BPSC (Balochistan Public Service Commission) · BPSC – Lecturer / Assistant Professor Arabic
Banking Operations and Clearing System
Banking _ Financial Institutions
· Commerce
126 MCQs
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Showing 121–126 of 126 MCQs
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121
What is the current name of the Electronic Fund Transfer (EFT) scheme previously managed by the Reserve Bank of India?
Correct Option
Option B
Explanation
The National Electronic Fund Transfer (NEFT) system replaced the older Electronic Fund Transfer (EFT) scheme. NEFT is a nationwide payment system that facilitates one-to-one funds transfer. Unlike RTGS, which operates on a real-time gross basis, NEFT operates on a deferred net settlement basis, processing transactions in batches throughout the day.
122
Evaluate the accuracy of the following statements regarding the operational scope of payments banks.
Correct Option
Option B
Explanation
Payments banks are restricted to accepting deposits up to a specific limit (currently lower than 5 lakhs) and are prohibited from issuing credit cards. Since both statements contain inaccuracies regarding current regulatory frameworks, neither statement is correct.
123
What is the definition of 'POP-SP' in the context of the New Pension System (NPS) introduced in May 2009?
Correct Option
Option A
Explanation
Under the New Pension System, a Point of Presence (POP) acts as the primary interface for subscribers. The Service Provider (SP) refers to the branches or entities authorized by the POP to perform registration, collect contributions, and remit them to the Central Recordkeeping Agency (CRA), ensuring the system remains accessible to citizens across the country.
124
Which of the following services is typically not provided through standard internet banking platforms?
Correct Option
Option B
Explanation
Internet banking is a digital service used for account management, fund transfers, and balance inquiries. Physical cash withdrawal requires an ATM or a bank branch visit, as it involves the physical movement of currency which cannot be performed via an online interface.
125
What does the letter 'S' represent in the acronym IFSC?
Correct Option
Option B
Explanation
The Indian Financial System Code (IFSC) is an 11-character alphanumeric code used to uniquely identify bank branches participating in electronic fund transfer systems like RTGS and NEFT. The 'S' in this acronym stands for 'System', reflecting its role in the broader financial infrastructure.
126
Which of the following statements regarding the National Electronic Funds Transfer (NEFT) system is incorrect?
Correct Option
Option D
Explanation
NEFT is a nationwide payment system that facilitates one-to-one funds transfers. While it previously operated in batches, the Reserve Bank of India transitioned NEFT to a 24/7/365 availability model in December 2019, processing transactions in near real-time rather than hourly batches. Therefore, the statement that it operates in hourly batches is no longer accurate in the current operational context.
