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. In E-commerce what is meant by B2B?

a.All of the above

b.It suggests transactions between banks and capitalists

c.It means trade between business to business

d.The deals between business to banks

2. Telebanking service is based on

a.Online Banking

b.Core Banking

c.Voice Banking

d.Virtual Banking

3. Who can open a bank account?

a.Illiterate

b.All of above

c.Non Resident Indian

d.Indian Citizen

4. Bank does not give loan against

a.LIC Policy

b.Gold Ornaments

c.NSC

d.Lottery Ticket

5. 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.RBI, commercial banks and SBI

b.LIC and GIC

c.Indigenous banks

d.Unit Trust of India

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

a.Clearing loans

b.Facilitating interbank electronic transactions

c.Clearing cheques

d.Both a and b

7. What is the validity period of the cheque?

a.1 month from date of issue

b.Unlimited

c.3 months from date of issue

d.4 months from date of issue

8. Indian Financial System Code is used for

a.All of the above

b.National Electric Funds Transfer

c.Centralized Gunds Management System

d.Real Time Gross Settlement

9. 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.Only Prepaid Card

b.Only Credit Card

c.Only ATM Card

d.All are non-cash transaction products

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

a.IMPS

b.ECS Credit

c.RTGS

d.NEFT

11. Citi-Times card is an example of

a.Debit Cards

b.Co-branded cards

c.Smart Cards

d.Prepaid card

12. ATM password should be kept in

a.All of the above

b.Personal Diary

c.Office Diary

d.Memory

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

a.Blue Lable ATMs

b.None of these

c.White Label ATMs

d.Brown Label ATMs

14. 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.All of the above

b.Real time terminal

c.Point of sale terminal

d.Shopping terminal

15. 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. 300

b.Rs. 200

c.Rs. 100

d.Rs. 500

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

a.Internet banking

b.bill payment service

c.Mobile banking

d.Real time gross settlement

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

a.Affidavit

b.Nominaton form

c.None of the above

d.Account opening Form

18. RTGS stands for

a.Reduced Time Gross Settlements

b.Relative Time Gross Settlements

c.Real total Gross Securities

d.Real Time Gross Settlements

19. KYC means

a.Know your character

b.Know your customer

c.Both of the above

d.None of the above

20. 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.Marginal

b.Message

c.Money

d.Mobile

21. 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.Placing orders on the phones

c.Getting 30 days credit period for payment

d.Buying goods and services online from vendors

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

a.Member Card

b.Credit Card

c.Charge Card

d.Smart Card

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

a.Smart Card

b.Credit Card

c.Debit Card

d.ATM Card

24. Which currency note has security

a.Rs. 500/-

b.Rs 50/-

c.All of the above

d.Rs. 100/-

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

a.Both a and B

b.Credits Cards

c.Debiti Cards

d.None of these

26. 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.Bank of India

b.Bank of Baroda

c.State Bank of India

d.Union Bank of India

27. 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.Credit

b.Core

c.Complete

d.Continous

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

a.Both a and b

b.Current Account

c.Basic Saving Bank Deposit Accounts

d.Saving Account

29. 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.BSE

b.Max

c.Visa

d.Sensex

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

a.It suggests complete banking services

b.All of the above

c.It is an indication of customized banking services

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

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

a.Yes

b.Only in case he is head of famliy

c.Only in case of joint account

d.No

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

a.The same, to make paperless payments

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

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

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

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

a.UOI

b.Bitcoin

c.USSD

d.Rupay

34. Bank draft is issued by

a.Public Sector Banks

b.Regional Rural Banks

c.All of the above

d.Private Sector Banks

35. Transferring money between banks for international wire transfers uses

a.SWIFT Codes

b.IFSC Codes

c.BIC Codes

d.MICR Codes

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

a.All of these

b.Indirect Marketing

c.Social Marketing

d.Direct Marketing

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

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

b.There is a minimum amount specified for transfer

c.All of the above

d.Beneficiary's bank account number

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

a.E pay

b.All of these

c.ECS

d.E-commerce

39. Real time gross settlement benefits

a.Reserve Bank of India

b.Both a and b

c.The Customers

d.The banks

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

a.Foreign currency

b.Treasury bills

c.Internet banking

d.Credit cards

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

a.A bank customer who is income tax assesee

b.All customers of a bank

c.All customers having loan account with a bank

d.All customers having savings bank

42. Which type of deposits earns higher interest rate?

a.Saving Account

b.Current account

c.Fixed Deposit

d.None of these

43. Block Chain Technology was created by

a.HDFC Bank

b.AXIS Bank

c.SBI

d.ICICI Bank

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

a.Establishment of Small Branches

b.Set-up ATMs

c.Giving Credit cards

d.Mobile Banking

45. Bank does not provide loans for

a.Crop Loan

b.Home loand

c.Drinking and Gambling

d.Education Loans

46. 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.IDRBT

b.SIDBI

c.SBI

d.IBRD

47. Interest on Savings Bank Deposits is paid

a.Half Yearly

b.Every Month

c.Yearly

d.Quarterly

48. For credit cards, the MDR varies between

a.1.5-2 percent

b.1.5-2.5 percent

c.2-2.5 percent

d.2-3 percent

49. 'Smart Money' is a term used for

a.Credit Cards

b.Demand Drafts of banks

c.Internet anking

d.FDRs in Banks

50. Internet banking refers to

a.Operation of account through internet

b.Both a and B

c.Opening of account through ATM

d.None of the above

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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