Q91. Which financial tool allows payments to be made through card swipes at retail locations?
a) PoS
b) e-Wallet
c) UPI
d) USSD
Show Answer
Correct Answer: a) PoS
Explanation: PoS (Point of Sale) systems are used to process card payments through swipes or taps at retail locations, facilitating electronic transactions.
Q92. How does RTGS differ from NEFT in terms of transaction processing?
a) RTGS processes transactions in real-time, while NEFT processes in batches
b) NEFT processes transactions in real-time, while RTGS processes in batches
c) Both RTGS and NEFT process transactions in real-time
d) Both RTGS and NEFT process transactions in batches
Show Answer
Correct Answer: a) RTGS processes transactions in real-time, while NEFT processes in batches
Explanation: RTGS (Real-Time Gross Settlement) processes transactions in real-time, providing immediate settlement, whereas NEFT (National Electronic Funds Transfer) processes transactions in batches.
Q93. What is the purpose of using a digital locker for document storage?
a) Secure and organized storage of digital documents
b) Physical storage of paper documents
c) Traditional banking record keeping
d) Cash management
Show Answer
Correct Answer: a) Secure and organized storage of digital documents
Explanation: A digital locker is used for the secure and organized storage of digital documents, protecting them from loss and providing easy access through electronic means.
Q94. Which digital tool is typically used for quick payments through mobile phones without requiring internet access?
a) USSD
b) e-Wallet
c) UPI
d) RTGS
Show Answer
Correct Answer: a) USSD
Explanation: USSD (Unstructured Supplementary Service Data) allows for quick payments and mobile banking transactions without requiring internet access, using basic mobile network services instead.
Q95. What is a key feature of AEPS that enhances security in financial transactions?
a) Biometric authentication
b) High transaction limits
c) No requirement for internet
d) Paper-based records
Show Answer
Correct Answer: a) Biometric authentication
Explanation: AEPS (Aadhaar Enabled Payment System) enhances security by using biometric authentication, such as fingerprint verification, to ensure secure and accurate transactions.
Q96. Which service provides instant payment transfers 24/7, including weekends and holidays?
a) IMPS
b) NEFT
c) RTGS
d) USSD
Show Answer
Correct Answer: a) IMPS
Explanation: IMPS (Immediate Payment Service) provides instant payment transfers 24/7, including weekends and holidays, allowing for continuous availability of fund transfers.
Q97. Which digital tool allows for making payments by scanning a code displayed on a screen?
a) QR Code
b) OTP
c) USSD
d) e-Wallet
Show Answer
Correct Answer: a) QR Code
Explanation: QR Codes allow for making payments by scanning a code displayed on a screen, linking to payment information and facilitating quick transactions.
Q98. What is the main benefit of using internet banking for fund transfers?
a) Convenience of managing accounts and transferring funds online
b) Requirement for visiting the bank physically
c) Manual handling of transactions
d) Limited access to account information
Show Answer
Correct Answer: a) Convenience of managing accounts and transferring funds online
Explanation: Internet banking provides the convenience of managing accounts and transferring funds online, eliminating the need for physical bank visits and offering easy access to banking services.
Q99. What does the term “e-Wallet” refer to in digital financial tools?
a) A digital application for storing and managing electronic funds
b) A physical wallet for cash and cards
c) A traditional banking savings account
d) A method for managing physical documents
Show Answer
Correct Answer: a) A digital application for storing and managing electronic funds
Explanation: An e-Wallet is a digital application used for storing and managing electronic funds, enabling users to make payments and transactions through their mobile device or computer.
Q100. Which tool is designed for users to conduct online banking transactions securely?
a) OTP
b) e-Wallet
c) USSD
d) QR Code
Show Answer
Correct Answer: a) OTP
Explanation: OTP (One-Time Password) is designed to securely conduct online banking transactions by providing a unique code for each transaction, ensuring that the process is secure and protected from unauthorized access.