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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

 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

Answer & Explanation

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

Answer & Explanation

C. Mobile Money Identifier

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

Answer & Explanation

D. BHIM
Explanation:
BHIM is only a transfer mechanism, which transfers money between different bank
accounts and does not hold Money
1. How many digits will be used to represent Universal Account Number ?
1.10
2.11
3.20
4.12

Answer

Answer – 4. 12

2. Mobile Money Identifier (MMID) is a 7 digit unique number issued by the bank.
What are the last three digits represent?
1. to identify the account of the user
2. to identify the branch of the user
3. to identify the bank of the user
4. None of these

Answer

Answer – 1. to identify the account of the user

3. PAN card will be issued under Section __________ of the Income Tax Act.
1.139A
2.189A
3.89A
4.None of these

Answer

Answer – 1.139A

4. Permanent Account Number (PAN) is used to identify the Indian nationals and
regular Income Tax payer under the______________.
1. Indian Income Tax Act, 1981
2. Indian Income Tax Act, 1961
3. Indian Income Tax Act, 1971
4. None of these

Answer

Answer – 2. Indian Income Tax Act, 1961

5. How many digis in BSR(Basic Statistical Returns) code?

1.9
2.10
 3.11
4.None of these

Answer

Answer – 4.None of these , BSR is 7 digit code

6. Society for Worldwide Interbank Financial Telecommunication (SWIFT) is 8 to 11

__________.
1. digit code
2. Alphabetic code
3. Alpha numeric code
4. None of these

Answer

Answer – 2. Alphabetic code

7. What does the last character represent in PAN CARD?

1.type of holder
2.Surname of holder
3.Check digit
4.None of these

Answer

Answer – 3.Check digit

8. International Securities Identification Number(ISIN) is a 12 alphanumeric code.

What do the first two characters represent?
1. Branch code
2. Country code
3. State code
4. City code

Answer

Answer – 2. Country code

9. Legal Entity Identifier(LEI) is a ____________ alpha numeric code.

1.10
2.11
3.20
4.9

Answer
 Answer – 3.20

10. IFS Code is 11 alpha numeric code. What is the fifth character?
1. An alphabet
2. Check digit
3. 0
4. None of these

Answer

Answer – 3.0

1. Which of the below facility cannot be provided by Payment Banks?

1. ATM Card
2. Debit Card
3. Net banking
4. Mobile banking
5. Credit Card

Answer

Answer – 5.Credit Card

2. Aapka Bank Aapke Dwar is a tagline of __________.

1. Airtel Payments Bank Limited
2. India Post Payments Bank Limited
3. Paytm Payments Bank Limited
4. Fino Payments Bank Limited
5. Vodafone M-Pesa

Answer

Answer – 2. India Post Payments Bank Limited

3. New Delhi is the headquarters of which of the below Payment banks?

1. Airtel Payments Bank Limited
2. India Post Payment Bank
3. Paytm Payments Bank Limited
4. Vodafone M-Pesa
5. Reliance Industries

Answer

Answer – 1. Airtel Payments Bank Limited & 2. India Post Payment Bank
4. The RBI will consider grant full licenses for payment banks under which section of
the Banking Regulation Act, 1949?
1. Section 19
2. Section 20
3. Section 21
4. Section 22
5. Section 23

Answer

Answer – 4. Section 22

5. Where is the headquarters of Paytm Payments Bank Limited?

1. Noida
2. New Delhi
3. Haryana
4. Lucknow
5. Varanasi

Answer

Answer – 5. Noida, U.P

6. Which of the below entity has surrendered its “in-principle” license which is given
by RBI to launch its Payment Bank?
1. National Securities Depository
2. Aditya Birla Nuvo
3. Tech Mahendra
4. Vodafone M-Pesa
5. Reliance Industries

Answer

Answer – 3. Tech Mahendra

7. Payment banks cannot issue financial products such as mutual funds and insurance
but they can issue loans to their customers. Is it True or False?

Answer

Answer – False

8. Headquarters of Fino Payments Bank Limited is __________.

1. Kochi
2. New Delhi
3. Bangalore
 4. Mangalore
5. Mumbai

Answer

Answer – 5. Mumbai , Maharashtra

9. FDI of ____% is allowed for payment banks.

1.66%
2.25%
3.74%
4.52%
5.71%

Answer

Answer – 3. 74%

10. How much of minimum capital requirement needs to hold initially for payment
bank?
1. 10 crore
2. 25 crore
3. 50 crore
4. 100 crore
5. 125 crore

Answer

Answer – 100 crore

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

Answer & Explanation

D. National Common Mobility Card

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

Answer & Explanation

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
B. Bharat Bill Payment System
C. Immediate Payment Service
D. National Common Mobility Card
E. None of these

Answer & Explanation

B. Bharat Bill Payment System

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

 A. Closed System Payment Instruments
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.
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

Answer & Explanation

D. Semi-Open System Payment Instruments

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.
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

Answer & Explanation

C. Open System Payment Instruments

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.


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
Answer & Explanation
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/-
 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
Answer & Explanation
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.
 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
Answer & Explanation
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
 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
Answer & Explanation
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
 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
Answer & Explanation
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/-.
 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
Answer & Explanation
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
 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
Answer & Explanation
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
 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
Answer & Explanation
A. Rs. 20000
Explanation:
Maximum value of each prepaid gift instrument shall not exceed Rs. 20,000/-
 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
Answer & Explanation
B. Rs. 100000
Explanation:
The amount outstanding at any point of time in Open System PPIs by banks shall not exceed Rs.
100000
 _______ are redeemable at a group of clearly identified merchants that contract
specifically with the issuer to accept the payment instrument.
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
Answer & Explanation
B. Semi-closed System Payment Instruments
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.

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

Answer & Explanation

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

Answer & Explanation

 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)

Answer & Explanation

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)

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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
 Answer & Explanation

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

Answer & Explanation

B. 6
Explanation:
IIN – Issuer Identification Number – 6 digits

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

Answer & Explanation

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

Answer & Explanation

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#.

Answer & Explanation

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#

Answer & Explanation

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
C. Mobile Money Identifier
D. Mandatory Mortgage Identifier
E. None of these

Answer & Explanation

C. Mobile Money Identifier

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

 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

Answer & Explanation

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.

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

Answer & Explanation

 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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

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

Answer & Explanation

D. Bridge
Explanation:
APBS – Aadhaar Payments Bridge System