Banking Awareness Quiz

Banking Awareness Quiz – Set 243: We have created many quizzes on Banking Awareness and this set is one of them. These questions are most important for banking and insurance exams. The question asked in the Banking Awareness section are based both on static banking and that to current banking in news. 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.

1. ___________ is a part of IBAN and is a standard for identifying bank accounts across a country.
   A) ABAN
   B) BBAN
   C) CBAN
   D) DBAN
   
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     Option B
   Explanation: Basic Bank Account Number (BBAN) is a standard for identifying bank accounts across a country.
2. Which of the following is a mission by government for promoting a less cash economy?
   A) Digi Dhan mission
   B) Digital mission
   C) E-Dhan mission
   D) MANI mission
   
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     Option A
   Explanation: Digi Dhan mission
3. Which of the following is the nodal agency for Digi Dhan mission?
   A) NPCI
   B) RBI
   C) MeitY
   D) Ministry of Finance
   
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   Option C
   Explanation: Ministry of Electronics and Information Technology (MeitY)
4. Which of the following cannot be part of RTGS?
   A) regional rural banks
   B) clearing house
   C) NBFC
   D) primary dealers
   
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   Option C
   Explanation: Only banks, clearing houses and primary dealers can be members of RTGS, making it a non-level playing field for non-banks
5. _________ devices are used to accept payments at a merchant location.
   A) ATM
   B) WLA
   C) POS
   D) CC
   
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   Option C
   Explanation: Point of Sale (POS)
6. Non-bank entity when set up, own and operate ATMs in India, it is known as?
   A) WLA
   B) GLA
   C) BLA
   D) SLA
   
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   Option A
   Explanation: White Label ATMs (WLA) – Non-banks can set up, own and operate ATMs in India called as WLAs.
7. _________ provide support for pre-approved mandates for bill payments, and standing instructions in India.
   A) MMID
   B) NACH
   C) VPA
   D) SWIFT
   
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   Option B
   Explanation: ECS / NACH provide support for pre-approved mandates for bill payments, and standing instructions.
8. Aadhaar Payment Bridge System (APBS) is a part of ____________.
   A) ECS
   B) IMPS
   C) RTGS
   D) NACH
   
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   Option D
   Explanation: APBS is a part of NACH.
9. __________ allows online interoperable financial inclusion transactions at Micro-ATM through the Business Correspondent (BC) of any bank using the Aadhaar authentication.
   A) ABPS
   B) AEPS
   C) NEFT
   D) RTGS
   
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   Option B
   Explanation: Aadhaar Enabled Payment System (AEPS)
10. ____________ are payment instruments that facilitate purchase of goods and services, including funds transfer, against the value stored on such instruments
    A) API
    B) AEPS
    C) ABPS
    D) PPI
    
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    Option D
    Explanation: Prepaid Payment Instruments (PPIs)

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