Banking Awareness Quiz 2024 – Questions related to Fund Transfer System in India

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BANKING AWARENESS QUESTIONS

TOPIC – Fund Transfer System in India (Fund Transfer System in India)

Q1. What will be the full name of NEFT?

(a)National Electronic Folio Transfer

(b)National Equity Funds Transfer

(c)National Electronic Funds Transfer

(d)National Easy Funds Transfer

(e)None of these

Q2. What will be the full name of RTGS?

(a)Real Time Gross Settlement

(b)Real Time Grand Settlement

(c)Real Transfer Gross Settlement

(d)Real Time Goods Settlement

(e)None of these

Q3. Which of the following is not a means of electronic fund transfer from one bank to another?

(a)RTGS

(b)NPA

(c)NEFT

(d)IMPS

(e)None of these

Q4. The full name of UPI will be-

(a)Unique Payments
Interface

(b)Unified Process Interface

(c)United Payments Interface

(d)Unified Payments Interface

(e)None of these

Q5. IMPS is used…

(a)Fixed Deposits

(b)Fund Transfer

(c)Opening Current Account

(d)Provide Loans

(e)All of these

Q6. What is the minimum limit for RTGS transactions??

(a)Rs. 2 lakhs

(b)Rs. 1 Lac

(c)Rs. 3 lakhs

(d)Rs. 4 million

(e)None of these

Q7. Unified Payments Interface is a real-time payment system that enables transactions to be done through any smartphone using VPA. VPA means……..

(a)Virtual Payment Admin

(b)Virtual Process Address

(c)Virtual Payment Address

(d)Virtual Payment Activation

(e)None of these

Q8. When was National Electronic Fund Transfer (NEFT) started in India?

(a)1999

(b)2001

(c)2009

(d)2005

(e)None of these

Q9. In UPI we can send money through mobile to any bank account without entering…………..

(a)Net banking password

(b)Receiver’s account number

(c)Debit card details

(d)All of these

(e)None of these

Q10. NEFT is an electronic funds transfer system that facilitates direct one-to-one payments across the country. Which of the following is not mandatory for NEFT transactions?

(a)IFSC Code

(b)Recipient’s bank account number

(c)Recipient’s bank account name

(d)MICR Code

(e)None of these

ANSWER KEY

S1.Ans.(c)

Sol. National Electronic Funds Transfer (NEFT) is an Indian system of electronic transfer of money from one bank to another.

S2.Ans.(a)

Sol. Real Time Gross Settlement, abbreviated as RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a “real-time” and on a “gross” basis.

S3.Ans.(b)

Sol. Different means of electronic fund transfer from one bank to another are NEFT, RTGS, IMPS, UPI.

S4.Ans.(d)

Sol. Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity.

S5.Ans.(b)

Sol. ‘IMPS’ is an acronym for Immediate Payment Service. It is a 24 x 7 electronic fund transfer service which carries out the transaction between two bank accounts immediately and in real-time.

S6.Ans.(a)

Sol. The minimum amount for RTGS transaction is Rs 2 lakhs.

S7.Ans.(c)

Sol. A Virtual Payment Address (VPA) is a unique identifier that helps UPI to track a person’s account. It acts as an ID independent of your bank account number and other details. VPA can be used to make and request payments through a UPI-enabled app.

S8.Ans.(d)

Sol. Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology. NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis.

S9.Ans.(d)

Sol. Send money up to Rs 1 lakh to any bank account through your mobile without entering debit/credit card details,
netbanking/wallet password or even knowing the receiver’s account number.

S10.Ans.(d)

Sol. The customer fills an application form providing details of the beneficiary (like name, bank, branch name, IFSC, account type and account number) and the amount to be remitted.

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