General Awareness Quiz for ECGC PO & Bank Mains Exams 2021- 31st January

Q1 Which of these payment systems can be defined as: Multiple Debit, Single Credit?
(a)ECS
(b)RTGS
(c)CCIL
(d)NEFT
(e)UPI

Q2 The payment and settlement systems in India is regulated as per which act?
(a)NPCI Act 2002
(b)RBI Act 1934
(c)Payment and Settlement Systems Act, 2007
(d)PSS Act 2008
(e)NPCI Act 2001

Q3 Which organization was formed for managing retail payment in India?
(a)UPI
(b)NPCI
(c)SBI
(d)IBA
(e)None of these

Q4 As per PSS Act 2007 no person other than the _____ can commence or operate a payment system in India.
(a)National Payment Corporation of India
(b)Reserve Bank of India
(c)Government of India
(d)Both A and C
(e)None of the above

Q5 Which of these acts as Central Counter Party (CCP) in the government securities?
(a)RBI
(b)NPCI
(c)IBA
(d)SBI
(e)CCIL

Q6 NPCI has been incorporated under ______ of Companies Act 2013.
(a)Section 12
(b)Section 4
(c)Section 8
(d)Section 25
(e)Section 21

Q7 There are how many core promoters banks of NPCI?
(a)12
(b)5
(c)11
(d)10
(e)9

Q8 When the NPCI was incorporated as a Section 25 company under Companies Act 1956?
(a)December 2008
(b)January 2008
(c)December 2009
(d)December 2007
(e)January 2009

Q9 Which of the following is not the product developed by NPCI?
(a)National Financial Switch
(b)Bharat interface for Money
(c)Indian bill payment system
(d)National automated clearing house
(e)Bharat bill payment system

Q10 Which of these payments system is not managed by NPCI?
(a)BHIM
(b)CTS
(c)NACH
(d)NEFT
(e)None of these

Q11 What are the authorized and paid-up capital of NPCI respectively?
(a)Rs 100 and 300 crores
(b)Rs 300 and 100 crores
(c)Rs 100 and 500 crores
(d)Rs 500 and 100 crores
(e)Rs.100 crore to Rs. 137 crores

Q12 Which institute has developed the payment platform RuPay?
(a)National payment corporation of India
(b)Reserve Bank of India
(c)NABARD
(d)IRDAI
(e)None of these

Q13 Choose the different one from the following payment processing platforms in India?
(a)VISA
(b)Master card
(c)Rupay
(d)American express
(e)All of the above

Q14 How many digital codes are there in Mobile Money Identifier (MMID)?
(a)Six Digit Code
(b)Seven Digit Code
(c)Eight Digit Code
(d)Nine Digit Code
(e)Ten Digit Code

Q15 Which of the following undertakes the Oversight function of the payment and settlement systems in India?
(a)IBA
(b)NPCI
(c)GOI
(d)RBI
(e)CTS

Solutions

S1.Ans(a)
Sol. ECS (Electronic Clearing Service) Debit- Multiple Debit, Single Credit.; ECS Credit- Multiple Credit, Single Debit.

S2.Ans(c)
Sol. In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act).

S3.Ans(b)
Sol. National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India.

S4.Ans(b)
Sol. In terms of Section 4 of the PSS Act, no person other than the Reserve Bank of India (RBI) can commence or operate a payment system in India.

S5.Ans(e)
Sol. Clearing Corporation of India Ltd. (CCIL) plays the crucial role of a Central Counter Party (CCP) in the government securities.

S6.Ans(c)
Sol. Founded in 2008, the NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013.

S7.Ans(d)
Sol. The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC.

S8.Ans(a)
Sol. December 2008 NPCI was incorporated as a Section 25 company under Companies Act 1956.

S9.Ans(c)
Sol. Indian bill payment system is not the product developed by NPCI.

S10.Ans(d)
Sol. NEFT managed by RBI.

S11.Ans(e)
Sol. The authorized and paid-up capital of NPCI is Rs.100 crore to Rs. 137 crores.

S12.Ans(a)
Sol. National payment corporation of India institute has developed the payment platform RuPay.

S13.Ans(e)
Sol. Rupay platform is developed in India whereas all other platforms are foreign platforms.

S14.Ans(b)
Sol. MMID (Mobile Money Identifier is) a seven-digit number, issued by banks for effecting financial transactions through the user’s mobile phone.

S15.Ans(d)
Sol. Reserve Bank of India undertakes the Oversight function of the payment and settlement systems in the country.

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