Banking Awareness Quiz – Set 57

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 was implemented by National Payments Corporation of India (NPCI) for Banks, Financial Institutions, Corporates etc.,?
   A. National Automated Clearing House (NACH)
   B. National Automatic Clearing House (NACH)
   C. National Automated Cleared House (NACH)
   D. National Automatic Cleared House (NACH)
   
   Answer & Explanation

   A. National Automated Clearing House (NACH)
   Explanation:
   A web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature. NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.
   
   
2. __________ developed by NPCI has been helping the Government and Government Agencies in making the Direct Benefit Transfer scheme a success.
   A. NACH’s Mandate Management System (MMS)
   B. NACH’s online Dispute Management System (DMS)
   C. NACH’s Aadhaar Payment Bridge (APB)
   D. None of the Above
   
   Answer & Explanation

   C. NACH’s Aadhaar Payment Bridge (APB)
   Explanation:
   APB System has been successfully channelizing the Government subsidies and benefits to the intended beneficiaries using the Aadhaar numbers. The APB System links the Government Departments and their sponsor banks on one side and beneficiary banks and beneficiary on the other hand.
   
   
3. There are _______ promoter banks in National Payments Corporation of India (NPCI).
   A. Five
   B. Four
   C. Six
   D. Ten
   
   Answer & Explanation

   D. Ten
   Explanation:
   NPCI has ten promoter banks namely, State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.
   
   
4. Which of the following is the largest network of shared automated teller machines (ATMs) in India?
   A. Immediate Payment Service(IMPS)
   B. Aadhar Enabled Payment System (AEPS)
   C. Cheque Truncation System(CTS)
   D. National Financial Switch (NFS)
   
   Answer & Explanation

   D. National Financial Switch (NFS)
   Explanation:
   National Financial Switch (NFS) was developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking for the common man. It is run by the National Payments Corporation of India (NPCI).
   
   
5. _______ is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent(BC) of any bank using the Aadhaar authentication.
   A. Immediate Payment Service(IMPS)
   B. Aadhar Enabled Payment System (AEPS)
   C. Cheque Truncation System(CTS)
   D. National Financial Switch (NFS)
   
   Answer & Explanation

   B. Aadhar Enabled Payment System (AEPS)
   Explanation:
   The Aadhar Enabled Payment System (AEPS) offers four basic types of banking transactions. They are
   ♦ Balance Enquiry
   ♦ Cash Withdrawal
   ♦ Cash Deposit
   ♦ Aadhaar to Aadhaar Funds Transfer
   
   
6. Which of the following inputs required for a customer to do a transaction with AEPS?
   A. Issuer Identification Number(IIN)
   B. Fingure Print
   C. Aadhar Number
   D. All of the Above
   
   Answer & Explanation

   D. All of the Above
   Explanation:
   Following inputs are required to do a transaction with the help of Aadhar Enabled Payment System (AEPS). They are
   ♦ IIN (Identifying the Bank to which the customer is associated)
   ♦ Aadhaar Number
   ♦ Fingerprint captured during their enrolment
   
   
7. How many digits code are there in Mobile Money Identifier (MMID)?
   A. Six Digit code
   B. Seven Digit code
   C. Eight Digit code
   D. Nine Digit code
   
   Answer & Explanation

   B. Seven Digit code
   Explanation:
   Mobile Money Identifier (MMID) is a 7 digit number issued by a bank against an account linked to a mobile number. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive money) should have this MMID for doing interbank funds transfer through Immediate Payment Service(IMPS).
   
   
8. NACH’s Aadhaar Payment Bridge (APB) has the capacity to handle _______ transactions per day.
   A. 1 million
   B. 2 million
   C. 5 million
   D. 10 million
   
   Answer & Explanation

   D. 10 million
   Explanation:
   Aadhaar Payment Bridge (APB) system capable to handle 10 million transactions per day. It also supports multiple intra day sessions.
   
   
9. First RuPay ATM & Micro ATM Card with Aadhaar Number was issued by?
   A. ICICI Bank
   B. Union Bank of India
   C. Axis Bank
   D. Bank of India
   
   Answer & Explanation

   D. Bank of India
   Explanation:
   First RuPay ATM & Micro ATM Card with Aadhaar Number – Bank of India Dhan Aadhaar Card
   Bank of India Dhan Aadhaar Card – Features
   ♦ Debit card issued on RuPay platform with the UID number given by Government of India
   ♦ Biometric Authentication through UIDAI for micro ATM and pin based authentication on ATMs.
   ♦ It is having the Card Holders Photo
   ♦ Maximum limit of cash withdrawn is Rs.25,000 per day in ATM
   ♦ Maximum amount that can be withdrawn per day is Rs.25,000 in POS
   
   
10. Which of the following service(s) is/are offered by Aadhaar Enabled Payment System (AEPS)?
    A. Cash Withdrawal
    B. Gateway Authentication Services
    C. Cash Deposit
    D. All of the Above
    
    Answer & Explanation

    D. All of the Above
    Explanation:
    Services Offered by Aadhaar Enabled Payment System (AEPS)
    ♦ Balance Enquiry
    ♦ Cash Withdrawal
    ♦ Cash Deposit
    ♦ Aadhaar to Aadhaar Fund Transfer
    ♦ Gateway Authentication Services