___________ is the first non-banking organisation to open an ATM in India.
Answer: B
Correct answer: Tata Communications Payment Solutions
Tata Communications Payment Solutions was the first non-bank to run ATMs in India, under the Indicash brand. These are “white label” ATMs: the machine belongs to a non-bank operator, while the cash and the accounts behind every transaction still belong to banks.
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Which is the umbrella organisation for all retail payment systems in India?
Answer: C
Correct answer: NPCI
The National Payments Corporation of India is the umbrella organisation for retail payments in India. It runs IMPS, UPI, RuPay, NACH, AePS, NFS, BBPS and Bharat QR - which is why the same body appears as the answer to so many payment questions.
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The Hindustan Commercial Bank was acquired by _____________________in the year 1986.
Answer: B
Correct answer: Punjab National Bank
Hindustan Commercial Bank was amalgamated with Punjab National Bank in 1986. PNB has absorbed several banks over the years - New Bank of India in 1993 and, much later, Oriental Bank of Commerce and United Bank of India in 2020.
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________ can be used for purchase of goods and services and also permit cash withdrawal at ATMs, Merchant Local Locations, and automated business correspondents.
Answer: C
Correct answer: Open System Payment Instruments
Open system instruments buy goods and services anywhere the network is accepted and also permit cash withdrawal - at ATMs, at merchant locations and through business correspondents. Because they put cash into the holder’s hands, only banks may issue them.
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_________Bank introduced the first credit card in India.
Answer: D
Correct answer: Central Bank of India
Central Bank of India introduced the first credit card in India, the Central Card, in 1980. Note that UTI Bank and Axis Bank in the option list are the same bank under two names - UTI Bank was renamed Axis Bank in 2007.
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In REITs, “I” stands for ______
Answer: C
Correct answer: Investment
REIT stands for Real Estate Investment Trust - a trust that owns income-producing property, sells units to investors, and must distribute the bulk of its rental income to them. The I is Investment.
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Which of the following banks became the first Indian bank to open a branch outside India?
Answer: D
Correct answer: BOI
Bank of India opened the first overseas branch of any Indian bank, at London in 1946, a year before independence.
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Permanent Account Number (PAN) is used to identify the Indian nationals and regular Income Tax payer under the______________.
Answer: B
Correct answer: Indian Income Tax Act, 1961
PAN is allotted under the Income Tax Act, 1961 - the Act still in force, which replaced the Income Tax Act of 1922. The other years offered, 1971 and 1981, correspond to no income tax statute.
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The headquarters of World Trade Organization is ______
Answer: C
Correct answer: Geneva, Switzerland
The World Trade Organization, which succeeded the GATT in 1995, is headquartered at the Centre William Rappard in Geneva.
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The headquarters of North East Small Finance Bank is ____________.
Answer: B
Correct answer: Guwahati
North East Small Finance Bank is headquartered at Guwahati, Assam, and was promoted by RGVN (North East) Microfinance to serve the north-eastern states.
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