NPCI Products — Set 3
Banking · NPCI उत्पाद · Questions 21–30 of 90
NPCI was incorporated in December 2008 as a Section 25 company under which Act?
Correct Answer: D. Companies Act, 1956
NPCI was incorporated as a non-profit company under Section 25 of the Companies Act, 1956 (now Section 8 of the 2013 Act). It was authorized under the Payment and Settlement Systems Act, 2007 to operate retail systems. This structure ensures that its primary focus remains on public service rather than profit maximization.
What is the name of the clearing house for ATM transactions operated by NPCI?
Correct Answer: D. National Financial Switch
National Financial Switch (NFS) is the technical backbone that connects various banks' ATMs across India. It settles the funds between the acquiring bank and the issuing bank for interbank ATM withdrawals. Without NFS, a customer would only be able to use their own bank's ATM machines.
Which NPCI product allows users to pay at merchant outlets by just scanning a single QR code for any network?
Correct Answer: A. BharatQR
BharatQR is an interoperable QR code standard that supports cards from multiple networks like RuPay, Visa, and Mastercard. It allows merchants to accept payments from various mobile banking apps using a single printed code. This reduces the clutter of multiple QR codes at the merchant's point-of-sale.
In an IMPS transaction, what is the 'P2A' transfer method?
Correct Answer: A. Person to Account
P2A stands for Person to Account, where the sender uses the beneficiary's account number and IFSC code for the transfer. This is an alternative to using the mobile number and MMID (P2P method). Both methods ensure immediate credit to the recipient's account.
What is the 3-digit security code on the back of a RuPay card called?
Correct Answer: D. CVV
CVV stands for Card Verification Value, a 3-digit number used for additional security during online transactions. It verifies that the user has physical possession of the card when making a remote purchase. On RuPay cards, this is usually found next to the signature panel.
Which NPCI subsidiary manages the Bharat Bill Payment System operations?
Correct Answer: C. NPCI Bharat BillPay Limited
NPCI Bharat BillPay Limited (NBBL) is the dedicated subsidiary of NPCI that manages the operations of the Bharat Bill Payment System. It acts as the central unit (BBPSCU) for all billers and payment service providers. It ensures standardized rules and business processes for all bill payments.
Which of the following is a key security feature of UPI mentioned by NPCI?
Correct Answer: D. Two-factor authentication with device binding
UPI uses two-factor authentication, which includes the mobile device binding and the UPI PIN known only to the user. This ensures that a transaction can only be initiated from the registered handset using the correct PIN. Device binding acts as a vital security layer against unauthorized access.
Which NPCI product facilitates the payment of recurring school fees and insurance through a single window?
Correct Answer: A. BBPS
Bharat Bill Payment System (BBPS) is an integrated platform for various bill categories like education, insurance, and utilities. It offers an interoperable and accessible bill payment service to customers through an network of agents. It provides multiple payment modes and instant confirmation of payment.
What is the name of the common QR code for merchants that can accept payments from all UPI apps?
Correct Answer: B. UPI QR
The UPI QR code is a standardized code that allows merchants to receive payments from any UPI-enabled application. This interoperability ensures that a merchant doesn't need separate codes for every individual payment app. It has played a massive role in the digitization of small retail businesses.
Which NPCI system is used for clearing and settlement of domestic credit and debit cards?
Correct Answer: A. RuPay Clearing and Settlement System
NPCI operates a dedicated clearing and settlement system specifically for RuPay card transactions. It handles the processing of data and the actual transfer of funds between the banks involved in the transaction. This system ensures that RuPay remains a cost-effective alternative to foreign networks.