Banking Awareness Quiz (Digital Banking): We have created many quizzes on Banking Awareness and this set is one of them. The Quiz is based on Digital Banking. These questions are most important for banking and insurance exams. These Banking Awareness sets will guide you in all banking exams like IBPS Clerk, IBPS PO, SBI Clerk, SBI PO, RRB Clerk and PO and other exams. So attempt all the sets now.
Banking Awareness Questions (Digital Banking)
- Which of the following participant is not involved in UPI?
A) Payee PSP
B) Beneficiary Bank
C) NPCI
D) RBI
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Option D
Explanation: Participants in UPI: Payer PSP, Payee PSP, Remitter Bank, Beneficiary Bank, NPCI, Bank Account holders, Merchants
- Bank credential sharing is not required in UPI due to the presence of:
A) IMPS
B) VPA
C) IFSC
D) 2FA
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Option B
Explanation: Due to Virtual Private Address
- 2FA facility is a type of _________.
A) UPI App
B) Security Feature
C) Connection Gateway in UPI
D) Payment Type
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Option B
Explanation: Two-factor authentication (2FA), sometimes referred to as two-step verification or dual factor authentication, is a security process in which the user provides two different authentication factors to verify themselves to better protect both the user’s credentials and the resources the user can access.
- Any UPI app will fetch your bank details using your ____________.
A) Account Number
B) IFSC Code
C) Beneficiary Name
D) Registered Mobile Number
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Option D
Explanation: A UPI App fetched bank account details using the registered mobile number.
- What is the upper transaction limit in UPI?
A) Rs 50,000
B) Rs 1 lakh
C) Rs 25,000
D) Rs 3 lakh
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Option B
Explanation: Rs 1 lakh
- Which of the following aims to serve the purpose of “One Card for all Purpose”
A) KCC
B) KVC
C) RuPay Overall
D) RuPay Contactless
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Option D
Explanation: RuPay Contactless is an open loop EMV based payment product from NPCI and aims at providing an efficient and hassle-free experience to the customer. This advanced and secure card can be used for all payment applications, including transport (Metro, Bus etc.), toll, shopping etc
- RuPay is a brand of __________.
A) EMV
B) NPCI
C) RBI
D) GoI
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Option B
Explanation: RuPay is a brand of NPCI under which it operates the card scheme and this document is published by NPCI for its RuPay card scheme.
- Which of the following technology is used in RuPay Contactless?
A) qSPARC
B) qSPARK
C) qSPACH
D) qSLASH
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Option A
Explanation: RuPay Prepaid Card is also available with contactless technology. NPCI has developed Quick Specification for Payment Application of RuPay Chip (qSPARC). It is based on dual interface (contact & contactless) EMV based specification as per open standards, aimed at digitizing the retail payments across all segments (small & large ticket size) using contact & contactless payment technology.
- Name the product developed by NPCI for National Electronic Toll Collection (NETC)?
A) LANE
B) FASTag
C) NATag
D) ONTag
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Option B
Explanation: FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly while the vehicle is in motion. FASTag (RFID Tag) is affixed on the windscreen of the vehicle and enables a customer to make the toll payments directly from the account which is linked to FASTag.
- Name the NPCI driven system for bill payment.
A) UPI
B) Bharat BillPay
C) IMPS
D) NETC
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Option B
Explanation:
