answer: B. Quick Response
QR stands for Quick Response, referring to the speed at which the data can be read by a scanner. It is a type of matrix barcode that can store significantly more information than standard barcodes. In India, it has become the standard for static and dynamic merchant payments.
Which system is used to pay at parking lots or toll gates without stopping using a sticker on the car?
Correct Answer: D. FASTag
FASTag is an electronic toll collection system in India, operated by the NHAI and NPCI. It uses RFID technology for making toll payments directly from the prepaid or bank account linked to it. The FASTag sticker is pasted on the vehicle's windscreen.
What is the maximum limit for an IMPS transaction per day generally?
Correct Answer: A. Rs. 5,00,000
The RBI increased the limit for IMPS transactions from Rs. 2 lakh to Rs. 5 lakh in October 2021. This was done to facilitate higher-value instant digital payments. However, individual banks may set their own lower limits for security reasons.
Which of these is NOT an NPCI product?
Correct Answer: C. Maestro
Maestro is a multi-national debit card service owned by Mastercard. RuPay, IMPS, and NACH are all developed and managed by the National Payments Corporation of India. NPCI products are primarily focused on the domestic Indian market.
What is the full form of IMPS?
Correct Answer: B. Immediate Payment Service
Immediate Payment Service (IMPS) is an instant inter-bank electronic fund transfer service in India. It was initially available only on mobile, but now works through net banking and ATMs as well. It provides 24x7 service including on bank holidays.
What does 'S' stand for in USSD?
Correct Answer: D. Supplementary
USSD stands for Unstructured Supplementary Service Data. It is a protocol used by GSM cellular telephones to communicate with the service provider's computers. In banking, it enables mobile transactions without a data plan.