Banking Quiz for NABARD Grade-A Exam 2018

Dear Aspirants,

Banking Awareness for NABARD Grade-A Exam 2018

With the increased competition in the field of banking examinations, it has now become very important to cover up all the sections efficiently. One subject that can help you bagging graceful marks in the minimum time in these examinations is Banking Awareness. Banking Awareness Quiz not only helps you deal with the General Awareness Section of Banking Exams but also, the Personal Interview round of Banking Recruitment.

Q1. ___________ is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques.

(a) IMPS

(b) CBS

(d) CTS

(e) NFS

S1. Ans.(d)
Sol. Cheque Truncation System (CTS) is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques.

Q2. NFS is the largest network of shared automated teller machines in India. What is the full form of NFS?

(a) National Financial Switch

(b) National Financial Service

(d) National Financial Security

(e) National Financial Solutions

S2. Ans.(a)
Sol. National Financial Switch is the largest network of shared automated teller machines in India. It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT).

Q3. What is the meaning of “T” in CTS?

(a) Target

(b) Transport

(d) Timing

(e) Truncation

S3. Ans.(e)

Sol. CTS stands for Cheque Truncation System.

Q4. What is the silent features of NFS?

(a) NFS has introduced the sub-membership model which enables smaller, regional banks including RRBs and local co-operative banks to participate in the ATM network.

(b) NFS has maintained high standards of application and network uptime of above 99.50% which has helped our member banks ensure enhanced customer experience.

(c) The Dispute Management System (DMS), has benefitted members with high operational efficiency and ease of online transaction lifecycle management (chargeback, resentment, etc.) in the network apart from being compliant with local regulatory requirements.

(d) The Fraud Risk Management (FRM) solution is offered as a value-added service to monitor transactions (in real time) and to generate alert or decline the transaction in the NFS network

(e) All of the above are silent features of NFS

S4. Ans.(e)
Sol. Salient Features of NFS are given below

1. NFS has introduced the sub-membership model which enables smaller, regional banks including RRBs and local co-operative banks to participate in the ATM network.
2. NFS has maintained high standards of application and network uptime of above 99.50% which has helped our member banks ensure enhanced customer experience.
3. The Dispute Management System (DMS), has benefitted members with high operational efficiency and ease of online transaction lifecycle management (chargeback, resentment, etc.) in the network apart from being compliant with local regulatory requirements.
4. NPCI has also tied up with International card schemes like Discover Financial Service (DFS), Japan Credit Bureau (JCB) and China UnionPay International (CUPI) which allows their cardholders to use ATMs connected to NFS network.
5. The Fraud Risk Management (FRM) solution is offered as a value-added service to monitor transactions (in real time) and to generate alert or decline the transaction in the NFS network.

Q5. _____________ is a bank-led model which allows online interoperable financial transaction at PoS (Point of Sale/Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication.

(a) UPI

(b) NFS

(d) NACH

(e) CTS

S5. Ans.(c)
Sol. AePS is a bank-led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.AePS allows you to do six types of transactions.

Q6. BharatQR was developed by-

(a) SEBI

(b) FICCI

(d) RBI

(e) NACH

S6. Ans.(c)
Sol. BharatQR was developed by NPCI.

Q7. What is the meaning of “E” in AEPS?

(a) Enabled

(b) Enquiry

(d) Essential

(e) Ending

S7. Ans.(a)
Sol. AEPS stands for Aadhaar Enabled Payment System.

Q8. Bharat QR Code (BQR) is P2M Mobile payment solution. P2M stands for-

(a) Person to Merchant

(b) People to Merchant

(d) Personal to Merchant

(e) Primary to Merchant

S8. Ans.(a)
Sol. BQR is Person to Merchant (P2M) Mobile payment solution.

Q9. Which of the following is not a service Offered by AEPS?

(a) Cash Withdrawal

(b) Balance Enquiry

(d) Cash Deposit

(e) Cannot Deposit cash

S9. Ans.(e)
Sol. Services Offered by AePS:

1. Cash Withdrawal
2. Cash Deposit
3. Balance Enquiry
4. Aadhaar to Aadhaar Fund Transfer
5. Mini Statement
6. Best Finger Detection

Q10. Who is the Non-Executive Chairman of NPCI?

(a) Ramachandran Sundaresan

(b) Sanjay Saxena

(d) Dilip Asbe

(e) Biswamohan Mahapatra

S10. Ans.(e)
Sol. Mr. Biswamohan Mahapatra is the Non-Executive Chairman of NPCI. He assumed charge with effect from February 8, 2018. Mr. Mahapatra is a career central banker, career spanning over 33 years at the Reserve Bank of India (RBI) and retired as its Executive Director in August 2014.