MCQ
Digital Payments MCQ - Practice Questions with Answers
Solve 54 Digital Payments questions for RAS/RPSC preparation.
Practice questions
Q1For the RBI direction on beneficiary bank account name look-up in RTGS and NEFT, which timeline is correct?
The RBI direction was dated 30 December 2024 and required all direct and sub-member banks of RTGS and NEFT to offer beneficiary bank account name look-up no later than 1 April 2025. The 1 January 2025 deadline is too early, the 30 December 2025 deadline is too late, and 27 December 2024 belongs to a different RBI PPI update in this fact slice rather than this RTGS/NEFT direction.
Q2A PIB release dated 26 July 2024 states that more than 1,388 crore financial transactions were done through UPI in one month. Which chronological placement correctly identifies that month?
The cited fact places the figure in June 2024 alone: more than 1,388 crore financial transactions through UPI. May 2024 is an earlier month not named in the fact, July 2024 is the release month rather than the transaction month, and a full-year total would not match the phrase referring to one month alone.
Q3According to PIB's 30 April 2026 release on 10 years of UPI, how many transactions did UPI process daily?
The cited PIB release states that UPI processed over 66 crore transactions daily. Over 24,162 crore refers to FY 2025-26 transaction volume, 7,062 crore refers to April-August FY 2024-25 volume, and nearly 49% is UPI's share of global real-time payment transaction volume, not a daily transaction count.
Q4Match the entries under RBI's offline payment framework. List I 1. Cards, wallets and mobile devices 2. Proximity or face-to-face mode List II a. Permitted means for making offline payments b. Required interaction setting for offline payments Select the correct code.
Cards, wallets and mobile devices are the permitted means through which offline payments may be made under RBI's framework. Proximity or face-to-face mode is the required interaction setting. Pairing cards, wallets and mobile devices with the required setting reverses the framework, and treating both entries as the same type of requirement ignores the distinction between payment means and transaction mode.
Q5Consider the following Assertion and Reason about RBI's Payments Vision Document 2025. Assertion: The document is organised around five pillars. Reason: These five pillars are integrity, inclusion, innovation, institutionalisation and internationalisation. Which of the following is correct?
The Assertion is true because RBI's Payments Vision Document 2025 builds on five pillars. The Reason is also true because the cited pillars are integrity, inclusion, innovation, institutionalisation and internationalisation. Naming those five pillars directly explains why the document is described as a five-pillar framework. Alternatives that separate the truth of the Assertion from the Reason, or deny either part, do not match the cited fact.
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6Match the RBI Master Directions item with the linked requirement: List I 1. PPI issuer 2. UPI interoperability feature set required from the issuer List II A. All basic or standard UPI interoperability features B. Only closed-loop transfers within the same issuer C. Entity required to facilitate the feature set D. Only card-network interoperability Select the correct code.
7Consider the following assertion and reason about UPI transaction volume in India: Assertion: The growth in UPI transaction volume between FY 2017-18 and FY 2023-24 was exceptionally steep. Reason: UPI transaction volume rose from 92 crore to 13,116 crore over this period, at a CAGR of 129%. Select the correct answer.
8According to the DFS data released in September 2024, what was the change in India's total digital payment transaction volume between FY 2017-18 and FY 2023-24?
9With reference to UPI in India's payment-system architecture, consider the following statements: 1. NPCI owns and operates the payment system infrastructure for UPI. 2. RBI cites UPI as an example of an open-loop payment system. 3. UPI is owned and operated directly by RBI as a central-bank retail payment platform. Which of the statements given above are correct?
10As per RBI's updated offline payment limits, which pair correctly states the general offline payment limit and the enhanced UPI Lite limit?
11Which sequence correctly represents the expansion of UPI transaction volume from FY 2016-17 to FY 2025-26, as reported in the PIB release on 10 years of UPI?
12Match the April-August FY 2024-25 digital payment indicators with their figures as reported in the DFS release of September 2024: Indicator 1. Transaction volume 2. Transaction value Figure a. 8,659 crore b. Rs 1,669 lakh crore c. 18,737 crore d. Rs 3,659 lakh crore Select the correct match.
13Under the DIGIDHAN Mission structure, match the committee level with the chairperson provided for promotion and proliferation of digital payments.
14With reference to the RTGS/NEFT beneficiary name look-up facility, consider the following statements: 1. RBI advised NPCI to develop the facility. 2. RBI advised NPCI to onboard all banks for the facility. 3. RBI advised UIDAI to act as the implementing institution for the facility. Which of the statements given above are correct?
15In the chronological sequence of PIB's retail digital payments data, which financial year is associated with UPI accounting for 81% of total retail digital payment transactions?