Quiz on Banking Awareness

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Topic: RTGS and IMPS

Number of Questions: 10

1. What is the minimum amount stipulation for RTGS transactions?
   A) Rs 50,000
   B) Rs 1 lakh
   C) Rs 2 lakhs
   D) No Limit
   
   View answer

   Option C
2. What is the maximum amount stipulation for RTGS transactions?
   A) Rs 10 lakh
   B) Rs 50 lakh
   C) Rs 1 Crore
   D) No Limit
   
   View answer

   Option D
   Explanation: There is no upper ceiling for RTGS transactions.
3. What is the maximum time allowed to the beneficiary bank to credit the beneficiary’s account after receiving the funds transfer message in RTGS.
   A) 15 mins
   B) 5 mins
   C) 30 mins
   D) 45 mins
   
   View answer

   Option C
   Explanation: Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.
4. Which of the following is not a feature of RTGS?
   A) Real Time
   B) Gross Basis
   C) Netting
   D) Order by Order settlement
   
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   Option C
   Explanation: It is a continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
5. What does I stands for in IMPS?
   A) Instant
   B) Inter
   C) Interface
   D) Immediate
   
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   Option D
   Explanation: Immediate Payment Service
6. IMPS is managed by?
   A) RBI
   B) NPCI
   C) SBI and NPCI
   D) RBI and NPCI
   
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   Option B
   Explanation: It stands for Immediate Payment Service. It is managed by NPCI. NEFT and RTGS are managed by RBI.
7. The IMPS facility is provided by NPCI through its existing _____ network
   A) CTS
   B) UPI
   C) NFS
   D) NEFT
   
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   Option C
   Explanation: This facility is provided by NPCI through its existing National Financial Switch (NFS).
8. MMID is used for fund transfer in IMPS. What does the First M in MMID stands for?
   A) Mobile
   B) Money
   C) Multi
   D) Message
   
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   Option A
   Explanation: Mobile Money Identifier
9. MMID is a ______ code.
   A) 9 digit
   B) 11 digit
   C) 7 digit
   D) 5 digit
   
   View answer

   Option C
   Explanation: 7 digit 
10. What is the minimum transaction amount under IMPS?
    A) Rs 10
    B) Rs 50
    C) Rs 100
    D) No limit
    
    View answer

    Option D
    Explanation: Transaction Limit: No Minimum Limit; Maximum: Banks can set their own limit but not greater than Rs 10 lakh as per NPCI.

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