NPCI Products — Set 1
Banking · NPCI उत्पाद · Questions 1–10 of 90
Which organization serves as the umbrella entity for operating retail payments and settlement systems in India?
Correct Answer: D. National Payments Corporation of India
National Payments Corporation of India (NPCI) is the primary organization for retail payments in India. It was established as a joint initiative of the RBI and the Indian Banks' Association. It operates various systems like UPI, IMPS, and RuPay.
What does the abbreviation UPI stand for in the context of NPCI products?
Correct Answer: C. Unified Payments Interface
UPI stands for Unified Payments Interface, which allows multiple bank accounts to be used via a single mobile application. It enables instant fund transfers between two bank accounts on a mobile platform. This product has significantly revolutionized digital transactions in the country.
Which product of NPCI is a domestic card scheme designed to compete with international networks like Visa and Mastercard?
Correct Answer: A. RuPay
RuPay is India's indigenous global card scheme launched by NPCI in 2012. It was created to fulfill the RBI's vision of having a domestic, open-loop, and multilateral system of payments. RuPay is now widely accepted at ATMs, POS devices, and e-commerce websites.
What is the primary function of the 'Immediate Payment Service' (IMPS) launched in 2010?
Correct Answer: D. 24/7 instant interbank electronic fund transfer
IMPS provides an instant 24/7 interbank electronic fund transfer service through mobile phones. It allows customers to use mobile, internet, and ATM channels for immediate money transfers. It was one of the earliest real-time payment systems managed by NPCI.
Which NPCI product provides a centralized system for bulk, repetitive, and periodic interbank transactions?
Correct Answer: C. NACH
NACH stands for National Automated Clearing House, which facilitates high-volume electronic transactions. It is used by institutions for distributing salaries, pensions, and dividends. It also helps in the collection of recurring payments like EMIs and utility bills.
What is the full form of 'AePS', a product used primarily for financial inclusion in rural areas?
Correct Answer: D. Aadhaar Enabled Payment System
AePS stands for Aadhaar Enabled Payment System, which allows bank customers to use Aadhaar as their identity. It enables basic banking transactions like cash withdrawal and deposit at point-of-sale terminals using biometrics. This system is crucial for delivering banking services to remote villages.
Which technology is utilized by the National Electronic Toll Collection (NETC) system, commonly known as FASTag?
Correct Answer: C. RFID
NETC uses Radio Frequency Identification (RFID) technology to enable automatic toll payments at highway plazas. It allows motorists to pay tolls directly from their linked prepaid or savings accounts without stopping. This system helps in reducing congestion and fuel consumption at toll booths.
The 'Bharat Bill Payment System' (BBPS) is designed to provide which of the following services?
Correct Answer: A. Integrated and interoperable bill payment service
BBPS is an integrated bill payment system that offers 'anytime anywhere' bill payment to customers. It provides a standardized platform for paying utility bills like electricity, water, gas, and DTH. It ensures a certain and reliable transaction experience for all participants.
What does the 'A' stand for in the acronym 'BHIM', the mobile app developed by NPCI?
Correct Answer: C. And
BHIM stands for Bharat Interface for Money. It is a mobile payment app based on the Unified Payments Interface (UPI). The app was launched to facilitate simple, easy, and quick digital transactions using a bank account.
Which product of NPCI is the largest network of shared Automated Teller Machines (ATMs) in India?
Correct Answer: C. NFS
NFS stands for National Financial Switch, which is the largest network of shared ATMs in the country. It was originally designed by IDRBT and was taken over by NPCI in 2009. It facilitates interbank ATM transactions, allowing customers to use any bank's ATM.