MCQ Quiz on Banking Apps

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.Facilitating interbank electronic transactions

c.Clearing loans

d.Clearing cheques

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

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

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, 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

3. 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.Unit Trust of India

b.Indigenous banks

c.RBI, commercial banks and SBI

d.LIC and GIC

4. 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

5. 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.There is a minimum amount specified for transfer

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

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

a.UOI

b.USSD

c.Bitcoin

d.Rupay

7. Internet banking refers to

a.Operation of account through internet

b.None of the above

c.Opening of account through ATM

d.Both a and B

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

a.No

b.Yes

c.Only in case he is head of famliy

d.Only in case of joint account

9. 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.IDRBT

b.IBRD

c.SIDBI

d.SBI

10. KYC means

a.Know your character

b.None of the above

c.Know your customer

d.Both of the above

11. 'Smart Money' is a term used for

a.Internet anking

b.Demand Drafts of banks

c.Credit Cards

d.FDRs in Banks

12. 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

13. For credit cards, the MDR varies between

a.1.5-2 percent

b.2-2.5 percent

c.1.5-2.5 percent

d.2-3 percent

14. Citi-Times card is an example of

a.Debit Cards

b.Smart Cards

c.Prepaid card

d.Co-branded cards

15. Telebanking service is based on

a.Online Banking

b.Voice Banking

c.Core Banking

d.Virtual Banking

16. 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.State Bank of India

b.Bank of India

c.Bank of Baroda

d.Union Bank of India

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

a.Mobile banking

b.bill payment service

c.Real time gross settlement

d.Internet banking

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

a.None of the above

b.Nominaton form

c.Affidavit

d.Account opening Form

19. Real time gross settlement benefits

a.The banks

b.Reserve Bank of India

c.Both a and b

d.The Customers

20. RTGS stands for

a.Real Time Gross Settlements

b.Relative Time Gross Settlements

c.Real total Gross Securities

d.Reduced Time Gross Settlements

21. 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. 300

b.Rs. 100

c.Rs. 500

d.Rs. 200

22. Interest on Savings Bank Deposits is paid

a.Half Yearly

b.Yearly

c.Every Month

d.Quarterly

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

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

b.It is an indication of customized banking services

c.All of the above

d.It suggests complete banking services

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

a.Set-up ATMs

b.Giving Credit cards

c.Establishment of Small Branches

d.Mobile Banking

25. ATM password should be kept in

a.All of the above

b.Office Diary

c.Personal Diary

d.Memory

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

a.Both a and b

b.Basic Saving Bank Deposit Accounts

c.Current Account

d.Saving Account

27. 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.Money

c.Mobile

d.Marginal

28. 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.Placing orders on the phones

c.Getting 30 days credit period for payment

d.Buying goods and services online from vendors

29. Bank does not provide loans for

a.Home loand

b.Education Loans

c.Drinking and Gambling

d.Crop Loan

30. What is the validity period of the cheque?

a.4 months from date of issue

b.3 months from date of issue

c.1 month from date of issue

d.Unlimited

31. Block Chain Technology was created by

a.HDFC Bank

b.AXIS Bank

c.ICICI Bank

d.SBI

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

a.All customers having savings bank

b.All customers having loan account with a bank

c.A bank customer who is income tax assesee

d.All customers of a bank

33. Bank does not give loan against

a.Gold Ornaments

b.Lottery Ticket

c.NSC

d.LIC Policy

34. 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

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

a.Member Card

b.Smart Card

c.Charge Card

d.Credit Card

36. 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.Sensex

c.Max

d.Visa

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

a.The deals between business to banks

b.All of the above

c.It suggests transactions between banks and capitalists

d.It means trade between business to business

38. Transferring money between banks for international wire transfers uses

a.MICR Codes

b.SWIFT Codes

c.BIC Codes

d.IFSC Codes

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

a.All of these

b.E pay

c.E-commerce

d.ECS

40. 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.All of the above

d.Shopping terminal

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

a.Internet banking

b.Treasury bills

c.Credit cards

d.Foreign currency

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

a.ECS Credit

b.NEFT

c.IMPS

d.RTGS

43. 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.Credit

c.Complete

d.Core

44. Who can open a bank account?

a.Illiterate

b.All of above

c.Non Resident Indian

d.Indian Citizen

45. Which currency note has security

a.Rs 50/-

b.Rs. 500/-

c.Rs. 100/-

d.All of the above

46. Indian Financial System Code is used for

a.Centralized Gunds Management System

b.Real Time Gross Settlement

c.National Electric Funds Transfer

d.All of the above

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

a.Indirect Marketing

b.Direct Marketing

c.Social Marketing

d.All of these

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

a.Blue Lable ATMs

b.None of these

c.White Label ATMs

d.Brown Label ATMs

49. Bank draft is issued by

a.Private Sector Banks

b.Public Sector Banks

c.All of the above

d.Regional Rural Banks

50. Which type of deposits earns higher interest rate?

a.None of these

b.Fixed Deposit

c.Saving Account

d.Current account

Banking Apps MCQ Question Answers for Competitive Exams

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

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