NPCI Products — Set 8
Banking · NPCI उत्पाद · Questions 71–80 of 90
Which app was launched by the Prime Minister in 2016 to promote UPI payments?
Correct Answer: B. BHIM
BHIM (Bharat Interface for Money) was launched in December 2016. It is a mobile app developed by NPCI based on the UPI platform. It was named after Dr. B.R. Ambedkar to promote digital financial inclusion.
What is the full form of CTS in the context of cheque clearing?
Correct Answer: A. Cheque Truncation System
Cheque Truncation System (CTS) is an image-based cheque clearing system. It eliminates the physical movement of cheques during the clearing process. This makes the settlement faster and more efficient.
Which organization provides the technical infrastructure for FASTag operations?
Correct Answer: A. NPCI
NPCI provides the central clearing house and technical support for FASTag under the NETC program. NHAI is the implementing agency for highway infrastructure. NPCI ensures the smooth settlement of toll funds between banks.
What is the maximum limit for a single IMPS transaction at present?
Correct Answer: D. Rs 5 Lakhs
The limit for IMPS transactions was increased from Rs 2 Lakhs to Rs 5 Lakhs in 2021. IMPS provides an instant 24/7 interbank electronic fund transfer service. It is a highly popular product for small and medium value transfers.
Which code is used for mobile-based interbank fund transfers in IMPS along with a mobile number?
Correct Answer: B. MMID
MMID stands for Mobile Money Identifier, which is a 7-digit unique number. It is used to identify a bank account for receiving money via IMPS. A combination of mobile number and MMID makes fund transfers simple.
Which card network is India's domestic alternative to foreign card networks?
Correct Answer: A. RuPay
RuPay is India's own domestic card payment network launched by NPCI. it was created to lower transaction costs for Indian banks and consumers. It is now accepted at almost all ATMs and merchant outlets in the country.
Which NPCI product allows banking without a smartphone or internet using the *99# code?
Correct Answer: D. USSD
USSD (Unstructured Supplementary Service Data) based banking allows basic financial tasks on feature phones. Users can dial *99# to access their bank accounts. This service does not require an active internet data connection.
What is the full form of VPA in the UPI system?
Correct Answer: C. Virtual Payment Address
VPA stands for Virtual Payment Address, which is a unique ID for UPI users. It allows sending and receiving money without sharing bank account numbers. A typical VPA looks like 'name@bank'.
Which NPCI system is used for crediting government subsidies directly into bank accounts?
Correct Answer: C. APB
Aadhaar Payment Bridge (APB) is used to credit government subsidies directly to beneficiaries. It uses the Aadhaar number as a central key for routing the funds. This system ensures transparency and reduces corruption in welfare distribution.
Which city is the headquarters of the National Payments Corporation of India (NPCI)?
Correct Answer: B. Mumbai
The headquarters of NPCI is located in Mumbai, Maharashtra. Mumbai is the financial capital of India where most major banking institutions are based. NPCI also has operational offices and data centers in other major cities.