Banking Awareness Quiz

Banking Awareness Quiz – Set 254: 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. The ______ Code is a type of a two-dimensional bar code.
   A) MICR
   B) Bank
   C) QR
   D) UPI
   
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     Option C
   Explanation: The QR Code is a type of a two-dimensional bar code. It consists of black squares arranged in a square grid on a white background.
2. QR Code was invented in which country?
   A) Japan
   B) China
   C) USA
   D) India
   
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     Option A
   Explanation: A Japanese company named Denso Wave in the 1990s invented the QR Code.
3. Which of the following is not a type of QR Codes in India?
   A) Bharat QR
   B) Proprietary QR
   C) NEFT QR
   D) UPI QR
   
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   Option C
   Explanation: Three different types of QR Codes have emerged – Bharat QR, UPI QR and Proprietary QR (closed loop, non-interoperable).
4. Which of the following is the world’s first fully interoperable QR code payment system?
   A) PayTm QR
   B) Bharat QR
   C) PhonePay QR
   D) GPay QR
   
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   Option B
   Explanation: India has launched Bharat QR – the world’s first fully interoperable QR code payment system. Its specifications have been jointly developed by RuPay, Visa, MasterCard, and Amex.
5. In which year was UPI launched by NPCI?
   A) 2015
   B) 2016
   C) 2017
   D) 2018
   
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   Option B
   Explanation: UPI was launched by the NPCI in August 2016.
6. New Functionalities like GST, Tips, International transactions (multi-currency) will come up in which version of UPI?
   A) UPI 2.0
   B) UPI 3.0
   C) UPI 4.0
   D) UPI 5.0
   
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   Option B
   Explanation: UPI 3.0 is in process
7. What is the full form of QR in QR Code?
   A) Quite Response
   B) Quick Return
   C) Quick Response
   D) Quite Return
   
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   Option C
   Explanation: Quick Response (QR) codes
8. ________ provides online transaction routing, processing and settlement services to members participating in UPI.
   A) Commercial Banks
   B) TPAP
   C) NPCI
   D) RBI
   
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   Option C
   Explanation: NPCI provides online transaction routing, processing and settlement services to members participating in UPI
9. What does T stand for in TPAP?
   A) Third
   B) True
   C) Time
   D) Transfer
   
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   Option A
   Explanation: Third Party Application Providers (TPAP) like GooglePay, PhonePe
10. Where can a TPAP (operating in India) store the payments data including UPI Transaction Data collected by TPAP for the purpose of facilitating UPI transactions?
    A) Only in the state where its headquarters is located
    B) Anywhere in India
    C) Anywhere in the world
    D) India or country of its origin
    
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    Option B
    Explanation: TPAP has to store all the payments data including UPI Transaction Data collected by TPAP for the purpose of facilitating UPI transactions, only in India

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