I in PPI?
Answer: A
Correct answer: Instrument
PPI stands for Prepaid Payment Instrument - the RBI’s term for wallets, prepaid cards and paper vouchers that hold value loaded in advance and can be used to buy goods or transfer funds.
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Which of the below entity has surrendered its “in-principle” license which is given by RBI to launch its Payment Bank?
Answer: C
Correct answer: Tech Mahindra
Of the eleven entities given in-principle approval for payment banks in August 2015, Tech Mahindra was among those that surrendered the licence rather than launch, having concluded that the economics of the model did not work for it.
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PAN card will be issued under Section __________ of the Income Tax Act.
Answer: A
Correct answer: 139A
Section 139A of the Income Tax Act, 1961 is the provision that requires a person to apply for and quote a Permanent Account Number, and under which the Department allots it. Section 139 itself deals with the filing of returns; 139A is the sub-section added for the PAN.
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In 2004, Oriental Bank of Commerce had acquired Global Trust Bank(GTB) of _____________.
Answer: C
Correct answer: Secunderabad
Global Trust Bank was headquartered at Secunderabad. After its exposure to the 2001 stock market scam left its net worth wiped out, the Reserve Bank imposed a moratorium in July 2004 and amalgamated it with Oriental Bank of Commerce, so that no depositor lost money.
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In FATF, “T” stands for?
Answer: D
Correct answer: Task
FATF is the Financial Action Task Force, the inter-governmental body set up by the G7 in 1989 that sets the global standards against money laundering and terrorist financing, and maintains the “grey” and “black” lists of non-compliant jurisdictions.
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India’s first golf-centric credit card was launched by _______
Answer: D
Correct answer: RBL
RBL Bank launched India’s first golf-centric credit card, which bundles green fees, coaching sessions and golf-related privileges with the card.
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Amount in a PPI should not exceed _____ if the customer provides minimum KYC details to the PPI issuing entity.
Answer: A
Correct answer: Rs. 10,000
Where the issuer has taken only minimum details - a mobile number verified by OTP and a self-declared identification number - the balance in the PPI may not exceed ₹10,000 at any time, and not more than ₹10,000 may be loaded in a month. Completing full KYC raises the ceiling to ₹2 lakh.
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The Prepaid Payment Instruments can be issued as _____
Answer: D
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.
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Which of the following is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers?
Answer: B
Correct answer: Bharat Bill Payment System
The Bharat Bill Payment System is the integrated bill payment system: one set of standards under which electricity, gas, water, telephone and other bills can be paid at any participating outlet or app, with a common complaint-handling process and an instant confirmation.
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Headquarters of Capital Small Finance Bank is __________.
Answer: C
Correct answer: Jalandhar
Capital Small Finance Bank is headquartered at Jalandhar, Punjab. It was the first of the small finance banks to begin operations, in April 2016, having converted from Capital Local Area Bank.
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