MCQs on Payment Systems in India

Which Act governs the authorization and regulation of payment systems in India?

• Information Technology Act, 2000

• Payment and Settlement Systems Act, 2007

• Negotiable Instruments Act, 1881

• RBI Act, 1934

Which institution is the primary regulator of payment systems under the PSS Act, 2007?

• SEBI

• Reserve Bank of India (RBI)

• NPCI

• Ministry of Finance

What is the legal basis for electronic records and digital signatures in India?

• PSS Act, 2007

• Information Technology Act, 2000

• RBI Act, 1934

• Aadhaar Act, 2016

Which of the following is NOT a negotiable instrument under the NI Act, 1881?

• Promissory Note

• Cheque

• Bank Note (Currency)

• Bill of Exchange

What is the minimum transaction value for RTGS?

• ₹10,000

• ₹50,000

• ₹2,00,000

• No minimum limit

Which system operates 24x7 for instant fund transfers using mobile numbers or UPI IDs?

• NEFT

• IMPS

• RTGS

• AePS

UPI (Unified Payments Interface) is operated by:

• RBI

• NPCI

• SEBI

• IDRBT

Which authentication method is mandated by RBI for online card transactions?

• OTP via SMS

• Two-Factor Authentication (2FA)

• Biometric Verification

• CAPTCHA

Mobile wallets like Paytm are regulated under:

• FEMA

• RBI Master Directions on PPIs (2021)

• NI Act, 1881

• Companies Act, 2013

Which payment method uses Aadhaar biometric authentication?

• UPI

• AePS

• NEFT

• Bharat QR