World’s first Bank Agnostic Instant Funds Transfer Platform using Facebook launched by?
Answer: B
Kotak Mahindra Bank launched KayPay - World’s First Bank Agnostic Instant Funds Transfer Platform using Facebook. Millions of bank account holders can transfer money to each other at any hour of the day or night, without needing net banking, or knowing various bank account related details of the payee.
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The RBI will consider grant full licenses for payment banks under which section of the Banking Regulation Act, 1949?
Answer: D
Correct answer: Section 22
Banking licences in India - for payment banks as for any other bank - are granted under Section 22 of the Banking Regulation Act, 1949, which is the section that forbids a company from carrying on banking business without a licence from the Reserve Bank.
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Which of the following is an example for Semi-Closed System Payment Instrument?
Answer: C
Correct answer: Mobikwik Wallet
Mobikwik is a semi-closed instrument: it can be spent at a group of merchants that have contracted with the issuer to accept it, but it does not permit cash withdrawal. Amazon and Cleartrip wallets are closed - good only with the issuing company itself.
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UPI stands for _____
Answer: C
Correct answer: Unified Payments Interface
UPI is the Unified Payments Interface. "Unified" is the operative word: it merges several banking services and account addresses behind a single interface, so one app can operate accounts across banks.
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In BHIM, there is _______ for a transaction from ₹1 to ₹1 lakh.
Answer: D
Correct answer: No Charge
BHIM levies no charge on a transaction of any value from ₹1 up to the ₹1 lakh ceiling. A bank may still apply its own UPI charges, but the app itself takes nothing - part of the design intent of keeping digital payments free at the point of use.
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Which of the following accounts are supported by BHIM?
Answer: D
Correct answer: Only A and B
BHIM works with savings and current accounts - accounts on which money can be moved on demand. A fixed deposit is a locked-in account with no transaction facility, so it cannot be linked.
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The first Indian bank to get ISO certification is ________
Answer: C
Correct answer: Canara Bank
Canara Bank was the first Indian bank to obtain ISO certification, for one of its branches - a formal audit that its service processes met the ISO 9002 quality standard.
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B in ECB?
Answer: A
Correct answer: Borrowings
ECB stands for External Commercial Borrowings - loans raised by an Indian company from a lender outside India, subject to RBI limits on the amount, the maturity and the all-in cost. Note that ECB also abbreviates the European Central Bank, but in the Indian banking syllabus it is the borrowings.
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P in PCR ?
Answer: B
Correct answer: Public
PCR is the Public Credit Registry - the RBI’s proposed single, comprehensive database of the credit information of all borrowers, recommended by the Y M Deosthalee committee so that lenders can see a borrower’s entire exposure in one place.
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New Delhi is the headquarters of which of the below Payment banks?
Answer: A
Correct answer: Airtel Payments Bank Limited
Airtel Payments Bank is headquartered in New Delhi. India Post Payments Bank is also in Delhi but the option here names it as “India Post Payment Bank”; of the four, Airtel is the intended answer. Paytm Payments Bank is at Noida and Vodafone m-pesa was at Mumbai.
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