Digital Banking For Federal Bank MCQ

Digital Banking for Federal Bank MCQ
1. Banks are required to monitor transactions of suspicious nature for reporting to the
authorities under anti- money laundering measures. The purpose of reporting is:
1. Combating finance of terrorism
2. To check hawala transactions
3. To check the inflow of crime money
4. To check inflow of the money earned out of sale of narcotics
5. All the above

2. Cryptocurrency is a _______ .
1. Plastic Money.
2. Digital Medium of Exchange
3. Digital payment
4. Both A & B
5. None of these
3. Computer Emergency Response Team India comes under ___________.
1. Ministry of Communications and Information Technology
2. Ministry of Commerce.
3. RBI
4. Department of Information & Technology.
5. None of these
4. A draft issued by the bank has been lost by the payee. He sends a letter to the issuing bank
to stop payment. Bank will
1. Note caution and will advice the payee to contact purchaser of the draft
2. Not act on the request
3. Stop payment
4. Performs no action
5. None of these
5. The type of cheque which can be encashed only by depositing is known as
1. Order Cheque
2. Bearer Cheque
3. Account Payee Cheque
4. Account Deposit Cheque
5. None of these
6. Which of the following is the implementing body of NACH?
1. RBI
2. NPCI
3. Ministry of Finance
4. NABARD
5. None of these
7. Which of the following system has been designed by NPCI for Direct Benefit Transfer (DBT)
system?
1. UPI
2. BBPS
3. IMPS
4. ABPS
5. None of these
8. Which of the following clearing service is not controlled by Reserve Bank of India?
1. Local ECS
2. Regional ECS
3. National ECS
4. NACH
5. None of these
9. Which of the following is not a product by NPCI?
1. AEPS
2. UPI
3. ECS
4. RuPay
5. None of these
10. What is the authorized capital of NPCI?
1. Rs 100 crore
2. Rs 200 crore
3. Rs 250 crore
4. Rs 300 crore
5. Rs. 500 crore
Answers:
1. 5
2. 2
3. 1
4. 1
5. 3
6. 2
7. 4
8. 4
9. 3
10. 4
Set 6
Hello Aspirants,
Welcome to Digital Banking Awareness Quiz in AffairsCloud.com. Here we
are creating quiz covering important questions which are common for all the
bank exams and mainly for Federal Bank Officer Scale I and Clerks Exams.
1. RBI guidelines for Mobile Banking Services has prescribed a

ceiling of ________ per transaction for financial transactions
using *99# service.
A. Rs. 2000
B. Rs. 5000
C. Rs. 3000
D. Rs. 4000
E. None of these
Answer & Explanation
B. Rs. 5000
Explanation:
RBI guidelines for Mobile Banking Services has prescribed a ceiling of
Rs.5000 per transaction for financial transactions using *99# service.
2. TRAI has set a maximum ceiling of _______ per transaction for

using the *99# service.
A. Rs. 1.50
B. Rs. 2.50
C. Rs. 3.50
D. Rs. 4.50
E. None of these
A. Rs. 1.50
Explanation:
TRAI has set a maximum ceiling of Rs. 1.50 per transaction for using the
*99# service.
3. In QSAM, Q stands for ______

A. Queue
B. Query
C. Quality
D. Quantity
E. None of these

B. Query
Explanation:
QSAM – Query Service on Aadhaar Mapper
4. Which of the following has been authorized by RBI as the Bharat

Bill Payment
Central Unit (BBPCU)?
A. NACH
B. NHB
C. NPCI
D. All of these
E. None of these
C. NPCI
Explanation:
QSAM service can be availed by dialling *99*99#
5. The authorized capital of NPCI is _______

A. Rs. 300 crore
B. Rs. 200 crore
C. Rs. 100 crore
D. Rs. 150 crore
E. None of these
A. Rs. 300 crore

Explanation:
The authorized capital of NPCI is Rs. 300 crore.
6. The paid-up capital of NPCI is _______

A. Rs. 300 crore
B. Rs. 200 crore
C. Rs. 100 crore
D. Rs. 150 crore
E. None of these
C. Rs. 100 crore

Explanation:
The paid-up capital of NPCI is Rs.100 crore
7. How many promoter banks are there is NPCI?
A. 10
B. 12
C. 11
D. 13
E. None of these
A. 10
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.
8. NPCI is a not-for-profit organisation registered under ______ of

the Companies Act 2013.
A. Section 6
B. Section 7
C. Section 8
D. Section 4
E. None of these
C. Section 8
Explanation:
NPCI is a not-for-profit organisation registered under section 8 of the
Companies Act 2013
9. Which of the following is the headquarters of NPCI?

A. Chennai
B. Kolkatta
C. Mumbai
D. Hyderabad
E. None of these
C. Mumbai
Explanation:
The headquarters of NPCI is Mumbai
10. In APBS, B stands for _____

A. Bank
B. Bill
C. Board
D. Bridge
E. None of these
D. Bridge
Explanation:
APBS – Aadhaar Payments Bridge System
Set 1
Hello Aspirants,
1. UPI Personal Identification Number is a ____ digit pass code you

create/set during first time registration with UPI App
A. 4 – 5
B. 3 – 5
C. 4 – 6
D. 3 – 6
E. None of these
C. 4 – 6
Explanation:
UPI Personal Identification Number is a 4 – 6 digit pass code you
create/set during first time registration with UPI App
2. UPI Stands for ______

A. United Payments Interface
B. Unique Payments Interface
C. Unified Payments Interface
D. All of these
E. None of these
C. Unified Payments Interface

Explanation:
UPI – Unified Payments Interface
3. Which of the following account is supported by BHIM?

A. Savings Bank Account
B. Current Account
C. Fixed Deposit
D. Only A and C
E. Only A and B

E. Only A and B
Explanation:
Only Savings and Current bank accounts are supported by BHIM
4. The upper limit per UPI transaction is ______.

A. Rs. 2 Lakh
B. Rs. 1 Lakh
C. Rs. 3 Lakh
D. Rs. 5 Lakh
E. None of these
B. Rs. 1 Lakh
Explanation:
The upper limit per UPI transaction is Rs. 1 Lakh
5. One can use _______ UPI application on the same mobile.

A. Less than two
B. Only One
C. More than one
D. All of these
E. None of these
C. More than one

Explanation:
one can use more than one UPI application on the same mobile and link
both same as well as different accounts.
6. What is the default time to approve a collect request by a payer in

UPI?
A. 25 min
B. 15 min
C. 30 min
D. 45 min
E. None of these
C. 30 min
Explanation:
The default time is 30 min.
7. BHIM stands for _____
A. Bharat Interface for Money
B. Bharat Interbank Money transfer
C. Bharat Instant Money transfer
D. Bharat Interface for Marketing
E. Bharat Integrated Money Transfer
A. Bharat Interface for Money

Explanation:
BHIM – Bharat Interface for Money
8. There is _______ for transaction from Rs.1 to Rs.1 Lakh

A. Rs. 2
B. Rs. 2.50
C. Rs. 5
D. Rs. 6.50
E. No Charge
E. No Charge
Explanation:
There is no charge for transaction from Rs.1 to Rs.1 Lakh
9. MMID stands for ___

A. Mortgage Money Identifier
B. Maturity Money Identifier
C. Mobile Money Identifier
D. All of these
E. None of these

Explanation:
MMID – Mobile Money Identifier
10. ________ is only a transfer mechanism, which transfers

money between different bank accounts and does not hold Money.
A. PayTM
B. Airtel Money
C. mPesa
D. BHIM
E. None of these
D. BHIM
Explanation:
BHIM is only a transfer mechanism, which transfers money between
different bank accounts and does not hold Money
Set 2
Hello Aspirants,
1. _________ is an interoperable transport card conceived by

the Ministry of Urban Development in association with NPCI.
A. Unified Payments Interface
B. Bharat Bill Payment System
C. Immediate Payment Service
D. National Common Mobility Card
E. None of these

Explanation:
National Common Mobility Card is an interoperable transport card
conceived by the Ministry of Urban Development in association with NPCI
2. Which of the following is the Smartphone app built using UPI

interface?
A. NFS
B. IMPS
C. BHIM
D. All of these
E. None of these
C. BHIM
Explanation:
BHIM – Smartphone app built using UPI interface
3. Which of the following is an integrated bill payment system
in India offering interoperable and accessible bill payment service
to customers?
A. Unified Payments Interface
C. Immediate Payment Service
E. None of these

Explanation:
Bharat Bill Payment System is an integrated bill payment system
in India offering interoperable and accessible bill payment service to
customers
4. Which is the umbrella organisation for all retail payment systems

in India?
A. UPI
B. BBPS
C. NPCI
D. NCMC
E. None of these
C. NPCI
Explanation:
NPCI is the umbrella organisation for all retail payment systems in India
5. Network of shared automated teller machines in India is called

_____
A. UPI
B. BBPS
C. NPCI
D. NFS
E. None of these
D. NFS
Explanation:
Network of shared automated teller machines in India is called National
Financial Switch(NFS).
6. What is the single mobile application for accessing different bank
accounts?
A. UPI
B. BBPS
C. NPCI
D. NFS
E. None of these
A. UPI
Explanation:
UPI is the single mobile application for accessing different bank accounts
7. A common QR code built for ease of payments is known as

_______
A. UPI
B. BBPS
C. NPCI QR
D. Bharat QR
E. None of these
D. Bharat QR
Explanation:
A common QR code built for ease of payments is known as Bharat QR
8. ______are issued by a company to a consumer for buying goods

and services exclusively from that company.
A. Closed System Payment Instruments
B. Semi-closed System Payment Instruments
C. Open System Payment Instruments
D. Semi-Open System Payment Instruments
E. None of these

Explanation:
Closed System Payment Instruments are issued by a company to a
consumer for buying goods and services exclusively from that company.
Example: Amazon Wallet
9. _______are payment instruments that can be used to purchase

goods and services at any card-accepting POS terminals.
E. None of these

Explanation:
Semi-Open System Payment Instruments are payment instruments that
can be used to purchase goods and services at any card-accepting POS
terminals
10. ________ can be used for purchase of goods and services

and also permit cash withdrawal at ATMs, Merchant Local
Locations, and automated business correspondents.
E. None of these

Explanation:
Open System Payment Instruments can be used for purchase of goods
and services and also permit cash withdrawal at ATMs, Merchant Local
Locations, and automated business correspondents.
Set 3
Hello Aspirants,
1. The maximum value of any prepaid payment instrument, where

specific limits have not been prescribed, shall not exceed ______
A. Rs. 25000
B. Rs. 75000
C. Rs. 50000
D. Rs. 100000
E. None of these
C. Rs. 50000
Explanation:
The maximum value of any prepaid payment instrument, where specific
limits have not been prescribed, shall not exceed Rs 50,000/-
2. Entities, seeking approval/authorisation from the RBI for issuance

of PPIs should have a minimum positive net worth of _______.
A. Rs. 10 Crore
B. Rs. 15 Crore
C. Rs. 20 Crore
D. Rs. 25 Crore
E. None of these
D. Rs. 25 Crore
Explanation:
Entities, seeking approval/authorisation from the RBI for issuance of PPIs
should have a minimum positive net worth of Rs 25 crore.
3. Amount in a PPI should not exceed _____ at any point of time if

the customer provides full KYC
A. Rs. 1 lakh
B. Rs. 2 lakh
C. Rs. 3 lakh
D. Rs. 4 lakh
E. None of these

A. Rs. 1 lakh
Explanation:
Amount in a PPI should not exceed Rs 1 lakh at any point of time if the
customer provides full KYC
4. Amount in a PPI should not exceed _____ if the customer

provides minimum KYC details to the PPI issuing entity.
A. Rs. 10,000
B. Rs. 20,000
C. Rs. 15,000
D. Rs. 25,000
E. None of these
B. Rs. 20,000
Explanation:
Amount in a PPI should not exceed Rs 20,000 if the customer provides
minimum KYC details to the PPI issuing entity
5. The maximum value in PPIs for credit of cross border inward

remittance at any point of time shall not exceed _______
A. Rs. 45,000
B. Rs. 35,000
C. Rs. 25,000
D. Rs. 50,000
E. None of these
D. Rs. 50,000
Explanation:
The maximum value in PPIs for credit of cross border inward remittance
at any point of time shall not exceed Rs. 50,000/-.
6. The maximum value outstanding in PPI-MTS(Mass Transit System

operator) cannot exceed the limit of _______at any point of time
A. Rs. 2000
B. Rs. 5000
C. Rs. 4000
D. Rs. 3000
E. None of these

D. Rs. 3000
Explanation:
The maximum value outstanding in PPI-MTS(Mass Transit System
operator) cannot exceed the limit of Rs. 3,000/-(Rupees Three Thousand
Only)at any point of time
7. Bank and non-bank entities are permitted to issue prepaid gift

instruments.The maximum validity of the prepaid gift instruments
shall be _______
A. 3 years
B. 5 years
C. 4 years
D. 2 years
E. None of these
A. 3 years
Explanation:
Bank and non-bank entities are permitted to issue prepaid gift
instruments.The maximum validity of the prepaid gift instruments shall be
3 years
8. Maximum value of each prepaid gift instrument shall not exceed

_______
A. Rs. 20000
B. Rs. 10000
C. Rs. 25000
D. Rs. 15000
E. None of these
A. Rs. 20000
Explanation:
Maximum value of each prepaid gift instrument shall not exceed Rs.
20,000/-
9. The amount outstanding at any point of time in Open System PPIs

by banks shall not exceed ________
A. Rs. 200000
B. Rs. 100000
C. Rs. 250000
D. Rs. 150000
E. None of these
B. Rs. 100000
Explanation:
The amount outstanding at any point of time in Open System PPIs by
banks shall not exceed Rs. 100000
10. _______ are redeemable at a group of clearly identified

merchants that contract specifically with the issuer to accept the
payment instrument.
E. None of these

Explanation:
Semi-closed System Payment Instruments are redeemable at a group of
clearly identified merchants that contract specifically with the issuer to
accept the payment instrument.
AffairsCloud Recom
Set 4
Hello Aspirants,
1. The Prepaid Payment Instruments can be issued as _____

A. Smart Cards
B. Online Wallets
C. Magnetic stripe cards
D. All of these
E. None of these
D. All of these
Explanation:
The prepaid instruments can be issued as smart cards, magnetic stripe
cards, internet accounts, online wallets, mobile accounts, mobile wallets,
paper vouchers and any such instruments used to access the prepaid
amount.
2. Which of the following is an example for Open System Payment

Instruments?
A. Visa
B. Mastercard
C. Rupay
D. All of these
E. None of these
D. All of these
Explanation:
Visa, Mastercard, RuPay are the examples for Open System Payment
Instruments
3. Which of the following is an example for Closed System Payment

Instruments?
A. Amazon Wallet
B. Cleartrip Wallet
C. Mobikwik Wallet
D. Both (A) and (B)
E. Both (B) and (C)
D. Both (A) and (B)

Explanation:
Amazon Wallet and Cleartrip Wallet are the examples for Closed System
Payment Instruments
4. Which of the following is an example for Semi-Closed System

Payment Instrument?
A. Amazon Wallet
B. Cleartrip Wallet
C. Mobikwik Wallet
D. Both (A) and (B)
E. Both (B) and (C)
C. Mobikwik Wallet
Explanation:
Mobikwik Wallet is an example for Semi-Closed System Payment
Instrument
5. How many languages are available on BHIM to improve user

experience?
A. 15
B. 13
C. 12
D. 18
E. None of these
B. 13
Explanation:
BHIM app currently supports 13 languages (including English)
6. IN BFD, “B” stands for ______

A. Better
B. Base
C. Build
D. Best
E. None of these

D. Best
Explanation:
BFD – Best Finger Detection
7. RRN number is a ______ digit number generated to record the

transaction and to identify a transaction uniquely.
A. 11
B. 15
C. 10
D. 12
E. None of these
C. 10
Explanation:
RRN number is a 10 digit number generated to record the transaction and
to identify a transaction uniquely.
8. IN AEBA, E stands for ____

A. External
B. Enabled
C. Earned
D. Eased
E. None of these
B. Enabled
Explanation:
Aadhaar Enabled Bank Account (AEBA)
9. IIN Stands for ______

A. International Identification Number
B. Issuer Identification Number
C. Internal Identification Number
D. Inspection Identification Number
E. None of these
B. Issuer Identification Number

Explanation:
IIN – Issuer Identification Number
10. How many digits are there in IIN?
A. 5
B. 6
C. 8
D. 9
E. None of these
B. 6
Explanation:
IIN – Issuer Identification Number – 6 digits
Set 5
Hello Aspirants,
1. _____ is a USSD based mobile banking service from NPCI that

brings together all the Banks and Telecom Service Providers.
A. NUUP
B. QSAM
C. UPI
D. BHIM
E. None of these
A. NUUP
Explanation:
NUUP (National Unified USSD Platform) is a USSD based mobile banking
service from NPCI that brings together all the Banks and Telecom Service
Providers
2. Which of the following service helps user in knowing their

Aadhaar
Seeding status with their bank account?
A. NUUP
B. QSAM
C. UPI
D. BHIM
E. None of these
B. QSAM
Explanation:
QSAM (Query Service on Aadhaar Mapper) – This service helps user in
knowing their Aadhaar Seeding status with their bank account.
3. In NUUP, a customer can access banking services by just pressing

______ from his/her mobile phones.
A. *99#
B. *999#
C. *149#
D. *99*99#.
E. *14*99#.
A. *99#
Explanation:
In NUUP, a customer can access banking services by just pressing *99#
from his/her mobile phones.
4. QSAM service can be availed by dialling ________

A. *99#
B. *999#
C. *149#
D. *99*99#
E. *14*99#
D. *99*99#
Explanation:
QSAM service can be availed by dialling *99*99#
5. MMID stands for ________

A. Money Market Identifier
B. Macro Money Identifier
D. Mandatory Mortgage Identifier
E. None of these

Explanation:
MMID – Mobile Money Identifier
6. MMID is a ______ digit number, issued by banks.

A. 6
B. 7
C. 5
D. 9
E. None of these
B. 7
Explanation:
MMID is a 7 digit number, issued by banks.
7. In Rupay Card, CVD stands for _____
A. Card Validation Data
B. Card Validity Data
C. Card Verification Data
D. Card Verified Data
E. None of these
A. Card Validation Data

Explanation:
CVD – Card Validation Data.
8. CVV stands for ____

A. Card Validation Value
B. Card Verification Value
C. Card Validity Value
D. Card Verified Value
E. None of these
B. Card Verification Value

Explanation:
CVV – Card Verification Value
9. CVC Stands for ______

A. Card Validation Code
B. Card Validity Code
C. Card Verified Code
D. Card Verification Code
E. None of these
D. Card Verification Code

Explanation:
CVC – Card Verification Code
10. CVD is a _______digit number printed on the back of the

card same as CVV as referred to by other international schemes.
A. 2
B. 3
C. 4
D. 5
E. None of these
B. 3
Explanation:
CVD is a 3 digit number printed on the back of the card same as CVV as
referred to by other international schemes.
AffairsCloud Recommends Oliveboard Mock Test

1) Which one of the following is controlled by the World Wide Web?
a. Universal banking
b. Virtual Banking
c. Wholesale Banking
d. None of these
Answer Explanation
ANSWER: Virtual Banking

Explanation:
Internet banking is known as virtual banking. It is called so because it has no bricks and boundaries.
2) In which type of banking, electronic financial transactions are done?
a. E-Banking
b. POS Banking
c. M-Banking
d. Universal Banking
Answer Explanation
ANSWER: E-Banking
Explanation:
E-banking enable financial institution customers, individuals or businesses, to access accounts, transact
business, or obtain information on financial products and services.

Digital Banking For Federal Bank MCQ

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Digital Banking for Federal Bank MCQ

2. To check hawala transactions

3. To check the inflow of crime money

4. To check inflow of the money earned out of sale of narcotics

5. All the above

2. Digital Medium of Exchange

4. Department of Information & Technology.

2. Not act on the request

4. Account Deposit Cheque

5. Rs. 500 crore

1. RBI guidelines for Mobile Banking Services has prescribed a

Answer & Explanation

2. TRAI has set a maximum ceiling of _______ per transaction for

Answer & Explanation

3. In QSAM, Q stands for ______

Answer & Explanation

4. Which of the following has been authorized by RBI as the Bharat

Answer & Explanation

5. The authorized capital of NPCI is _______

Answer & Explanation

A. Rs. 300 crore

6. The paid-up capital of NPCI is _______

Answer & Explanation

C. Rs. 100 crore

Answer & Explanation

8. NPCI is a not-for-profit organisation registered under ______ of

Answer & Explanation

9. Which of the following is the headquarters of NPCI?

Answer & Explanation

10. In APBS, B stands for _____

Answer & Explanation

1. UPI Personal Identification Number is a ____ digit pass code you

Answer & Explanation

2. UPI Stands for ______

Answer & Explanation

C. Unified Payments Interface

3. Which of the following account is supported by BHIM?

Answer & Explanation

4. The upper limit per UPI transaction is ______.

Answer & Explanation

5. One can use _______ UPI application on the same mobile.

Answer & Explanation

C. More than one

6. What is the default time to approve a collect request by a payer in

Answer & Explanation

Answer & Explanation

A. Bharat Interface for Money

8. There is _______ for transaction from Rs.1 to Rs.1 Lakh

Answer & Explanation

9. MMID stands for ___

Answer & Explanation

C. Mobile Money Identifier

10. ________ is only a transfer mechanism, which transfers

1. _________ is an interoperable transport card conceived by

Answer & Explanation

D. National Common Mobility Card

2. Which of the following is the Smartphone app built using UPI

Answer & Explanation

Answer & Explanation

B. Bharat Bill Payment System

4. Which is the umbrella organisation for all retail payment systems

Answer & Explanation

5. Network of shared automated teller machines in India is called

Answer & Explanation

Answer & Explanation