Digital Payments MCQ — 51 Practice Questions with Answers

Explanation

IMPS and UPI are the two fast payment systems named by RBI for facilitating instant funds transfers. NEFT and RTGS are major funds-transfer systems but are not the pair identified in the cited fact as India's two fast payment systems. BBPS and AePS belong to adjacent digital-payment infrastructure, and RuPay with NACH is also a near-miss pairing rather than the cited instant-transfer pair.

Explanation

The Assertion is true because IMPS increased in December 2024 over November 2024 on both metrics. The Reason is also true: the count rose from 407.92 million to 441 million and the value rose from Rs 5.58 lakh crore to Rs 6.01 lakh crore. Those exact increases directly explain why December was higher than November; claims of a false Assertion, a false Reason, or no explanatory link do not fit the sourced data.

Explanation

Statement 1 is correct because the source gives Rs 1,962 lakh crore for FY 2017-18. Statement 2 is correct because the source gives Rs 3,659 lakh crore for FY 2023-24. Statement 3 is wrong because the value CAGR was 11%, while 44% refers to total digital payment transaction volume. Therefore, the correct combination is the one containing Statements 1 and 2 only.

Explanation

The Payment and Settlement Systems Act, 2007 designates the Reserve Bank of India as the authority for regulation and supervision of payment systems in India. The Securities and Exchange Board of India regulates securities markets, the National Payments Corporation of India operates retail payment infrastructure, and the Ministry of Finance is not the designated authority under this Act for payment-system regulation and supervision.

Explanation

Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana were scheduled for launch on 25 December 2016 to incentivise higher usage of digital transactions by consumers and merchants. The date 8 June 2017 belongs to the later DIGIDHAN Mission notification, 17 July 2023 relates to the transfer of Promotion of Digital Payments to the Department of Financial Services, and 29 December 2023 is the date of the year-end review source, not the scheduled launch of these two incentive schemes.