Digital Payments — Set 9
Banking · डिजिटल भुगतान · Questions 81–90 of 90
Which organization introduced the 'RuPay' card in India?
Correct Answer: C. NPCI
RuPay was launched by the National Payments Corporation of India (NPCI) in 2012. It is India's own domestic card network. The name is a blend of the words 'Rupee' and 'Payment'.
What is the full form of BHIM?
Correct Answer: C. Bharat Interface for Money
BHIM stands for Bharat Interface for Money. It is a mobile payment app developed by NPCI based on UPI. It was launched by the Prime Minister in December 2016.
In which year was the Unified Payments Interface (UPI) officially launched?
Correct Answer: D. 2016
UPI was officially launched by Dr. Raghuram Rajan, the then Governor of RBI, in April 2016. It has since revolutionized retail digital payments in India. UPI allows instant bank-to-bank transfers.
What is the 24x7 instant fund transfer service managed by NPCI called?
Correct Answer: A. IMPS
IMPS stands for Immediate Payment Service. It is a 24x7 real-time inter-bank electronic fund transfer service. It was launched in 2010 and is managed by NPCI.
Which technology is used by FASTag for electronic toll collection?
Correct Answer: A. RFID
FASTag uses Radio Frequency Identification (RFID) technology. It enables automatic toll deduction directly from the linked bank account. This helps in non-stop vehicle movement at toll plazas.
What is the shortcode for accessing USSD banking in India?
Correct Answer: C. *99#
The shortcode for USSD-based mobile banking in India is *99#. This service allows users to perform basic banking tasks without internet or a smartphone. It is accessible through any GSM mobile phone.
Which card network is a 'Not-for-Profit' initiative by NPCI?
Correct Answer: B. RuPay
RuPay is India's indigenous card network created by NPCI. NPCI itself is a Section 8 (not-for-profit) company. RuPay aims to reduce the dependency on foreign card networks.
What is the maximum number of digits in a UPI PIN usually?
Correct Answer: C. 4 or 6
A UPI PIN is usually a 4-digit or 6-digit personal identification number. It is required to authorize every transaction made through a UPI app. This PIN is set by the user during the initial bank account linking.
Which organization regulates the 'Payment and Settlement Systems' in India?
Correct Answer: C. RBI
The Reserve Bank of India (RBI) is the regulatory authority for all payment systems in India. This is governed under the Payment and Settlement Systems Act, 2007. RBI oversees the safety and efficiency of these systems.
What is the full form of BBPS?
Correct Answer: D. Bharat Bill Payment System
BBPS stands for Bharat Bill Payment System. It is an integrated bill payment system in India that offers interoperable bill payment services to customers. It covers utilities like electricity, gas, and water.