NPCI Products — Set 2
Banking · NPCI उत्पाद · Questions 11–20 of 90
The 'Cheque Truncation System' (CTS) managed by NPCI aims to replace which of the following?
Correct Answer: A. Physical movement of cheques during clearing
CTS is a process that involves sending an electronic image of the cheque instead of the physical paper cheque to the paying branch. This significantly reduces the time and cost involved in the physical movement of cheques. It makes the cheque clearing process more efficient and secure.
What is the 7-digit unique identifier number issued by a bank to its customer for using the IMPS service?
Correct Answer: C. MMID
MMID stands for Mobile Money Identifier, which is a 7-digit number used for IMPS transactions. It is used along with a mobile number to identify a specific bank account. This ensures that money is credited to the correct beneficiary instantly.
Which NPCI system is used to credit government subsidies directly into the bank accounts of beneficiaries?
Correct Answer: D. APB
APB stands for Aadhaar Payment Bridge, which is used for Direct Benefit Transfer (DBT) of government subsidies. It ensures that the funds reach the intended beneficiary using their Aadhaar number as a central key. This system has helped in removing leakages and ghost beneficiaries from government schemes.
What is the purpose of the '*99#' service launched by NPCI?
Correct Answer: B. Banking services for feature phone users without internet
*99# is a USSD-based mobile banking service that works without an internet connection on all GSM mobile phones. It allows users to check account balances, send money, and change UPI PINs. This product is designed to bridge the digital divide in rural areas.
The 'BharatQR' standard developed by NPCI, Mastercard, and Visa is primarily used for?
Correct Answer: B. Interoperable merchant payments
BharatQR is an interoperable QR code standard that allows consumers to pay merchants using their mobile apps. It eliminates the need for separate QR codes for different payment networks like RuPay, Visa, or Mastercard. This simplifies the payment process for both customers and small shopkeepers.
Which NPCI product provides a purpose-specific and person-specific digital voucher for cashless payments?
Correct Answer: C. e-RUPI
e-RUPI is a digital voucher delivered to the beneficiary's mobile via SMS or QR code for a specific purpose. It does not require a bank account, card, or internet banking for redemption. It ensures that the welfare benefits are used only for the designated service.
What is 'UPI 123Pay', a recent innovation by NPCI?
Correct Answer: B. A payment system for feature phone users without internet
UPI 123Pay allows users of non-smartphones (feature phones) to make UPI transactions without an active internet connection. It offers various methods like IVR numbers, app-based functionality, and missed call services. This initiative aims to include millions of feature phone users in the digital economy.
Which NPCI system handles the processing of e-mandates for recurring payments like insurance premiums and SIPs?
Correct Answer: C. UPI Autopay
UPI Autopay allows users to enable recurring mandates using any UPI application for periodic payments. It automates payments like OTT subscriptions, electricity bills, and insurance premiums. Users can set, modify, or revoke the mandate at any time through their app.
What is the maximum limit for a single UPI transaction for most categories, as generally prescribed by NPCI?
Correct Answer: C. Rs 1 Lakh
The general limit for a single UPI transaction is Rs 1 Lakh for most individuals and categories. However, for specific categories like education and healthcare, the limit has been increased to Rs 5 Lakhs. Individual banks may also set their own lower daily limits based on risk assessment.
Which wing of NPCI is responsible for promoting and developing international payment systems?
Correct Answer: A. NPCI International Payments Limited
NPCI International Payments Limited (NIPL) is a wholly-owned subsidiary of NPCI dedicated to taking Indian payment technologies global. It works on the deployment of UPI and RuPay in foreign countries. NIPL aims to transform India into a global leader in real-time retail payment systems.