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

a.Both a and b

b.Clearing loans

c.Facilitating interbank electronic transactions

d.Clearing cheques

2. Bank does not give loan against

a.Gold Ornaments

b.Lottery Ticket

c.LIC Policy

d.NSC

3. Indian Financial System Code is used for

a.National Electric Funds Transfer

b.All of the above

c.Real Time Gross Settlement

d.Centralized Gunds Management System

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

a.Credit cards

b.Internet banking

c.Treasury bills

d.Foreign currency

5. For credit cards, the MDR varies between

a.1.5-2.5 percent

b.1.5-2 percent

c.2-3 percent

d.2-2.5 percent

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

a.A bank customer who is income tax assesee

b.All customers having loan account with a bank

c.All customers having savings bank

d.All customers of a bank

7. Telebanking service is based on

a.Virtual Banking

b.Online Banking

c.Voice Banking

d.Core Banking

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

a.Saving Account

b.Both a and b

c.Current Account

d.Basic Saving Bank Deposit Accounts

9. Bank draft is issued by

a.Regional Rural Banks

b.All of the above

c.Private Sector Banks

d.Public Sector Banks

10. 'Smart Money' is a term used for

a.Demand Drafts of banks

b.FDRs in Banks

c.Credit Cards

d.Internet anking

11. Internet banking refers to

a.None of the above

b.Opening of account through ATM

c.Operation of account through internet

d.Both a and B

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

a.Only in case he is head of famliy

b.No

c.Only in case of joint account

d.Yes

13. Interest on Savings Bank Deposits is paid

a.Yearly

b.Half Yearly

c.Every Month

d.Quarterly

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

a.Credits Cards

b.Debiti Cards

c.None of these

d.Both a and B

15. Bank does not provide loans for

a.Home loand

b.Drinking and Gambling

c.Crop Loan

d.Education Loans

16. 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.SBI

b.IDRBT

c.SIDBI

d.IBRD

17. Block Chain Technology was created by

a.AXIS Bank

b.SBI

c.ICICI Bank

d.HDFC Bank

18. Which currency note has security

a.Rs. 100/-

b.Rs. 500/-

c.Rs 50/-

d.All of the above

19. 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.All of the above

b.Point of sale terminal

c.Real time terminal

d.Shopping terminal

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

a.All of the above

b.It means trade between business to business

c.It suggests transactions between banks and capitalists

d.The deals between business to banks

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

a.Account opening Form

b.Affidavit

c.Nominaton form

d.None of the above

22. 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.Message

b.Mobile

c.Money

d.Marginal

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

a.Blue Lable ATMs

b.None of these

c.Brown Label ATMs

d.White Label ATMs

24. 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.Core

b.Credit

c.Complete

d.Continous

25. RTGS stands for

a.Relative Time Gross Settlements

b.Real Time Gross Settlements

c.Real total Gross Securities

d.Reduced Time Gross Settlements

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

a.Debit Card

b.Credit Card

c.Smart Card

d.ATM Card

27. 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

28. 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.Bank of Baroda

b.Bank of India

c.Union Bank of India

d.State Bank of India

29. Citi-Times card is an example of

a.Prepaid card

b.Smart Cards

c.Co-branded cards

d.Debit Cards

30. 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 ATM Card

b.Only Credit Card

c.All are non-cash transaction products

d.Only Prepaid Card

31. Transferring money between banks for international wire transfers uses

a.IFSC Codes

b.BIC Codes

c.SWIFT Codes

d.MICR Codes

32. Which type of deposits earns higher interest rate?

a.Current account

b.Saving Account

c.None of these

d.Fixed Deposit

33. What is the validity period of the cheque?

a.Unlimited

b.1 month from date of issue

c.3 months from date of issue

d.4 months from date of issue

34. 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.Max

b.Visa

c.BSE

d.Sensex

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

a.RTGS

b.ECS Credit

c.NEFT

d.IMPS

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

a.Smart Card

b.Credit Card

c.Charge Card

d.Member Card

37. ATM password should be kept in

a.Personal Diary

b.Office Diary

c.All of the above

d.Memory

38. 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.Indigenous banks

b.LIC and GIC

c.Unit Trust of India

d.RBI, commercial banks and SBI

39. Real time gross settlement benefits

a.Both a and b

b.The Customers

c.The banks

d.Reserve Bank of India

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

a.USSD

b.UOI

c.Bitcoin

d.Rupay

41. 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. 100

b.Rs. 500

c.Rs. 300

d.Rs. 200

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

a.Beneficiary's bank account number

b.All of the above

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

d.There is a minimum amount specified for transfer

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

a.Giving Credit cards

b.Set-up ATMs

c.Establishment of Small Branches

d.Mobile Banking

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

a.All of the above

b.It is an indication of customized banking services

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

d.It suggests complete banking services

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

a.Getting 30 days credit period for payment

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

c.Buying goods and services online from vendors

d.Placing orders on the phones

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

a.The same, to make paperless payments

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

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

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

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

a.Social Marketing

b.Direct Marketing

c.Indirect Marketing

d.All of these

48. 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.bill payment service

c.Internet banking

d.Mobile banking

49. KYC means

a.Know your character

b.Know your customer

c.None of the above

d.Both of the above

50. Who can open a bank account?

a.Illiterate

b.Indian Citizen

c.All of above

d.Non Resident Indian

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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