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Home › Banking › Digital Banking and Payment Systems

Digital Banking and Payment Systems — Banking Questions & Practice

Practise 18 Digital Banking and Payment Systems questions from Banking for competitive exams such as UPSC, Banking, SSC and Railway. Read the worked questions below, check every answer with an explanation, and track what you get wrong.

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Practice questions on Digital Banking and Payment Systems — with answers

Try each question first, then open the answer. Explanations are included.

1. Which organization launched and operates the Unified Payments Interface (UPI) in India?

  1. AMinistry of Finance
  2. BSBI
  3. CNational Payments Corporation of India (NPCI)
  4. DReserve Bank of India
Show answer

Answer: C

The correct answer is 'National Payments Corporation of India (NPCI)'.

2. In which year was UPI launched in India?

  1. A2014
  2. B2018
  3. C2010
  4. D2016
Show answer

Answer: D

The correct answer is '2016'.

3. What is the maximum transaction limit typically allowed per UPI transaction (as commonly set)?

  1. ARs. 50,000
  2. BRs. 1 lakh (varies by bank and use-case)
  3. CRs. 10,000
  4. DRs. 5 lakh
Show answer

Answer: B

The correct answer is 'Rs. 1 lakh (varies by bank and use-case)'.

4. Which unique identifier is used to send/receive money via UPI, resembling an email address?

  1. ACVV Number
  2. BIFSC Code
  3. CMICR Code
  4. DVirtual Payment Address (VPA)
Show answer

Answer: D

The correct answer is 'Virtual Payment Address (VPA)'.

5. What is the full form of NPCI?

  1. ANational Payment Clearing India
  2. BNational Processing Corporation of India
  3. CNational Payments Corporation of India
  4. DNational Payments Council of India
Show answer

Answer: C

The correct answer is 'National Payments Corporation of India'.

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