MCQOPTIONS
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MCQOPTIONS
This section includes 190 Mcqs, each offering curated multiple-choice questions to sharpen your Important Codes and Numbers knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
________ is only a transfer mechanism, which transfers money between different bank accounts and does not hold Money. |
| A. | PayTM |
| B. | Airtel Money |
| C. | mPesa |
| D. | BHIM |
| Answer» E. | |
| 2. |
MMID stands for ___ |
| A. | Mortgage Money Identifier |
| B. | Maturity Money Identifier |
| C. | Mobile Money Identifier |
| D. | All of these |
| Answer» D. All of these | |
| 3. |
There is _______ for transaction from Rs.1 to Rs.1 Lakh |
| A. | Rs. 2 |
| B. | Rs. 2.50 |
| C. | Rs. 5 |
| D. | No Charge |
| Answer» E. | |
| 4. |
BHIM stands for _____ |
| A. | Bharat Interface for Money |
| B. | Bharat Interbank Money transfer |
| C. | Bharat Instant Money transfer |
| D. | Bharat Interface for Marketing |
| Answer» B. Bharat Interbank Money transfer | |
| 5. |
What is the default time to approve a collect request by a payer in UPI? |
| A. | 25 min |
| B. | 15 min |
| C. | 30 min |
| D. | 45 min |
| Answer» D. 45 min | |
| 6. |
_______ are redeemable at a group of clearly identified merchants that contract specifically with the issuer to accept the payment instrument. |
| A. | Closed System Payment Instruments |
| B. | Semi-closed System Payment Instruments |
| C. | Open System Payment Instruments |
| D. | Semi-Open System Payment Instruments |
| Answer» C. Open System Payment Instruments | |
| 7. |
The amount outstanding at any point of time in Open System PPIs by banks shall not exceed ________ |
| A. | Rs. 200000 |
| B. | Rs. 100000 |
| C. | Rs. 250000 |
| D. | Rs. 150000 |
| Answer» C. Rs. 250000 | |
| 8. |
Maximum value of each prepaid gift instrument shall not exceed ______ |
| A. | Rs. 20000 |
| B. | Rs. 10000 |
| C. | Rs. 25000 |
| D. | Rs. 15000 |
| Answer» B. Rs. 10000 | |
| 9. |
The maximum value outstanding in PPI-MTS(Mass Transit System operator) cannot exceed the limit of _______at any point of time |
| A. | Rs. 2000 |
| B. | Rs. 5000 |
| C. | Rs. 4000 |
| D. | |
| Answer» E. | |
| 10. |
Bank and non-bank entities are permitted to issue prepaid gift instruments.The maximum validity of the prepaid gift instruments shall be _______ |
| A. | 3 years |
| B. | 5 years |
| C. | 4 years |
| D. | 2 years |
| Answer» B. 5 years | |
| 11. |
The maximum value in PPIs for credit of cross border inward remittance at any point of time shall not exceed _______ |
| A. | Rs. 45,000 |
| B. | Rs. 35,000 |
| C. | Rs. 25,000 |
| D. | Rs. 50,000 |
| Answer» E. | |
| 12. |
Amount in a PPI should not exceed _____ if the customer provides minimum KYC details to the PPI issuing entity. |
| A. | Rs. 10,000 |
| B. | Rs. 20,000 |
| C. | Rs. 15,000 |
| D. | Rs. 25,000 |
| Answer» C. Rs. 15,000 | |
| 13. |
Amount in a PPI should not exceed _____ at any point of time if the customer provides full KYC |
| A. | Rs. 1 lakh |
| B. | Rs. 2 lakh |
| C. | Rs. 3 lakh |
| D. | Rs. 4 lakh |
| Answer» B. Rs. 2 lakh | |
| 14. |
The maximum value of any prepaid payment instrument, where specific limits have not been prescribed, shall not exceed ______ |
| A. | Rs. 25000 |
| B. | Rs. 75000 |
| C. | Rs. 50000 |
| D. | Rs. 100000 |
| Answer» D. Rs. 100000 | |
| 15. |
Entities, seeking approval/authorisation from the RBI for issuance of PPIs should have a minimum positive net worth of _______. |
| A. | Rs. 10 Crore |
| B. | Rs. 15 Crore |
| C. | Rs. 20 Crore |
| D. | Rs. 25 Crore |
| Answer» E. | |
| 16. |
_____are issued by a company to a consumer for buying goods and services exclusively from that company. |
| A. | Closed System Payment Instruments |
| B. | Semi-closed System Payment Instruments |
| C. | Open System Payment Instruments |
| D. | Semi-Open System Payment Instruments |
| Answer» B. Semi-closed System Payment Instruments | |
| 17. |
______are payment instruments that can be used to purchase goods and services at any card-accepting POS terminals. |
| A. | Closed System Payment Instruments |
| B. | Semi-closed System Payment Instruments |
| C. | Open System Payment Instruments |
| D. | Semi-Open System Payment Instruments |
| Answer» E. | |
| 18. |
________ can be used for purchase of goods and services and also permit cash withdrawal at ATMs, Merchant Local Locations, and automated business correspondents. |
| A. | Closed System Payment Instruments |
| B. | Semi-closed System Payment Instruments |
| C. | Open System Payment Instruments |
| D. | Semi-Open System Payment Instruments |
| Answer» D. Semi-Open System Payment Instruments | |
| 19. |
What is the single mobile application for accessing different bank accounts? |
| A. | UPI |
| B. | BBPS |
| C. | NPCI |
| D. | NFS |
| Answer» B. BBPS | |
| 20. |
A common QR code built for ease of payments is known as _______ |
| A. | UPI |
| B. | BBPS |
| C. | NPCI QR |
| D. | Bharat QR |
| Answer» E. | |
| 21. |
Network of shared automated teller machines in India is called ____ |
| A. | UPI |
| B. | BBPS |
| C. | NPCI |
| D. | NFS |
| Answer» E. | |
| 22. |
Which of the following is the Smartphone app built using UPI interface? |
| A. | NFS |
| B. | IMPS |
| C. | BHIM |
| D. | All of these |
| Answer» D. All of these | |
| 23. |
Which is the umbrella organisation for all retail payment systems in India? |
| A. | UPI |
| B. | BBPS |
| C. | NPCI |
| D. | NCMC |
| Answer» D. NCMC | |
| 24. |
Which of the following is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers? |
| A. | Unified Payments Interface |
| B. | Bharat Bill Payment System |
| C. | Immediate Payment Service |
| D. | National Common Mobility Card |
| Answer» C. Immediate Payment Service | |
| 25. |
________ is an interoperable transport card conceived by the Ministry of Urban Development in association with NPCI. |
| A. | Unified Payments Interface |
| B. | Bharat Bill Payment System |
| C. | National Common Mobility Card |
| D. | None of these |
| Answer» D. None of these | |
| 26. |
Which of the following account is supported by BHIM? |
| A. | Savings Bank Account |
| B. | Current Account |
| C. | Fixed Deposit |
| D. | Only A and B |
| Answer» E. | |
| 27. |
One can use _______ UPI application on the same mobile. |
| A. | Less than two |
| B. | Only One |
| C. | More than one |
| D. | None of these |
| Answer» D. None of these | |
| 28. |
The upper limit per UPI transaction is ______ |
| A. | Rs. 2 Lakh |
| B. | Rs. 1 Lakh |
| C. | Rs. 3 Lakh |
| D. | Rs. 5 Lakh |
| Answer» C. Rs. 3 Lakh | |
| 29. |
UPI Stands for _____ |
| A. | United Payments Interface |
| B. | Unique Payments Interface |
| C. | Unified Payments Interface |
| D. | All of these |
| Answer» D. All of these | |
| 30. |
UPI Personal Identification Number is a ____ digit pass code you create/set during first time registration with UPI App |
| A. | 4 5 |
| B. | 3 5 |
| C. | 4 6 |
| D. | 3 6 |
| Answer» D. 3 6 | |
| 31. |
C in ICO? |
| A. | Cash |
| B. | Coin |
| C. | Cheque |
| D. | Currency |
| Answer» C. Cheque | |
| 32. |
IFS Code is 11 alpha numeric code. What is the fifth character? |
| A. | An alphabet |
| B. | Check digit |
| C. | None of these |
| Answer» A. An alphabet | |
| 33. |
P in PCA? |
| A. | Price |
| B. | Payment |
| C. | Public |
| D. | None of these |
| Answer» E. | |
| 34. |
Legal Entity Identifier(LEI) is a ____________ alpha numeric code. |
| A. | 10 |
| B. | 11 |
| C. | 20 |
| D. | 9 |
| Answer» D. 9 | |
| 35. |
What does the last character represent in PAN CARD? |
| A. | type of holder |
| B. | Surname of holder |
| C. | Check digit |
| D. | None of these |
| Answer» D. None of these | |
| 36. |
International Securities Identification Number(ISIN) is a 12 alphanumeric code. What do the first two characters represent? |
| A. | Branch code |
| B. | Country code |
| C. | State code |
| D. | City code |
| Answer» C. State code | |
| 37. |
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is 8 to 11 __________. |
| A. | digit code |
| B. | Alphabetic code |
| C. | Alpha numeric code |
| D. | None of these |
| Answer» C. Alpha numeric code | |
| 38. |
How many digis in BSR(Basic Statistical Returns) code? |
| A. | 9 |
| B. | 10 |
| C. | 11 |
| D. | None of these |
| Answer» E. | |
| 39. |
PAN card will be issued under Section __________ of the Income Tax Act. |
| A. | 139A |
| B. | 189A |
| C. | 89A |
| D. | None of these |
| Answer» B. 189A | |
| 40. |
Permanent Account Number (PAN) is used to identify the Indian nationals and regular Income Tax payer under the______________. |
| A. | Indian Income Tax Act, 1981 |
| B. | Indian Income Tax Act, 1961 |
| C. | Indian Income Tax Act, 1971 |
| D. | None of these |
| Answer» C. Indian Income Tax Act, 1971 | |
| 41. |
How many digits will be used to represent Universal Account Number ? |
| A. | 10 |
| B. | 11 |
| C. | 12 |
| D. | 20 |
| Answer» D. 20 | |
| 42. |
Mobile Money Identifier (MMID) is a 7 digit unique number issued by the bank. What are the last three digits represent? |
| A. | to identify the account of the user |
| B. | to identify the branch of the user |
| C. | to identify the bank of the user |
| D. | None of these |
| Answer» B. to identify the branch of the user | |
| 43. |
In APBS, B stands for _____ |
| A. | Bank |
| B. | Bill |
| C. | Board |
| D. | Bridge |
| Answer» E. | |
| 44. |
Which of the following is the headquarters of NPCI? |
| A. | Chennai |
| B. | Kolkatta |
| C. | Mumbai |
| D. | Hyderabad |
| Answer» D. Hyderabad | |
| 45. |
NPCI is a not-for-profit organisation registered under ______ of the Companies Act 2013. |
| A. | Section 6 |
| B. | Section 7 |
| C. | Section 8 |
| D. | Section 4 |
| Answer» D. Section 4 | |
| 46. |
How many promoter banks are there is NPCI? |
| A. | 10 |
| B. | 12 |
| C. | 11 |
| D. | 13 |
| Answer» B. 12 | |
| 47. |
The authorized capital of NPCI is _______ |
| A. | Rs. 300 crore |
| B. | Rs. 200 crore |
| C. | Rs. 100 crore |
| D. | Rs. 150 crore |
| Answer» B. Rs. 200 crore | |
| 48. |
Which of the following has been authorized by RBI as the Bharat Bill Payment Central Unit (BBPCU)? |
| A. | NACH |
| B. | NHB |
| C. | NPCI |
| D. | All of these |
| Answer» D. All of these | |
| 49. |
In QSAM, Q stands for ______ |
| A. | Queue |
| B. | Query |
| C. | Quality |
| D. | Quantity |
| Answer» C. Quality | |
| 50. |
The headquarters of ESAF Small Finance Bank is _____ |
| A. | Guwahati |
| B. | Varanasi |
| C. | Jaipur |
| D. | Thrissur |
| Answer» E. | |