Important Codes and Numbers Questions and Answers

Answer: C

Correct answer: Selective

SCC is Selective Credit Control - a qualitative tool by which the Reserve Bank restricts bank lending against particular commodities (for instance foodgrains or sugar) to check hoarding, rather than tightening credit across the whole economy as the repo rate or CRR would.

Answer: B

Correct answer: Alpha numeric code

A SWIFT/BIC code runs to 8 or 11 characters and is alphanumeric: 4 letters for the institution, 2 letters for the country, then 2 characters for the location and an optional 3 for the branch - and those last two groups may contain digits as well as letters. HDFCINBBXXX and ICICINBB001 are both valid, which is why “alphabetic” is too narrow.

Answer: B

Correct answer: Country code

An ISIN is 12 characters: the first two are the ISO country code of the issuing country (IN for India), the next nine identify the security, and the twelfth is a check digit. So an Indian security’s ISIN always begins IN - for example INE002A01018.

Answer: B

Correct answer: India Post Payments Bank Limited

“Aapka Bank, Aapke Dwar” - your bank at your doorstep - is the tagline of India Post Payments Bank, and it describes the model exactly: the postman delivers banking at the customer’s door, using the post office network already reaching every village.

Answer: D

Correct answer: None of these

PCA stands for Prompt Corrective Action - the RBI framework that puts a bank under restrictions when its capital, asset quality or profitability crosses set thresholds. None of Price, Payment or Public fits, so the answer is “None of these”.

Answer: B

Correct answer: Rs. 100000

The amount outstanding in an open system PPI issued by a bank may not exceed ₹1,00,000 at any time. Only banks may issue open system PPIs, because these allow cash withdrawal at ATMs.

Answer: A

Under Digital India programme, top lender ICICI Bank has launched its own ‘digital village’ project while adopting an entire village, Akodara in Gujarat to provide services ranging from cashless banking to digitised school teaching.

Answer: D

Correct answer: All of these

Visa, Mastercard and RuPay are all open system instruments: cards usable at any merchant that accepts the network, and at ATMs for cash withdrawal. Openness here means the instrument is not tied to one merchant or a named group of them.

Answer: B

Correct answer: Branch.

IBP stands for Inter-Branch Payment: the narrative code printed against a statement entry when money moves between accounts at two different branches of the same bank, rather than out to another bank. NatWest, RBS, Ulster Bank and Isle of Man Bank all publish it with this expansion.

Banking is the near miss, recalled from Inter-Bank Participation; but the RBI abbreviates that IBPC, Inter-Bank Participation Certificate, and its B is Bank, not Banking. Borrowing and Balance back no published expansion of IBP.

Exam trap: do not confuse IBP with IBPC, by which one bank takes a share of another bank’s loan exposure, or with IBPS, the Institute of Banking Personnel Selection.

Answer: B

Correct answer: Rs. 1 Lakh

The upper limit for a single UPI transaction is ₹1,00,000. Higher ceilings apply to certain categories such as capital markets, insurance and IPO subscriptions, which NPCI has raised separately.