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IBPS SO Payment Systems — practice questions

Explore 66 free Payment Systems questions in IBPS SO Banking Awareness. Open each question or exercise to read its content, reference answers and available explanation.

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Payment Systems questions and exercises with answers

Showing questions 1–30 of 66.

NEFT stands for:Read the answer and worked solution →RTGS stands for:Read the answer and worked solution →On a cheque, MICR stands for:Read the answer and worked solution →IFSC stands for:Read the answer and worked solution →Sort the cashless pushRead the answer and worked solution →Payment systems in India are authorised under which Act?Read the answer and worked solution →Who may operate a payment system without authorisation from RBI?Read the answer and worked solution →A Payment System Operator has the meaning given for a system:Read the answer and worked solution →Authorisation to operate a payment system is available on a basis that is:Read the answer and worked solution →An application for authorisation is submitted through the RBI:Read the answer and worked solution →Which item is included in net-worth for authorisation?Read the answer and worked solution →Which item is excluded from net-worth for authorisation?Read the answer and worked solution →Which is deducted while working out net-worth?Read the answer and worked solution →Compliance with the net-worth requirement is certified by the:Read the answer and worked solution →Promoters and promoter groups must meet criteria described as:Read the answer and worked solution →Which disqualifies a person under the fit and proper test?Read the answer and worked solution →Whose decision on fit and proper status is final?Read the answer and worked solution →An incomplete application for authorisation is:Read the answer and worked solution →FATF publishes a list of jurisdictions under increased:Read the answer and worked solution →A jurisdiction on neither FATF list is described as:Read the answer and worked solution →Fresh investment from a non-compliant jurisdiction must stay under:Read the answer and worked solution →Investors who held stakes before a jurisdiction was listed may:Read the answer and worked solution →Authorisation given to a new entity is valid on a basis that is:Read the answer and worked solution →An existing operator not meeting the conditions gets renewals of:Read the answer and worked solution →Non-compliance with authorisation conditions may lead to:Read the answer and worked solution →An operator that wants to stop operating applies for:Read the answer and worked solution →The cooling period RBI may impose runs for:Read the answer and worked solution →During a cooling period an entity may not submit an application to:Read the answer and worked solution →Match each term to what it coversRead the answer and worked solution →Does it count towards net-worth?Read the answer and worked solution →

Worked practice questions

NEFT stands for:

  1. New Electronic Fund Transaction
  2. National Easy Fund Transfer
  3. Net Electronic Funds Transfer
  4. National Electronic Funds Transfer
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Correct answer: D. National Electronic Funds Transfer

1. The question asks: NEFT stands for. 2. Correct answer: National Electronic Funds Transfer. 3. NEFT is a nationwide electronic funds-transfer system. _Source: BOI Quick Revision — General Banking & Financial Awareness (2020), Payment Systems_

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RTGS stands for:

  1. Real Time Gross Settlement
  2. Real Transfer Gross System
  3. Rapid Time Gross Settlement
  4. Real Time General Settlement
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Correct answer: A. Real Time Gross Settlement

1. The question asks: RTGS stands for. 2. Correct answer: Real Time Gross Settlement. 3. RTGS settles large-value transactions individually in real time. _Source: BOI Quick Revision — General Banking & Financial Awareness (2020), Payment Systems_

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On a cheque, MICR stands for:

  1. Magnetic Internal Code Reader
  2. Magnetic Ink Character Recognition
  3. Micro Ink Character Reading
  4. Magnetic Ink Code Recognition
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Correct answer: B. Magnetic Ink Character Recognition

1. The question asks: On a cheque, MICR stands for. 2. Correct answer: Magnetic Ink Character Recognition. 3. MICR is the magnetic-ink line read by cheque-processing machines. _Source: BOI Quick Revision — General Banking & Financial Awareness (2020), Cheques_

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More Banking Awareness topics

RBI BasicsNPA & RecoveryBanker-Customer RelationshipNegotiable Instruments ActRBI Act & BR ActMonetary PolicyBasel Norms & CapitalFinancial Institutions