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SBI Clerk Payment Systems — practice questions — page 2

Explore 36 free Payment Systems questions in SBI Clerk 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 31–36 of 36.

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 →

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

NPA & RecoveryBanker-Customer RelationshipNegotiable Instruments ActRBI Act & BR ActBasel Norms & CapitalFinancial InstitutionsDeposit InsuranceRBI Basics