Digital Banking Awareness Quiz – Set 4

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. The Prepaid Payment Instruments can be issued as _____
   A. Smart Cards
   B. Online Wallets
   C. Magnetic stripe cards
   D. All of these
   E. None of these
   
   Answer & Explanation

   D. All of these
   Explanation:
   The prepaid instruments can be issued as smart cards, magnetic stripe cards, internet accounts, online wallets, mobile accounts, mobile wallets, paper vouchers and any such instruments used to access the prepaid amount.
   
   
2. Which of the following is an example for Open System Payment Instruments?
   A. Visa
   B. Mastercard
   C. Rupay
   D. All of these
   E. None of these
   
   Answer & Explanation

   D. All of these
   Explanation:
   Visa, Mastercard, RuPay are the examples for Open System Payment Instruments
   
   
3. Which of the following is an example for Closed System Payment Instruments?
   A. Amazon Wallet
   B. Cleartrip Wallet
   C. Mobikwik Wallet
   D. Both (A) and (B)
   E. Both (B) and (C)
   
   Answer & Explanation

   D. Both (A) and (B)
   Explanation:
   Amazon Wallet and Cleartrip Wallet are the examples for Closed System Payment Instruments
   
   
4. Which of the following is an example for Semi-Closed System Payment Instrument?
   A. Amazon Wallet
   B. Cleartrip Wallet
   C. Mobikwik Wallet
   D. Both (A) and (B)
   E. Both (B) and (C)
   
   Answer & Explanation

   C. Mobikwik Wallet
   Explanation:
   Mobikwik Wallet is an example for Semi-Closed System Payment Instrument
   
   
5. How many languages are available on BHIM to improve user experience?
   A. 15
   B. 13
   C. 12
   D. 18
   E. None of these
   
   Answer & Explanation

   B. 13
   Explanation:
   BHIM app currently supports 13 languages (including English)
   
   
6. IN BFD, “B” stands for ______
   A. Better
   B. Base
   C. Build
   D. Best
   E. None of these
   
   Answer & Explanation

   D. Best
   Explanation:
   BFD – Best Finger Detection
   
   
7. RRN number is a ______ digit number generated to record the transaction and to identify a transaction uniquely.
   A. 11
   B. 15
   C. 10
   D. 12
   E. None of these
   
   Answer & Explanation

   C. 10
   Explanation:
   RRN number is a 10 digit number generated to record the transaction and to identify a transaction uniquely.
   
   
8. IN AEBA, E stands for ____
   A. External
   B. Enabled
   C. Earned
   D. Eased
   E. None of these
   
   Answer & Explanation

   B. Enabled
   Explanation:
   Aadhaar Enabled Bank Account (AEBA)
   
   
9. IIN Stands for ______
   A. International Identification Number
   B. Issuer Identification Number
   C. Internal Identification Number
   D. Inspection Identification Number
   E. None of these
   
   Answer & Explanation

   B. Issuer Identification Number
   Explanation:
   IIN – Issuer Identification Number
   
   
10. How many digits are there in IIN?
    A. 5
    B. 6
    C. 8
    D. 9
    E. None of these
    
    Answer & Explanation

    B. 6
    Explanation:
    IIN – Issuer Identification Number – 6 digits