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

a.Placing orders on the phones

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

c.Getting 30 days credit period for payment

d.Buying goods and services online from vendors

2. 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 India

b.Bank of Baroda

c.Union Bank of India

d.State Bank of India

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

a.All of the above

b.It suggests complete banking services

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

d.It is an indication of customized banking services

4. 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 ATM Card

d.Only Prepaid Card

5. For credit cards, the MDR varies between

a.1.5-2 percent

b.1.5-2.5 percent

c.2-2.5 percent

d.2-3 percent

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

a.Credit cards

b.Foreign currency

c.Internet banking

d.Treasury bills

7. KYC means

a.Know your character

b.Both of the above

c.None of the above

d.Know your customer

8. Bank does not provide loans for

a.Drinking and Gambling

b.Home loand

c.Crop Loan

d.Education Loans

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

a.Affidavit

b.Nominaton form

c.None of the above

d.Account opening Form

10. Who can open a bank account?

a.Non Resident Indian

b.All of above

c.Illiterate

d.Indian Citizen

11. 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.Real time terminal

c.Point of sale terminal

d.Shopping terminal

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

a.Smart Card

b.Debit Card

c.Credit Card

d.ATM Card

13. 'Smart Money' is a term used for

a.Internet anking

b.Credit Cards

c.Demand Drafts of banks

d.FDRs in Banks

14. 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.Marginal

c.Mobile

d.Money

15. Indian Financial System Code is used for

a.Centralized Gunds Management System

b.Real Time Gross Settlement

c.All of the above

d.National Electric Funds Transfer

16. Block Chain Technology was created by

a.HDFC Bank

b.ICICI Bank

c.AXIS Bank

d.SBI

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

a.ECS

b.E pay

c.E-commerce

d.All of these

18. Citi-Times card is an example of

a.Prepaid card

b.Co-branded cards

c.Smart Cards

d.Debit Cards

19. 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. 500

b.Rs. 200

c.Rs. 300

d.Rs. 100

20. RTGS stands for

a.Relative Time Gross Settlements

b.Real Time Gross Settlements

c.Real total Gross Securities

d.Reduced Time Gross Settlements

21. ATM password should be kept in

a.All of the above

b.Memory

c.Personal Diary

d.Office Diary

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

a.ECS Credit

b.RTGS

c.NEFT

d.IMPS

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

a.Clearing cheques

b.Facilitating interbank electronic transactions

c.Clearing loans

d.Both a and b

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

a.Credits Cards

b.Debiti Cards

c.Both a and B

d.None of these

25. Bank draft is issued by

a.Public Sector Banks

b.All of the above

c.Private Sector Banks

d.Regional Rural Banks

26. Interest on Savings Bank Deposits is paid

a.Yearly

b.Half Yearly

c.Quarterly

d.Every Month

27. What is the validity period of the cheque?

a.1 month from date of issue

b.4 months from date of issue

c.3 months from date of issue

d.Unlimited

28. Bank does not give loan against

a.NSC

b.Lottery Ticket

c.LIC Policy

d.Gold Ornaments

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

a.Brown Label ATMs

b.White Label ATMs

c.None of these

d.Blue Lable ATMs

30. 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.Visa

b.Sensex

c.Max

d.BSE

31. 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.LIC and GIC

b.Indigenous banks

c.Unit Trust of India

d.RBI, commercial banks and SBI

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

a.All customers having savings bank

b.A bank customer who is income tax assesee

c.All customers of a bank

d.All customers having loan account with a bank

33. Telebanking service is based on

a.Voice Banking

b.Core Banking

c.Online Banking

d.Virtual Banking

34. 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

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

a.Establishment of Small Branches

b.Set-up ATMs

c.Giving Credit cards

d.Mobile Banking

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

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

b.All of the above

c.There is a minimum amount specified for transfer

d.Beneficiary's bank account number

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

a.Only in case of joint account

b.Only in case he is head of famliy

c.No

d.Yes

38. Transferring money between banks for international wire transfers uses

a.MICR Codes

b.IFSC Codes

c.SWIFT Codes

d.BIC Codes

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

a.Saving Account

b.Basic Saving Bank Deposit Accounts

c.Both a and b

d.Current Account

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

a.It means trade between business to business

b.The deals between business to banks

c.All of the above

d.It suggests transactions between banks and capitalists

41. 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.IBRD

b.IDRBT

c.SBI

d.SIDBI

42. Which type of deposits earns higher interest rate?

a.Fixed Deposit

b.None of these

c.Current account

d.Saving Account

43. Real time gross settlement benefits

a.Reserve Bank of India

b.Both a and b

c.The Customers

d.The banks

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

a.Indirect Marketing

b.All of these

c.Social Marketing

d.Direct Marketing

45. 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.Credit

b.Complete

c.Continous

d.Core

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

a.Credit Card

b.Smart Card

c.Member Card

d.Charge Card

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

a.USSD

b.UOI

c.Rupay

d.Bitcoin

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.Mobile banking

d.Internet banking

49. Internet banking refers to

a.Opening of account through ATM

b.Operation of account through internet

c.Both a and B

d.None of the above

50. Which currency note has security

a.Rs. 500/-

b.Rs. 100/-

c.Rs 50/-

d.All 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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