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. 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.State Bank of India

c.Union Bank of India

d.Bank of India

2. Who can open a bank account?

a.Indian Citizen

b.All of above

c.Illiterate

d.Non Resident Indian

3. Interest on Savings Bank Deposits is paid

a.Half Yearly

b.Every Month

c.Quarterly

d.Yearly

4. Citi-Times card is an example of

a.Co-branded cards

b.Prepaid card

c.Smart Cards

d.Debit Cards

5. KYC means

a.Both of the above

b.Know your character

c.None of the above

d.Know your customer

6. 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

7. Real time gross settlement benefits

a.Reserve Bank of India

b.The banks

c.Both a and b

d.The Customers

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

a.None of these

b.Credits Cards

c.Debiti Cards

d.Both a and B

9. 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 suggests complete banking services

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

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

a.It suggests transactions between banks and capitalists

b.All of the above

c.The deals between business to banks

d.It means trade between business to business

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

a.Beneficiary's bank account number

b.There is a minimum amount specified for transfer

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

d.All of the above

12. Which type of deposits earns higher interest rate?

a.Fixed Deposit

b.Saving Account

c.None of these

d.Current account

13. ATM password should be kept in

a.Memory

b.Personal Diary

c.Office Diary

d.All of the above

14. For credit cards, the MDR varies between

a.2-2.5 percent

b.2-3 percent

c.1.5-2.5 percent

d.1.5-2 percent

15. 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

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

a.Bitcoin

b.UOI

c.Rupay

d.USSD

17. Indian Financial System Code is used for

a.National Electric Funds Transfer

b.Real Time Gross Settlement

c.Centralized Gunds Management System

d.All of the above

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

a.A bank customer who is income tax assesee

b.All customers of a bank

c.All customers having savings bank

d.All customers having loan account with a bank

19. Block Chain Technology was created by

a.HDFC Bank

b.ICICI Bank

c.SBI

d.AXIS Bank

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

a.Internet banking

b.Treasury bills

c.Foreign currency

d.Credit cards

21. 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

22. 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.Complete

b.Core

c.Credit

d.Continous

23. Internet banking refers to

a.Both a and B

b.Opening of account through ATM

c.Operation of account through internet

d.None of the above

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

a.Facilitating interbank electronic transactions

b.Both a and b

c.Clearing loans

d.Clearing cheques

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

a.Brown Label ATMs

b.Blue Lable ATMs

c.White Label ATMs

d.None of these

26. What is the validity period of the cheque?

a.4 months from date of issue

b.1 month from date of issue

c.Unlimited

d.3 months from date of issue

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

a.RTGS

b.IMPS

c.ECS Credit

d.NEFT

28. Transferring money between banks for international wire transfers uses

a.IFSC Codes

b.SWIFT Codes

c.BIC Codes

d.MICR Codes

29. 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.Real time terminal

b.Point of sale terminal

c.Shopping terminal

d.All of the above

30. Bank does not provide loans for

a.Home loand

b.Education Loans

c.Crop Loan

d.Drinking and Gambling

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

a.Yes

b.No

c.Only in case he is head of famliy

d.Only in case of joint account

32. 'Smart Money' is a term used for

a.Credit Cards

b.Demand Drafts of banks

c.FDRs in Banks

d.Internet anking

33. 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.Saving Account

d.Both a and b

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

a.None of the above

b.Affidavit

c.Nominaton form

d.Account opening Form

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

a.Giving Credit cards

b.Establishment of Small Branches

c.Mobile Banking

d.Set-up ATMs

36. 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.All are non-cash transaction products

b.Only ATM Card

c.Only Credit Card

d.Only Prepaid Card

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

a.Indirect Marketing

b.Social Marketing

c.All of these

d.Direct Marketing

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

a.E pay

b.ECS

c.E-commerce

d.All of these

39. Telebanking service is based on

a.Core Banking

b.Voice Banking

c.Online Banking

d.Virtual Banking

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

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

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

c.The same, to make paperless payments

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

41. 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.Sensex

b.BSE

c.Max

d.Visa

42. Which currency note has security

a.Rs. 500/-

b.Rs. 100/-

c.Rs 50/-

d.All of the above

43. Bank does not give loan against

a.Lottery Ticket

b.Gold Ornaments

c.NSC

d.LIC Policy

44. 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.IDRBT

c.SBI

d.IBRD

45. RTGS stands for

a.Relative Time Gross Settlements

b.Reduced Time Gross Settlements

c.Real total Gross Securities

d.Real Time Gross Settlements

46. 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.Marginal

d.Money

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

a.Charge Card

b.Smart Card

c.Member Card

d.Credit Card

48. 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

49. Bank draft is issued by

a.Regional Rural Banks

b.All of the above

c.Private Sector Banks

d.Public Sector Banks

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

a.Credit Card

b.ATM Card

c.Debit Card

d.Smart Card

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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