Digital Banking Awareness Quiz – Set 1

Hello Aspirants,
Welcome to Digital Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and mainly for Federal Bank Officer Scale I and Clerks Exams.

1. UPI Personal Identification Number is a ____ digit pass code you create/set during first time registration with UPI App
   A. 4 – 5
   B. 3 – 5
   C. 4 – 6
   D. 3 – 6
   E. None of these
   
   Answer & Explanation

   C. 4 – 6
   Explanation:
   UPI Personal Identification Number is a 4 – 6 digit pass code you create/set during first time registration with UPI App
   
   
2. UPI Stands for ______
   A. United Payments Interface
   B. Unique Payments Interface
   C. Unified Payments Interface
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. Unified Payments Interface
   Explanation:
   UPI – Unified Payments Interface
   
   
3. Which of the following account is supported by BHIM?
   A. Savings Bank Account
   B. Current Account
   C. Fixed Deposit
   D. Only A and C
   E. Only A and B
   
   Answer & Explanation

   E. Only A and B
   Explanation:
   Only Savings and Current bank accounts are supported by BHIM
   
   
4. The upper limit per UPI transaction is ______.
   A. Rs. 2 Lakh
   B. Rs. 1 Lakh
   C. Rs. 3 Lakh
   D. Rs. 5 Lakh
   E. None of these
   
   Answer & Explanation

   B. Rs. 1 Lakh
   Explanation:
   The upper limit per UPI transaction is Rs. 1 Lakh
   
   
5. One can use _______ UPI application on the same mobile.
   A. Less than two
   B. Only One
   C. More than one
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. More than one
   Explanation:
   one can use more than one UPI application on the same mobile and link both same as well as different accounts.
   
   
6. What is the default time to approve a collect request by a payer in UPI?
   A. 25 min
   B. 15 min
   C. 30 min
   D. 45 min
   E. None of these
   
   Answer & Explanation

   C. 30 min
   Explanation:
   The default time is 30 min.
   
   
7. BHIM stands for _____
   A. Bharat Interface for Money
   B. Bharat Interbank Money transfer
   C. Bharat Instant Money transfer
   D. Bharat Interface for Marketing
   E. Bharat Integrated Money Transfer
   
   Answer & Explanation

   A. Bharat Interface for Money
   Explanation:
   BHIM – Bharat Interface for Money
   
   
8. There is _______ for transaction from Rs.1 to Rs.1 Lakh
   A. Rs. 2
   B. Rs. 2.50
   C. Rs. 5
   D. Rs. 6.50
   E. No Charge
   
   Answer & Explanation

   E. No Charge
   Explanation:
   There is no charge for transaction from Rs.1 to Rs.1 Lakh
   
   
9. MMID stands for ___
   A. Mortgage Money Identifier
   B. Maturity Money Identifier
   C. Mobile Money Identifier
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. Mobile Money Identifier
   Explanation:
   MMID – Mobile Money Identifier
   
   
10. ________ is only a transfer mechanism, which transfers money between different bank accounts and does not hold Money.
    A. PayTM
    B. Airtel Money
    C. mPesa
    D. BHIM
    E. None of these
    
    Answer & Explanation

    D. BHIM
    Explanation:
    BHIM is only a transfer mechanism, which transfers money between different bank accounts and does not hold Money