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IBPS SO Payment Systems — practice questions — page 2

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 31–60 of 66.

True or false about payment system rulesRead the answer and worked solution →Order the road to an authorisationRead the answer and worked solution →Fill the gaps in the authorisation rulesRead the answer and worked solution →Sort each item by what it decidesRead the answer and worked solution →Spot the one that does not fitRead the answer and worked solution →Pick the right answer, quicklyRead the answer and worked solution →The Master Directions on payment system authorisation draw their power from Section 10(2) read with Section 18 of the:Read the answer and worked solution →The Directions come into effect on the day they are:Read the answer and worked solution →A body corporate joins a promoter group if the promoter holds at least what share of its equity?Read the answer and worked solution →A mutual fund holding ten per cent of equity is, by that fact alone:Read the answer and worked solution →The capital requirement for a payment system is set by:Read the answer and worked solution →A director of a promoter company must have a record of financial integrity, good reputation and:Read the answer and worked solution →A person declared insolvent and not discharged is:Read the answer and worked solution →An application that fails the minimum capital requirement is:Read the answer and worked solution →FATF identifies jurisdictions weak in fighting money laundering and:Read the answer and worked solution →New investors from non-compliant FATF jurisdictions are not permitted to acquire:Read the answer and worked solution →Perpetual validity for an existing PSO needs full compliance with authorisation conditions and no major:Read the answer and worked solution →A PSO that fails to comply within a reasonable time after one-year renewals may have its authorisation:Read the answer and worked solution →A PSO that wants to stop operating writes to DPSS, Central Office, RBI at:Read the answer and worked solution →The surrender request must include a copy of a recent:Read the answer and worked solution →The escrow account statement in a surrender request is certified by the:Read the answer and worked solution →The Memorandum of Procedure sets out the process and ___ for repaying liabilities.Read the answer and worked solution →The public notice of closure must appear in English, Hindi and a vernacular language on how many occasions?Read the answer and worked solution →While extinguishing liabilities, the PSO reports progress to RBI:Read the answer and worked solution →A cooling period may follow when a CoA is revoked, surrendered, or an application is:Read the answer and worked solution →New entities set up by promoters of a refused or revoked PSO:Read the answer and worked solution →Applicants can find guidance in the DPSS FAQs and the RBI website's:Read the answer and worked solution →A takeover or acquisition of control of a non-bank PSO requires RBI's:Read the answer and worked solution →Catch the surrender papersRead the answer and worked solution →Pop the cooling triggersRead the answer and worked solution →

Worked practice questions

True or false about payment system rules

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Questions
  1. Statement is true
    No
    Statement
    A system may run without RBI authorisation.
  2. Statement is true
    Yes
    Statement
    New authorisations are perpetual.
  3. Statement is true
    Yes
    Statement
    The cooling period runs for one year.
  4. Statement is true
    Yes
    Statement
    RBI decides fit and proper status finally.
  5. Statement is true
    No
    Statement
    Revaluation reserves count in net-worth.
  6. Statement is true
    Yes
    Statement
    An incomplete application is returned.
Instructions
Decide whether each statement is true or false.
_Source: RBI Master Directions on Authorisation to operate a Payment System_

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Order the road to an authorisation

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Steps
  1. Entity applies on the RBI portal
  2. Auditor certifies the net-worth
  3. Fit and proper test is applied
  4. Certificate of authorisation issues
  5. Conditions are monitored
  6. Breach may revoke the certificate
Instructions
Tap the steps in the order they occur.
_Source: RBI Master Directions on Authorisation to operate a Payment System_

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Fill the gaps in the authorisation rules

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Missing parts
  1. Answer
    PSS Act
    Choices
    1. PSS Act
    2. BR Act
    3. RBI Act
  2. Answer
    perpetual
    Choices
    1. perpetual
    2. provisional
    3. annual
  3. Answer
    20 per cent
    Choices
    1. 20 per cent
    2. 10 per cent
    3. 50 per cent
  4. Answer
    one year
    Choices
    1. one year
    2. two years
    3. five years
Complete the statement
Authorisation comes under the {0}. It is granted on a {1} basis. Fresh money from a non-compliant jurisdiction must stay under {2}. The cooling period runs {3}.
Instructions
Tap a phrase to drop it into the empty slot.
_Source: RBI Master Directions on Authorisation to operate a Payment System_

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More Banking Awareness topics

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