1. In Feb 2022, Reserve Bank of India governor Shaktikanta Das, proposed to hike the National Automated Clearing House (NACH) mandate limit from Rs1 crore to-
Option “4” is correct. · In view of the growing liquidity requirements of Micro, Small and Medium Enterprises (MSMEs) and requests from industry, the National Automated Clearing House (NACH) mandate limit for Trade Receivables Discounting System (TReDS) settlements have been increased to ₹3 crore. · Earlier the NACH mandate wass capped at ₹1 crore. · The Trade Receivables Discounting System (TReDS) facilitates the financing of trade receivables of Micro, Small and Medium Enterprises (MSMEs). · Transactions in TReDS are settled through the National Automated Clearing House (NACH) system.
2. Reserve Bank of India (RBI) has extended the card-on-file (CoF) tokenization deadline by 6 months i.e., to June 30, 2022. Earlier the deadline was fixed till-
1. December 31, 2021
2. September 30, 2021
3. October 31, 2021
4. August 31, 2021
5. November 30, 2021
Option “1” is correct. · Reserve Bank of India (RBI) has extended the card-on-file (CoF) tokenization deadline by 6 months i.e., to June 30, 2022. Earlier the deadline was fixed till December 31, 2021. · In March 2020, RBI had issued guidelines for the regulation of payment aggregators and payment gateways, prohibiting payment aggregators and merchants to store customer card credentials within their database or server from 30 June 2021. · In September 2021, RBI extended the scope of tokenization from device-based tokenization to CoF tokenization services and barred merchants from storing actual card data while online transactions. · RBI has fixed the deadline for card tokenization to January 1, 2022.
3. ICICI Bank has launched India’s first comprehensive digital ecosystem for ___________ in the country, by offering complete range of enhanced banking and value-added services at one place.
1. Women Entrepreneurs
2. Micro, Small and Medium Enterprises (MSMEs)
3. Farmers
4. Students
5. All of the above
Option “2” is correct. · ICICI Bank has launched India’s first comprehensive digital ecosystem for all Micro, Small and Medium Enterprises (MSMEs) in the country, offering complete range of enhanced banking and value-added services at one place. · It provides sanctions of instant and paperless overdraft facility up to Rs 25 lakh through ‘InstaOD Plus’. · The benefits of the new digital ecosystem can be availed by downloading the latest version of InstaBIZ app, a super app for businesses. The app is available on Google Play, Apple App Store and at the bank’s Corporate Internet Banking (CIB) platform. About ICICI Bank- · Headquarters: Vadodara · MD & CEO: Sandeep Bakhshi · Chairperson: Girish Chandra Chaturvedi · Tagline: Hum Hai Na, Khayal Apka.
4. Recently, Bharat Petroleum Corporation Limited (BPCL) has allowed its customers to make the payment through ‘UPI 123PAY’. Under this payment method, which of the following option is/are included?
(A) Payment through IVR Number
(B) Payment through Missed call
(C) Payment through functionality implemented by OEM
(D) Payment through sound based technology
1. Only B
2. Only B & C
3. Only B, C & D
4. Only D
5. All A, B, C & D
Option “5” is correct. · BPCL has launched a voice-based digital payment facility for its cooking gas (LPG) consumers. · It has allowed its customers to make the payment through ‘UPI 123PAY’. About UPI123 · UPI 123PAY is an instant payment system for feature phone users. · Through UPI 123PAY, feature phone users will now be able to undertake a host of transactions based on four technology alternatives. They include- · calling an IVR (interactive voice response) number · App functionality in feature phones · Missed call-based approach · Proximity sound-based payments Under this payment method, there are 4 solutions going live 1. UPI payment through pre-defined IVR number- · UPI payment through pre-defined IVR numbers (080 4516 3666 & 080 4516 3581) would require users to initiate a secured call from their feature phones to a predetermined number and complete UPI on-boarding formalities to be able to start making financial transactions without internet connection 2. Payment through Missed call · Missed call-based approach will allow feature phone users to access their bank account and perform routine transactions such as receiving or transferring funds, regular purchases, bill payments, etc., by giving a missed call on the number displayed at the merchant’s place. 3. Payment through functionality implemented by OEM · In this type, the interested solution providers will need to partner with the feature phone mobile manufacturers (OEM) to enable a native payment app developed in embedded c language. 4. Payment through sound based technology · This technology uses sound waves to enable contactless, offline, and proximity data communication on any device. · User can tap any phone and make UPI payments to merchants using ToneTag’s VoiceSe payment solution.
5. Reserve Bank of India recently launched 24×7 Helpline for Digital Payments known as DigiSaathi. Which of the following statement is/are true regarding DigiSaathi?
(A) It provides a channel to obtain help on the entire gamut of digital payments.
(B) It is available in Multiple Languages
(C) This Platform is set up, controlled, and maintained by Ministry of Finance
(D) It will assist users with their queries on digital payments via website & chatbot facility.
1. Only (A)
2. Only (A), (C) & (D)
3. Only (A) & (D)
4. Only (B)
5. All (A), (B), (C) & (D)
Option “3” is correct. · The Reserve Bank of India along with National Payment corporation India launched the DigiSaathi. · It will help customers of payments systems including cards. · This initiative will help customers address queries in the digital payments umbrella including cards. · Right now it is available in two languages – English and Hindi. · This Platform is set up, controlled, and maintained by NPCI. · Backend of the platform is controlled by an artificial intelligence (AI) bot. · It provides a channel to obtain help on the entire gamut of digital payments. · It will assist users with their queries on digital payments via website & chatbot facility and through toll-free calls.
6. Recently, National Payments Corporation of India (NPCI) has designed the “UPI Lite – On-Device wallet” (“UPI Lite”) functionality for UPI user for small value transactions. The upper limit of a UPI Lite payment transaction shall be______. The total limit of UPI Lite balance for an “On-device wallet” shall be ________ at any point of time-
Option “4” is correct. · National Payments Corporation of India (NPCI) designed the “UPI Lite – On-Device wallet” (“UPI Lite”) functionality for UPI user for small value transactions. · About 75% of the total volume of retail transactions (including cash) in India are below ₹100 transaction value. Further, 50% of the total UPI transactions are having a transaction value of up to ₹200/-. To easily process such small value transactions, NPCI has launched this facility of “UPI Lite”. · In phase 1, UPI Lite will process transactions in near offline mode i.e. debit offline and credit online, and at a later point, UPI Lite will process transactions in complete offline mode i.e. debit and credit both offline. · The upper limit of a UPI Lite payment transaction shall be Rs200. · The total limit of UPI Lite balance for an “On-device wallet” shall be Rs2,000 at any point of time. · Replenishment of funds in UPI Lite shall only be allowed in online mode with additional factor authentication (AFA) or using UPI AutoPay which has been registered by the User in online mode with AFA. About NPCI- · It is an umbrella organisation for all retail payments systems in India. · It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007. · It has been incorporated as a “Not for Profit” company under the provisions of Section 25 of companies Act 1956 (now Section 8 of companies Act 2013. · Founded- 2008 · Headquarters- Mumbai, Maharashtra, India · MD & CEO- Dilip Asbe
7. Which Bank has partnered with Creditas solutions for its ‘Neo Collections’ platform. The Neo Collections Platform is a Do It Yourself (DIY) debt management platform that will help the customers of the bank to monitor, manage and pay their dues/loans?
1. RBL Bank
2. State Bank of India
3. HDFC Bank
4. DBS Bank
5. Axis Bank
Option “1” is correct. · RBL Bank has partnered with Creditas solutions for its ‘Neo Collections’ platform. · The Neo Collections Platform is a Do It Yourself (DIY) debt management platform that will help the customers of the bank to monitor, manage and pay their dues/loans. About RBL Bank · Headquarters- Mumbai · MD and CEO Vishwavir Ahuja
8. The Edelweiss Asset Management has launched a mutual fund mobile app for investors to give them a smooth investing experience where they can perform all financial transactions. What is the name of this App?
1. eAsset
2. eFund
3. eInvest
4. ePay
5. eFinance
Option “3” is correct. · The Edelweiss Asset Management has launched a mutual fund mobile app named eInvest. · eInvest is an easy-to-use app for investors to give them a smooth investing experience where they can perform all financial transactions and access their investment from anywhere at any time with speed and ease.
9. Bharat Interface for Money (BHIM) is a mobile payments application based on NPCI’s Unified Payments Interface (UPI) which helps in making simple, easy and quick payment transactions. Identify the Incorrect state regarding BHIM-
(A) Currently, BHIM is available in 10 languages.
(B) It was launched on 30th December 2016 by PM Narendra Modi.
(C) The maximum daily limit for BHIM app transaction is Rs1,00,000.
1. Only B
2. Only B & C
3. Only A & C
4. Only A
5. All A, B & C
Option “4” is correct. Bharat Interface for Money (BHIM) is a mobile payments application based on NPCI’s Unified Payments Interface (UPI) which helps in making simple, easy and quick payment transactions. Identify the Incorrect state regarding BHIM- (A) Currently, BHIM is available in 20 languages, i.e., Hindi, English, Tamil, Telugu, Malayalam, Bengali, Odia, Kannada, Gujarati, Marathi, Assamese, Bengali, Bhojpuri, Haryanvi, Marwari, Konkani, Manipuri, Khasi and Mizo. (B) It was launched on 30th December 2016 by PM Narendra Modi. (C) The maximum daily limit for BHIM app transaction is Rs1,00,000.
10. UPI (Unified Payment Interface) is the payment interface that was introduced by the NPCI (National Payments Corp. of India) for the hassle transfer of money from the single platform by attaching their various accounts on the single platform to do hassle-free transactions. Who among the following are Participants in UPI?
1. Payer ASP
2. Payee ASP
3. Beneficiary bank
4. Merchants
5. All of the above
Option “5” is correct. UPI (Unified Payment Interface) is the payment interface that was introduced by the NPCI (National Payments Corp. of India) for the hassle transfer of money from the single platform by attaching their various accounts on the single platform to do hassle-free transactions. · Immediate money transfer through mobile device round the clock 24*7 and 365 days. · Single mobile application for accessing different bank accounts. · The use of Virtual ID is more secure, with no credential sharing. · The UPI code varies between 4-6 Digits code Participants in UPI are: · Payer ASP (Application service provider)- Payer is the person who will pay money to the payee. · Payee ASP (Application service provider)- Payee is the beneficiary who receives money. · Beneficiary bank- Banks who receives the payment. · Merchants- Which provides service to users. · Remitter bank- Banks from which amount is deducted. · NPCI (National Payment Corporation of India) · Bank account holder- Person who holds the account from both sides.