Banking Awareness Quiz – Set 111

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 of the following is the Slogan of UPI(Unified Payment Interface)?
   A. Less Amount More Digital
   B. Less Cash More Transaction
   C. Less Cashflow More Digital
   D. Less Circulation More Digital
   E. Less Cash More Digital
   
   Answer & Explanation

   E. Less Cash More Digital
   Explanation:
   Less cash more digital is the Slogan of UPI(Unified Payment Interface)
   
   
2. Which of the following is the parent organisation of UPI?
   A. RBI
   B. GOI
   C. NPCI
   D. All of the Above
   E. None of the Above.
   
   Answer & Explanation

   C. NPCI
   Explanation:
   National Payments Corporation of India(NPCI) is the parent organisation of UPI(Unified Payment Interface)
   
   
3. Customers using the UPI system only share _____
   A. Bank Account Number
   B. IFSC Code
   C. Virtual Address
   D. All of the Above
   E. None of the Above.
   
   Answer & Explanation

   C. Virtual Address
   Explanation:
   Customers using the system do not have to disclose any sensitive information such as bank account numbers or IFSC codes during a financial transaction. It is safe as the customers only share a virtual address and provide no other sensitive information.
   
   
4. What is the upper transaction limit of UPI system?
   A. 1 lakh
   B. 2 lakh
   C. 5 lakh
   D. 10 lakh
   E. No limit
   
   Answer & Explanation

   A. 1 lakh
   Explanation:
   The upper transaction limit of UPI is Rs.1 lakh.
   
   
5. Which of the following is the format of Virtual Address in UPI?
   A. [name] @ [bank name]
   B. [Phone number] @ [bank name]
   C. [name] @ [bank branch name]
   D. Both (A) and (B)
   E. Both (B) and (C)
   
   Answer & Explanation

   D. Both (A) and (B)
   Explanation:
   Instead of account details, the receiver can share a virtual address, which can be your name, or your phone number and the sender can transfer money. For example, if your name is abc, the your virtual address could be abc@axisbank or abc@icicibank; if your phone number is 1234567890, then your virtual address could be 1234567890@axisbank or 1234567890@icicibank and so on.
   
   
6. In UPI, we can Send money to any bank account through mobile without entering ____________
   A. debit/credit card details
   B. net banking/wallet password
   C. receiver’s account number.
   D. All of the Above
   E. None of the Above.
   
   Answer & Explanation

   D. All of the Above
   Explanation:
   Send money up to Rs 1 lakh to any bank account through the mobile without entering debit/credit card details, net banking/wallet password or even knowing the receiver’s account number.
   
   
7. Which of the following banks are on-boarded as issuers?
   A. IDBI Bank
   B. RBL Bank
   C. Karnataka Bank
   D. Both (A) and (B)
   E. Both (B) and (C)
   
   Answer & Explanation

   D. Both (A) and (B)
   Explanation:
   IDBI Bank and RBL Bank are on-boarded as issuers. It enables their customers to download any UPI enabled Apps mentioned above and link their account.
   
   
8. Unified Payment System (UPI), a common platform which links your _________ to a virtual payment address, effectively making money transfer as easy as an SMS.
   A. Bank Account Number
   B. IFSC Code
   C. Virtual Address
   D. All of the Above
   E. None of the Above.
   
   Answer & Explanation

   A. Bank Account Number
   Explanation:
   Unified Payment System (UPI), a common platform which links your bank account number to a virtual payment address, effectively making money transfer as easy as an SMS.
   
   
9. UPI will eliminate the need of entering ________ details
   A. Bank Account Number
   B. IFSC Code
   C. CVV code
   D. All of the Above
   E. None of the Above.
   
   Answer & Explanation

   D. All of the Above
   Explanation:
   UPI can be used for shopping at the supermarket, or online shopping as well. It will eliminate the need of entering card details such as number, expiry date, CVV code and OTP.
   
   
10. What are the important instruments under Indian Stamp Act, 1899?
    A. bill of exchange
    B. power of Attorney
    C. policy of insurance
    D. None of the Above
    E. All of the Above
    
    Answer & Explanation

    E. All of the Above
    Explanation:
    Important Instruments are agreements, conveyances, exchange, gift, Certificate of sale, deed of partition, Power of Attorney to sell immovable property when given for consideration, deed of settlement and transfer of lease by way of assignment, bill of exchange, bill of lading, debenture, letter of credit, policy of insurance, proxy, receipt and transfer of shares.