CUET 2023 MCQ Quiz on Banking Apps

CUET 2023 MCQ Quiz on Banking Apps – Objective Question Answers on Banking Apps

Banking Apps MCQs – Get MCQ Quiz on Banking Apps. Multiple Choice Questions (MCQs) Questions on Banking Awareness are asked in many competitive exams in their General Knowledge Section. Here we have compiled the MCQ Question on Banking Apps launched by various banks. Practice MCQ Quiz on Banking Apps

1. What amount does a bank have to pay to customers for delays in re-crediting the amount beyond 7 working days in case of a failed ATM transaction?

a.Rs. 100

b.Rs. 500

c.Rs. 300

d.Rs. 200

2. As we all know, more and more countries/ organisations are now going for non- cash transactions and accordingly banks have launched many new products in the market for the same. Which of the following products is a non-cash transaction product?

a.All are non-cash transaction products

b.Only ATM Card

c.Only Credit Card

d.Only Prepaid Card

3. Which of the following is necessary to transfer funds through the RTGS facility?

a.The IFSC number of the beneficiary's bank branch

b.Beneficiary's bank account number

c.All of the above

d.There is a minimum amount specified for transfer

4. Electronic Funds Transfer at Point of Sale involves funds transfers based on the use of

a.Both a and B

b.None of these

c.Credits Cards

d.Debiti Cards

5. Telebanking service is based on

a.Online Banking

b.Core Banking

c.Voice Banking

d.Virtual Banking

6. A-card stores and provides identification authentication, data storage and application processing applications

a.Credit Card

b.Debit Card

c.ATM Card

d.Smart Card

7. o use smart cards/debit cards/credit cards for the purchase of an item or for payment of a service at a merchant's store/ the card has to be swiped in a terminal known as

a.Shopping terminal

b.All of the above

c.Real time terminal

d.Point of sale terminal

8. The money market in India consists of two sectors namely the organised and the unorganised sector. Which of the following do not fall under the unorganised sector?

a.LIC and GIC

b.Indigenous banks

c.RBI, commercial banks and SBI

d.Unit Trust of India

9. A 'Debit Card' is issued by a bank to

a.A bank customer who is income tax assesee

b.All customers having loan account with a bank

c.All customers of a bank

d.All customers having savings bank

10. Which payment mode is used for making bulk payment of amounts?

a.RTGS

b.ECS Credit

c.IMPS

d.NEFT

11. Interest on Savings Bank Deposits is paid

a.Yearly

b.Quarterly

c.Every Month

d.Half Yearly

12. RTGS stands for

a.Real total Gross Securities

b.Real Time Gross Settlements

c.Relative Time Gross Settlements

d.Reduced Time Gross Settlements

13. For credit cards, the MDR varies between

a.2-3 percent

b.1.5-2.5 percent

c.1.5-2 percent

d.2-2.5 percent

14. Lot of banks in India these days are offering M-Banking facility to their customers. What is the full form of M in M-Banking?

a.Mobile

b.Message

c.Marginal

d.Money

15. Internet banking refers to

a.None of the above

b.Opening of account through ATM

c.Operation of account through internet

d.Both a and B

16. Currently, banks claim that they have achieved 100% CBS. What are they referring to?

a.All of the above

b.It suggests complete banking services

c.It means all their branches are technology driven with core banking solutions

d.It is an indication of customized banking services

17. Which cryptocurrency has hit its highest level in 3 years following India's demonetisation?

a.USSD

b.Rupay

c.UOI

d.Bitcoin

18. Banks and other institutions have issued debt and credit cards, the purpose of both are

a.Different, since in debit cards interest for delayed period is charged while in credit cards no such interest is charged by banks

b.The same, there is a risk weight-age of 125% in both the cards.

c.The same, to make paperless payments

d.Different, since in credit card, the account is credited with the amount while in debit card the account is debited

19. Many times we read a term CBS used in banking operations. What is the full form of the letter C in the term 'CBS'?

a.Continous

b.Complete

c.Credit

d.Core

20. What is the validity period of the cheque?

a.4 months from date of issue

b.3 months from date of issue

c.1 month from date of issue

d.Unlimited

21. 'Smart Money' is a term used for

a.FDRs in Banks

b.Credit Cards

c.Internet anking

d.Demand Drafts of banks

22. The best alternative banking service to branch banking to be the part of financial inclusion?

a.Mobile Banking

b.Giving Credit cards

c.Set-up ATMs

d.Establishment of Small Branches

23. What is the name given to the online payment services that all internet banking customers can use?

a.E pay

b.ECS

c.All of these

d.E-commerce

24. Which of the following is a leading electronic payment technology firm? (The logo of the firm can be seen printed on credit cards/ ATM centres etc.

a.Visa

b.BSE

c.Sensex

d.Max

25. Can an illiterate person be issued a debit card?

a.Yes

b.Only in case of joint account

c.Only in case he is head of famliy

d.No

26. Bank does not give loan against

a.Gold Ornaments

b.Lottery Ticket

c.LIC Policy

d.NSC

27. Which is the card that looks like any other plastic card or an ATM card with Integrated Circuit (IC chip)?

a.Charge Card

b.Member Card

c.Credit Card

d.Smart Card

28. National Financial Switch' has been set- up to facilitate connectivity between the bank's switches and their ATMs and inter- bank payment gateway for authentication and routing the payment details of various e-commerce transactions. Which organisation has set-up this switch?

a.SIDBI

b.IBRD

c.IDRBT

d.SBI

29. Who can open a bank account?

a.Non Resident Indian

b.Illiterate

c.Indian Citizen

d.All of above

30. National Automated Clearing House (NACH) has been launched for

a.Facilitating interbank electronic transactions

b.Clearing loans

c.Clearing cheques

d.Both a and b

31. While making nomination, signature of nominee is required on

a.Account opening Form

b.Nominaton form

c.Affidavit

d.None of the above

32. Which of the following banks has opened the country's first, 'Cash Factory' in Lucknow which will issue currency notes to all its branches and ATM in that area?

a.State Bank of India

b.Bank of Baroda

c.Union Bank of India

d.Bank of India

33. When we talk of smart money what are we referring to?

a.Foreign currency

b.Credit cards

c.Treasury bills

d.Internet banking

34. Indian Financial System Code is used for

a.Centralized Gunds Management System

b.National Electric Funds Transfer

c.All of the above

d.Real Time Gross Settlement

35. Citi-Times card is an example of

a.Prepaid card

b.Co-branded cards

c.Smart Cards

d.Debit Cards

36. KYC means

a.Know your customer

b.Both of the above

c.None of the above

d.Know your character

37. All Inter-Bank Funds Transfer System, where funds are transferred as and when the transactions are triggered, is called

a.bill payment service

b.Real time gross settlement

c.Mobile banking

d.Internet banking

38. Which currency note has security

a.Rs. 100/-

b.Rs 50/-

c.All of the above

d.Rs. 500/-

39. ATM password should be kept in

a.All of the above

b.Personal Diary

c.Office Diary

d.Memory

40. Real time gross settlement benefits

a.The banks

b.Both a and b

c.Reserve Bank of India

d.The Customers

41. Transferring money between banks for international wire transfers uses

a.MICR Codes

b.BIC Codes

c.SWIFT Codes

d.IFSC Codes

42. The ATMs which are set up, owned and operated by non-banks are called

a.None of these

b.Blue Lable ATMs

c.White Label ATMs

d.Brown Label ATMs

43. Which type of deposits earns higher interest rate?

a.Fixed Deposit

b.None of these

c.Saving Account

d.Current account

44. In E-commerce what is meant by B2B?

a.All of the above

b.It means trade between business to business

c.It suggests transactions between banks and capitalists

d.The deals between business to banks

45. Bank draft is issued by

a.Public Sector Banks

b.Regional Rural Banks

c.Private Sector Banks

d.All of the above

46. E-commerce is increasingly becoming a popular mode of doing business. What is this way of operating?

a.Payment has to be made in advance before goods/ services are delivered

b.Getting 30 days credit period for payment

c.Placing orders on the phones

d.Buying goods and services online from vendors

47. Block Chain Technology was created by

a.SBI

b.AXIS Bank

c.ICICI Bank

d.HDFC Bank

48. Opening of maximum number of ATMs is an example of

a.Direct Marketing

b.Indirect Marketing

c.All of these

d.Social Marketing

49. Which of the following types of accounts is/are not applicable for free transactions at ATMs?

a.Saving Account

b.Current Account

c.Basic Saving Bank Deposit Accounts

d.Both a and b

50. Bank does not provide loans for

a.Home loand

b.Crop Loan

c.Drinking and Gambling

d.Education Loans

CUET 2023 Banking Apps MCQ Question Answers for Competitive Exams

CUET 2023 MCQ Quiz on Banking Apps – Objective Question Answers on Banking Apps

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