CUET 2023 MCQ Quiz on Banking Apps

CUET 2023 MCQ Quiz on Banking Apps – Objective Question Answers on Banking Apps

Banking Apps MCQs – Get MCQ Quiz on Banking Apps. Multiple Choice Questions (MCQs) Questions on Banking Awareness are asked in many competitive exams in their General Knowledge Section. Here we have compiled the MCQ Question on Banking Apps launched by various banks. Practice MCQ Quiz on Banking Apps

1. Bank does not provide loans for

a.Drinking and Gambling

b.Home loand

c.Crop Loan

d.Education Loans

2. The best alternative banking service to branch banking to be the part of financial inclusion?

a.Mobile Banking

b.Establishment of Small Branches

c.Giving Credit cards

d.Set-up ATMs

3. National Automated Clearing House (NACH) has been launched for

a.Clearing loans

b.Facilitating interbank electronic transactions

c.Both a and b

d.Clearing cheques

4. RTGS stands for

a.Real Time Gross Settlements

b.Real total Gross Securities

c.Relative Time Gross Settlements

d.Reduced Time Gross Settlements

5. In E-commerce what is meant by B2B?

a.It means trade between business to business

b.It suggests transactions between banks and capitalists

c.All of the above

d.The deals between business to banks

6. ATM password should be kept in

a.Personal Diary

b.Memory

c.Office Diary

d.All of the above

7. Many times we read a term CBS used in banking operations. What is the full form of the letter C in the term 'CBS'?

a.Continous

b.Core

c.Credit

d.Complete

8. Can an illiterate person be issued a debit card?

a.Only in case he is head of famliy

b.Only in case of joint account

c.Yes

d.No

9. All Inter-Bank Funds Transfer System, where funds are transferred as and when the transactions are triggered, is called

a.Real time gross settlement

b.Mobile banking

c.Internet banking

d.bill payment service

10. What is the validity period of the cheque?

a.4 months from date of issue

b.Unlimited

c.3 months from date of issue

d.1 month from date of issue

11. National Financial Switch' has been set- up to facilitate connectivity between the bank's switches and their ATMs and inter- bank payment gateway for authentication and routing the payment details of various e-commerce transactions. Which organisation has set-up this switch?

a.SIDBI

b.SBI

c.IBRD

d.IDRBT

12. E-commerce is increasingly becoming a popular mode of doing business. What is this way of operating?

a.Payment has to be made in advance before goods/ services are delivered

b.Getting 30 days credit period for payment

c.Buying goods and services online from vendors

d.Placing orders on the phones

13. 'Smart Money' is a term used for

a.Internet anking

b.Demand Drafts of banks

c.FDRs in Banks

d.Credit Cards

14. For credit cards, the MDR varies between

a.2-3 percent

b.1.5-2 percent

c.1.5-2.5 percent

d.2-2.5 percent

15. Which of the following is necessary to transfer funds through the RTGS facility?

a.All of the above

b.Beneficiary's bank account number

c.The IFSC number of the beneficiary's bank branch

d.There is a minimum amount specified for transfer

16. Which currency note has security

a.Rs. 100/-

b.Rs 50/-

c.Rs. 500/-

d.All of the above

17. Opening of maximum number of ATMs is an example of

a.Direct Marketing

b.Social Marketing

c.Indirect Marketing

d.All of these

18. While making nomination, signature of nominee is required on

a.Nominaton form

b.Account opening Form

c.Affidavit

d.None of the above

19. Citi-Times card is an example of

a.Debit Cards

b.Smart Cards

c.Co-branded cards

d.Prepaid card

20. Lot of banks in India these days are offering M-Banking facility to their customers. What is the full form of M in M-Banking?

a.Mobile

b.Marginal

c.Message

d.Money

21. Currently, banks claim that they have achieved 100% CBS. What are they referring to?

a.It is an indication of customized banking services

b.All of the above

c.It means all their branches are technology driven with core banking solutions

d.It suggests complete banking services

22. The ATMs which are set up, owned and operated by non-banks are called

a.None of these

b.White Label ATMs

c.Brown Label ATMs

d.Blue Lable ATMs

23. Telebanking service is based on

a.Core Banking

b.Online Banking

c.Voice Banking

d.Virtual Banking

24. Real time gross settlement benefits

a.The banks

b.Reserve Bank of India

c.The Customers

d.Both a and b

25. The money market in India consists of two sectors namely the organised and the unorganised sector. Which of the following do not fall under the unorganised sector?

a.RBI, commercial banks and SBI

b.Unit Trust of India

c.Indigenous banks

d.LIC and GIC

26. As we all know, more and more countries/ organisations are now going for non- cash transactions and accordingly banks have launched many new products in the market for the same. Which of the following products is a non-cash transaction product?

a.Only Credit Card

b.All are non-cash transaction products

c.Only Prepaid Card

d.Only ATM Card

27. Interest on Savings Bank Deposits is paid

a.Quarterly

b.Every Month

c.Half Yearly

d.Yearly

28. Which cryptocurrency has hit its highest level in 3 years following India's demonetisation?

a.Bitcoin

b.Rupay

c.UOI

d.USSD

29. KYC means

a.None of the above

b.Both of the above

c.Know your customer

d.Know your character

30. Which payment mode is used for making bulk payment of amounts?

a.RTGS

b.IMPS

c.NEFT

d.ECS Credit

31. A 'Debit Card' is issued by a bank to

a.All customers of a bank

b.All customers having loan account with a bank

c.All customers having savings bank

d.A bank customer who is income tax assesee

32. Which of the following banks has opened the country's first, 'Cash Factory' in Lucknow which will issue currency notes to all its branches and ATM in that area?

a.Union Bank of India

b.Bank of Baroda

c.State Bank of India

d.Bank of India

33. Which type of deposits earns higher interest rate?

a.Current account

b.None of these

c.Fixed Deposit

d.Saving Account

34. Block Chain Technology was created by

a.SBI

b.HDFC Bank

c.ICICI Bank

d.AXIS Bank

35. Which of the following is a leading electronic payment technology firm? (The logo of the firm can be seen printed on credit cards/ ATM centres etc.

a.BSE

b.Visa

c.Max

d.Sensex

36. Which of the following types of accounts is/are not applicable for free transactions at ATMs?

a.Basic Saving Bank Deposit Accounts

b.Current Account

c.Both a and b

d.Saving Account

37. Bank draft is issued by

a.Private Sector Banks

b.All of the above

c.Regional Rural Banks

d.Public Sector Banks

38. Transferring money between banks for international wire transfers uses

a.BIC Codes

b.MICR Codes

c.IFSC Codes

d.SWIFT Codes

39. Which is the card that looks like any other plastic card or an ATM card with Integrated Circuit (IC chip)?

a.Member Card

b.Credit Card

c.Charge Card

d.Smart Card

40. What is the name given to the online payment services that all internet banking customers can use?

a.E-commerce

b.All of these

c.E pay

d.ECS

41. Indian Financial System Code is used for

a.National Electric Funds Transfer

b.Centralized Gunds Management System

c.Real Time Gross Settlement

d.All of the above

42. o use smart cards/debit cards/credit cards for the purchase of an item or for payment of a service at a merchant's store/ the card has to be swiped in a terminal known as

a.Point of sale terminal

b.Real time terminal

c.Shopping terminal

d.All of the above

43. What amount does a bank have to pay to customers for delays in re-crediting the amount beyond 7 working days in case of a failed ATM transaction?

a.Rs. 200

b.Rs. 500

c.Rs. 100

d.Rs. 300

44. Electronic Funds Transfer at Point of Sale involves funds transfers based on the use of

a.Credits Cards

b.Both a and B

c.None of these

d.Debiti Cards

45. Who can open a bank account?

a.Non Resident Indian

b.Indian Citizen

c.All of above

d.Illiterate

46. A-card stores and provides identification authentication, data storage and application processing applications

a.Credit Card

b.Debit Card

c.Smart Card

d.ATM Card

47. When we talk of smart money what are we referring to?

a.Treasury bills

b.Internet banking

c.Credit cards

d.Foreign currency

48. Bank does not give loan against

a.NSC

b.Lottery Ticket

c.LIC Policy

d.Gold Ornaments

49. Banks and other institutions have issued debt and credit cards, the purpose of both are

a.Different, since in credit card, the account is credited with the amount while in debit card the account is debited

b.The same, there is a risk weight-age of 125% in both the cards.

c.Different, since in debit cards interest for delayed period is charged while in credit cards no such interest is charged by banks

d.The same, to make paperless payments

50. Internet banking refers to

a.Opening of account through ATM

b.Both a and B

c.Operation of account through internet

d.None of the above

CUET 2023 Banking Apps MCQ Question Answers for Competitive Exams

CUET 2023 MCQ Quiz on Banking Apps – Objective Question Answers on Banking Apps

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