Banking Awareness Quiz – Set 100

Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

1. Which allows banks and other financial institution to auction residential or commercial properties to recover loans?
   A. Industrial Disputes Act 1947
   B. Foreign Exchange Management Act, 1999
   C. Banking Regulation Act, 1949
   D. SARFAESI Act, 2002
   E. None of the Above
   
   Answer & Explanation

   D. SARFAESI Act, 2002
   Explanation:
   The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law. It allows banks and other financial institution to auction residential or commercial properties to recover loans.
   
   
2. _______ is an integrated bill payment system which will offer inter operable bill payment service to customers online as well as through a network of agents on the ground.
   A. BBPS
   B. IMPS
   C. AEPS
   D. APBS
   E. None of the Above
   
   Answer & Explanation

   A. BBPS
   Explanation:
   The Bharat Bill Payment System (BBPS) is a RBI mandated system which will offer integrated and interoperable bill payment services to customers across geographies with certainty, reliability and safety of transactions.
   
   
3. Which of the following will function as the Bharat Bill Payment Central Unit (BBPCU), single authorized entity operating the BBPS?
   A. RBI
   B. NPCI
   C. GOI
   D. All of the Above
   E. None of the Above
   
   Answer & Explanation

   B. NPCI
   Explanation:
   National Payments Corporation of India (NPCI) will function as the authorized Bharat Bill Payment Central Unit (BBPCU), which will be responsible for setting business standards, rules and procedures for technical and business requirements for all the participants. NPCI, as the BBPCU, will also undertake clearing and settlement activities related to transactions routed through BBPS.
   
   
4. Which of the following is a type of Biller?
   A. Online Mode
   B. Offline Mode (A)
   C. Offline Mode (B)
   D. All of the Above
   E. None of the Above
   
   Answer & Explanation

   D. All of the Above
   Explanation:
   Type of Billers:
   Online Mode
   Offline Mode (A)
   Offline Mode (B)
   
   
5. Which of the following will be the authorised operational units?
   A. BBPCU
   B. BBPOU
   C. Biller
   D. All of the Above
   E. None of the Above
   
   Answer & Explanation

   B. BBPOU
   Explanation:
   Bharat Bill Payment Operating Units (BBPOUs) will be the authorised operational units.
   
   
6. To become BBPOUs, Banks and non-bank entities are mandatorily required to apply for approval / authorisation to Reserve Bank of India under ________
   A. Payment and Settlement Systems (PSS) Act 2007.
   B. Foreign Exchange Management Act, 1999
   C. Banking Regulation Act, 1949
   D. SARFAESI Act, 2002
   E. None of the Above
   
   Answer & Explanation

   A. Payment and Settlement Systems (PSS) Act 2007.
   Explanation:
   To become BBPOUs, Banks and non-bank entities are mandatorily required to apply for approval / authorisation to Reserve Bank of India under Payment and Settlement Systems (PSS) Act 2007. Bharat Bill Payment Operating Units (BBPOUs) will be the authorised operational units.
   
   
7. In which of the following mode, BBPOU will confirm the bill payment basis the bill information dump provided by the respective biller?
   A. Online Mode
   B. Offline Mode (A)
   C. Offline Mode (B)
   D. All of the Above
   E. None of the Above
   
   Answer & Explanation

   B. Offline Mode (A).
   Explanation:
   In Offline Mode (A) BBPOU will confirm the bill payment basis the bill information dump provided by the respective biller.
   
   
8. In which of the following mode, the BBPOU receives all the bill payment requests for that particular biller without any validation?
   A. Online Mode
   B. Offline Mode (A)
   C. Offline Mode (B)
   D. All of the Above
   E. None of the Above
   
   Answer & Explanation

   C. Offline Mode (B)
   Explanation:
   In Offline Mode (B) receives all the bill payment requests for that particular biller without any validation.
   
   
9. As per the Reserve Bank of India, BBPS will initially accept utility bill payments such as _________
   A. Telephone Bill
   B. Electricity Bill
   C. DTH services
   D. All of the Above
   E. None of the Above
   
   Answer & Explanation

   D. All of the Above
   Explanation:
   As per the Reserve Bank of India, BBPS will initially accept utility bill payments such as electricity, water, gas, telephone and direct-to-home services and will later include other repetitive payments including school and university fees and municipal taxes.
   
   
10. ________ have been awarded the license by the Central Bank to operate Bharat Bill Payment System (BBPS) recently.
    A. Common Service Centres (CSC)
    B. Financial Institutions
    C. Only (A)
    D. Both (A) and (B)
    E. None of the Above
    
    Answer & Explanation

    A. Common Service Centres (CSC)
    Explanation:
    over 1.5 Lakh common service centres (CSC) or Digital Seva Kendres have been awarded the license by the Central Bank to operate Bharat Bill Payment System (BBPS).