Digital Payment

Question 1

RBI --- charges on
NEFT and RTGS.
---- charges via --
and --- have also
been removed.
MDR is paid by--- and
recovered from ---
for accepting payment
via digital means.
Companies with an
annual turnover of --
- have been --- to
offer --- to
customers.

Answer 1

Removed.
Merchant Discount
Rate - RuPay and UPI.
Merchant- customer.
Rs 50 crore or more mandated to offer
rupay and upi modes
of payment to
customers. If not free at least at low cost.

Question 2

Rupay and upi are
products of ----.
Rupay is 1st ---
debit and credit card
payment network of
India.

Answer 2

NPCI- domestic.

Question 3

---- is an immediate
real-time payment
system to instantly
transfer
funds between
multiple bank
accounts through a
mobile platform.
This will give
indigenously
developed
digital payment
medium like----an
edge over the
payment gateway
promoted by foreign
companies (eg.
PhonePe,
Google pay).

Answer 3

UPI - RuPay and BHIM

UPI

Question 4

NPCI- ini of -- and -
- under the ---- Act.
Umbrella org for
operating --- and --
in India.

Answer 4

RBI and Indian Banks
association(IBA).
Retail payments and
settlement systems in
India.

Question 5

NEFT- intro by--- 
Settlement type- ---.
Min transfer limit- --
Max transfer lmt- --
Fund transfer speed- ---
Service availability- 
Mode-

Answer 5

RBI
Half hourly batches.
nothing.
nothing. but 50,000 per transaction.
2 hours.
24/7.
offline/online.

Question 6

RTGS- intro by--- 
Settlement type- ---.
Min transfer limit- --
Max transfer lmt- --
Fund transfer speed- ---
Service availability- 
Mode-

Answer 6

RBI.
One on one settlement.
2 lakh.
Nothing. 
Immediate.
Available on certain
days of week between
stipulated time period (till 6PM) offline/online.
- Online and offline.

Question 7

IMPS- Immediate Payment system.
Intro by--- 
Settlement type- ---.
Min transfer limit- --
Max transfer lmt- --
Fund transfer speed- ---
Service availability- 
Mode-

Answer 7

NPCI.
One on one settlement.
1 lakh.
2 lakh. 
Immediate.
24/7.
Online.

Question 8

Currency in circulation as a percentage of GDP has — from 8.7% in 2016-17 to — in 2018-19. — than pre-demonetization level of — in 2015-16

Answer 8

Increased to 11.2%.

Still less.

Question 9

Demand for high value
denominated currency has —- low value denominated currency which may indicate that cash is increasingly used as a — and less for making payments.

Answer 9

Outpaced.

Store of value.

Question 10

— of India’s consumer transactions still take place in cash.
Dig. Payments witness a Compounded annual growth rate of — and – in terms of volume and value indicating a shift towards digital payments.

Answer 10

72%.

61%- 19%

Question 11

Committees related to Digital Payment in

India – ——(2016) and — (2019)

Answer 11

Ratan Watal.

Nandan Nilekani.

Question 12

Bharat Bill Payment System- one-stop
payment platform- — bill service- regulated by —. — and — function as operating units carrying out these transactions for —-.

Answer 12

Anytime and anywhere bill payment service.
NPCI.
Bill aggregators and banks.
Customers.

Question 13

RBI expanded the scope and coverage of — to include – categories of billers (Except —) as eligible participants on a — basis.

Answer 13

BBPS- ALL CATEGORIES- prepaid recharges- voluntary basis.

Question 14

Data security council of India (DSCI)- — industry body on — setup by —-.

Answer 14

Not for profit- Data protection in India- NASSCOM.

Question 15

Digital Payment abhiyan- Nationwide awareness campaign launched in collab of — and – and —. crafted in – languages.

Answer 15

DSCI has collaborated with Ministry of
electronics & IT (MeitY) and Google India,
7 languages.

Question 16

RBI announced setting up of — to
improve the last- mile payments network
in — to transact digitally.- Operationalized as a — sourced devl fund to improve payment infra esp in – and — centres.

Answer 16

Acceptance Development Fund- rural India- Bank-sponsored devlp fund- Tier III to Tier VI.

Question 17

A mobile application, launched by —,
for aiding visually impaired persons to
identify denomination of Indian banknotes is —.

Answer 17

RBI- Mobile aided note identifier(MANI)

Question 18

To capture extent of digitization of payments – will construct—- parameters will reflect accurately the penetration and deepening of various dig payment modes. Available from–

Answer 18

RBI- Digital Payments Index (DPI)- July 2020.

Question 19

Digital Competitive Index by —. measures — and – of – econs to adopt and explore dig tech.- started in—.
Top rankers- –,–,–,–,–.
3 factors to evaluate econ- –,–,–.

Answer 19

IMD World Competitiveness Centre- capacity and readiness- 63 economies- 2017.
United States, Singapore,
Sweden, Denmark, Switzerland.
1. Knowledge- capacity to
understand and learn the new technologies; 2. technology-competence to
develop new digital innovations; and
3. future readiness- preparedness for
coming developments.

Question 20

India rose to– in 2019 from — in 2018- improvement in — factors.

Answer 20

44th from 48th. ALL three factors.