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WorksheetsPPB MODULE C Unit 9 Technology Trends in Banking, e-RUPI, Fintec
Total questions: 72
Worksheet time: 36mins
Name
Class
Date
1.
E-RUPI was launched by?
a)
Reserve Bank of India (RBI)
b)
National Payments Corporation of India (NPCI)
c)
Securities and Exchange Board of India (SEBI)
d)
Ministry of Finance
e)
State Bank of India
2.
What is the main purpose of E-RUPI?
a)
Seamless one-time payment mechanism
b)
Online banking
c)
Mobile recharge service
d)
Peer-to-peer lending
e)
Mutual fund investments
3.
How can e-RUPI be redeemed?
a)
At merchants accepting e-RUPI
b)
Using a digital payments app
c)
Through internet banking
d)
Only on weekdays
e)
By visiting a bank branch
4.
How is e-RUPI shared with beneficiaries?
a)
Through SMS or QR code
b)
Through email
c)
Through phone call
d)
Through mobile app
e)
Through physical mail
5.
What is the maximum amount for which e-RUPI can be issued?
a)
INR 10,000
b)
INR 5,000
c)
INR 15,000
d)
INR 20,000
e)
INR 25,000
6.
How many banks were live on e-RUPI as of January 2022?
a)
16
b)
10
c)
20
d)
25
e)
30
7.
Which users can use e-RUPI even without a smartphone?
a)
Users without a smartphone
b)
Users with a smartphone
c)
Only government officials
d)
Only senior citizens
e)
Students
8.
In what form is e-RUPI distributed?
a)
Digital form
b)
Physical form
c)
Voucher form
d)
Card form
e)
QR code form
9.
Which organization launched E-RUPI?
a)
National Payments Corporation of India (NPCI)
b)
Reserve Bank of India (RBI)
c)
Securities and Exchange Board of India (SEBI)
d)
Ministry of Finance
e)
State Bank of India
10.
E-RUPI is used for which specific purpose or activity?
a)
For a specific purpose or activity
b)
General shopping
c)
Education expenses
d)
Healthcare services
e)
Investment
11.
How does E-RUPI differ from UPI in terms of payment mechanism?
a)
E-RUPI is a one-time payment mechanism
b)
UPI is a recurring payment mechanism
c)
E-RUPI requires internet connection
d)
UPI requires only a mobile number
e)
E-RUPI requires a QR code scan
12.
What is a common feature between E-RUPI and UPI?
a)
Digital payment
b)
Fund transfer
c)
QR code payment
d)
Offline transactions
e)
Biometric authentication
13.
What does Fintech aim to do?
a)
Improve and automate financial services
b)
Enhance customer experience
c)
Reduce government intervention
d)
Simplify administrative processes
e)
Increase interest rates on loans
14.
What are some major Fintech products and services?
a)
Peer-to-peer lending platforms
b)
Robo advisors
c)
Traditional financial institutions
d)
Foreign exchange services
e)
Agriculture and farming support solutions
15.
Which elements are part of the Fintech ecosystem (FE)?
a)
Start-ups
b)
Government
c)
Technology firms
d)
Customers
e)
Traditional financial institutions
16.
What does Fintech primarily seek to simplify?
a)
Financial transactions
b)
Regulatory compliance
c)
Taxation
d)
Investments
e)
Legal procedures
17.
Which benefit helps banks in improving their efficiency?
a)
Reduced operational costs
b)
Higher interest rates
c)
Increased customer base
d)
Greater brand recognition
e)
Enhanced customer engagement
18.
How can Fintech help in providing greater speed and convenience?
a)
Streamlined processes
b)
Faster internet speeds
c)
Advanced mobile devices
d)
Reduced regulatory oversight
e)
High-speed financial transactions
19.
What advantage does Fintech provide in terms of product development?
a)
Innovation in products
b)
Lower production costs
c)
Less competition
d)
Streamlined supply chain
e)
Reduced product variety
20.
How does Fintech contribute to revenue generation for banks?
a)
Enhanced customer services
b)
Lower interest rates
c)
Decreased user engagement
d)
Increased operating costs
e)
Reduced customer base
21.
How does Fintech help in ensuring world-class compliance and security?
a)
Advanced security measures
b)
Enhanced compliance
c)
Regular audits
d)
Streamlined reporting systems
e)
Reduction in regulatory scrutiny
22.
What does RegTech stand for?
a)
Regulatory technology
b)
Renewable technology
c)
Regulatory tools
d)
Retail technology
e)
Renewable energy technology
23.
How does RegTech assist financial institutions?
a)
Streamlines regulatory processes
b)
Enhances customer experience
c)
Increases operational costs
d)
Reduces customer engagement
e)
Improves marketing strategies
24.
In what areas do RegTech companies deliver solutions?
a)
Regulatory reporting
b)
Risk management
c)
Identity management & control
d)
Compliance
e)
Transaction monitoring
25.
What is the purpose of Execution of Compliance in RegTech?
a)
Ensures adherence to regulations
b)
Speeds up product development
c)
Reduces compliance requirements
d)
Increases operational risks
e)
Streamlines customer complaints handling
26.
What is the main purpose of Supervisory Technology (SupTech)?
a)
Assist financial supervisory authorities
b)
Ensure regulatory compliance
c)
Streamline financial transactions
d)
Automate banking operations
e)
Improve customer experience
27.
How does SupTech improve supervisory efficiency for regulatory authorities?
a)
Provides technological tools
b)
Enhances customer experience
c)
Reduces regulatory oversight
d)
Streamlines compliance reporting
e)
Increases transaction costs
28.
Which organization has been using SupTech for data collection and analysis?
a)
Reserve Bank of India (RBI)
b)
National Payments Corporation of India (NPCI)
c)
Securities and Exchange Board of India (SEBI)
d)
Ministry of Finance
e)
State Bank of India
29.
What are some examples of SupTech tools used by the Reserve Bank of India?
a)
Import Data Processing and Monitoring System (IDPMS)
b)
Export Data Processing and Monitoring System (EDPMS)
c)
Central Repository of Information of Large Credits (CRILC)
d)
Regulatory Monitoring System (RMS)
e)
Compliance Management System (CMS)
30.
Why is social networking crucial for banks?
a)
Improved customer engagement
b)
Enhanced brand visibility
c)
Faster transactions
d)
Reduced costs
e)
Increased customer base
31.
What are customers' expectations regarding social media?
a)
To be heard and answered
b)
To receive promotional offers
c)
To access traditional banking services
d)
To receive physical mail
e)
To visit bank branches
32.
How do customers participate in Hashtag Banking?
a)
Follow their Bank
b)
Send messages to the Bank
c)
Use prepaid mobile
d)
Enroll in FASTag
e)
Apply for loans
33.
What are some services offered through Hashtag Banking?
a)
Fund transfer
b)
Balance inquiry
c)
Prepaid mobile recharges
d)
Loan Services
e)
Fixed Deposit services
34.
What does an Account Aggregator do?
a)
Collects financial information
b)
Presents information to customers
c)
Stores customer data
d)
Shares data with unauthorized entities
e)
Aggregates financial data
35.
How is data transfer done in the Account Aggregator framework?
a)
Based on explicit consent
b)
Automatically every hour
c)
Without customer consent
d)
Through physical forms
e)
Through telephone calls
36.
What does Open Banking primarily involve?
a)
Providing third-party access
b)
Sharing sensitive customer data
c)
Monetizing customer information
d)
Increasing interest rates
e)
Enhancing regulatory oversight
37.
How do banks grant access to consumer banking data in Open Banking?
a)
Through application programming interfaces (APIs)
b)
Through mobile apps
c)
Through physical documents
d)
Through internet banking
e)
Through third-party intermediaries
38.
What do customers need to provide before a bank allows access to their accounts in Open Banking?
a)
Consent
b)
Government ID proof
c)
Biometric authentication
d)
Signature
e)
Employment verification
39.
What type of entities are typically granted access in Open Banking?
a)
Third-party service providers
b)
Government agencies
c)
Banks and credit unions
d)
Individual consumers
e)
Corporate organizations
40.
What potential hazards exist due to open banking?
a)
Financial privacy breaches
b)
Unauthorized access to customer data
c)
Reduced market competition
d)
Increased consumer protection
e)
Enhanced customer experience
41.
What is a significant security hazard associated with open banking?
a)
Data breaches
b)
Insider trading
c)
Exchange rate fluctuations
d)
Regulatory non-compliance
e)
Consumer payment defaults
42.
How can a malicious third-party app harm a customer's bank account in open banking?
a)
Empty the bank account
b)
Block access to the bank account
c)
Transfer funds to other accounts
d)
Retrieve account statement
e)
Reset the customer's PIN
43.
What does 'e-RUPI' stand for in the context of banking?
a)
Electronic Rupee
b)
Ecosystem for Rupee Payments
c)
Efficient Rupee Transactions
d)
Emission-free Rupee
e)
None of the above
44.
How does e-RUPI differ from traditional payment methods?
a)
No need for a payments app or card
b)
Can only be used for online shopping
c)
Requires internet connection
d)
Tied to a specific bank account
e)
Offers cashback incentives
45.
Which organizations can distribute e-RUPI to beneficiaries?
a)
Governments and organizations
b)
Only banks and financial institutions
c)
Only state governments
d)
International organizations
e)
Educational institutions
46.
What is the significance of e-RUPI being distributed in digital form?
a)
Enhances ease of use
b)
Increases transaction fees
c)
Limits the number of beneficiaries
d)
Requires a physical card or voucher
e)
Enables offline transactions
47.
How does e-RUPI contribute to financial inclusion?
a)
Enables those without smartphones to use it
b)
Provides interest-free loans
c)
Grants credit to all citizens
d)
Facilitates international transactions
e)
Promotes physical banking
48.
In what way does UPI differ from E-RUPI regarding usage?
a)
Requires a digital payments app
b)
Is not based on smartphones
c)
Requires internet banking
d)
Only for government transactions
e)
Requires a QR code scan
49.
How does E-RUPI differ from UPI in terms of fund redemption?
a)
At merchants accepting e-RUPI
b)
Online fund transfer
c)
Cash withdrawal
d)
Over-the-counter transactions
e)
Peer-to-peer transfers
50.
Which technology is a major component of the Fintech ecosystem?
a)
Blockchain
b)
Artificial intelligence
c)
Internet of Things (IoT)
d)
Virtual reality (VR)
e)
Machine learning
51.
How does Fintech simplify financial transactions for consumers?
a)
Making them more accessible and affordable
b)
Providing physical credit cards
c)
Reducing the number of transactions
d)
Adding more intermediaries
e)
Limiting the range of services
52.
What is the primary focus of Fintech in delivering financial solutions?
a)
Enhancing and automating services
b)
Reducing compliance requirements
c)
Maximizing profits
d)
Increasing government control
e)
Implementing traditional banking
53.
What aspect of financial services does Fintech aim to improve?
a)
Delivery and utilization
b)
Security and privacy
c)
Government regulations
d)
Marketing strategies
e)
Social media engagement
54.
How does Fintech contribute to reducing costs for financial institutions?
a)
Automating processes
b)
Expanding branch networks
c)
Increasing employee salaries
d)
Enhancing customer service
e)
Launching new marketing campaigns
55.
How does Fintech enhance customer services for financial institutions?
a)
Faster response times
b)
Automated telemarketing
c)
Lengthier complaint resolution
d)
Increasing transaction fees
e)
Reducing product offerings
56.
How does Fintech provide world-class compliance and security?
a)
Advanced AI algorithms
b)
Stringent regulatory compliance
c)
Regular audits
d)
Reducing customer engagement
e)
Improved customer authentication
57.
What does RegTech help banks with?
a)
Managing regulatory compliance
b)
Customer relationship management
c)
Fundraising for new projects
d)
Market research and analysis
e)
Product development
58.
How does RegTech assist in regulatory compliance management?
a)
Providing automated solutions
b)
Reducing customer complaints
c)
Enhancing public relations
d)
Increasing interest rates
e)
Facilitating mergers and acquisitions
59.
In what areas are RegTech solutions typically delivered?
a)
Regulatory reporting
b)
Risk management
c)
Identity theft prevention
d)
Customer onboarding automation
e)
Employee engagement
60.
What does Supervisory Technology offer to financial supervisory authorities?
a)
Technological tools for efficiency
b)
Direct control over banks' operations
c)
Decision-making algorithms
d)
Automated fund allocation
e)
Enhanced marketing strategies
61.
How do supervisory agencies ensure compliance with rules and regulations using SupTech?
a)
Automation of processes
b)
Increasing penalties for violations
c)
Conducting regular audits
d)
Enhancing customer engagement
e)
Reducing regulatory oversight
62.
Which organization uses Import Data Processing and Monitoring System (IDPMS) through SupTech?
a)
Reserve Bank of India (RBI)
b)
National Payments Corporation of India (NPCI)
c)
Securities and Exchange Board of India (SEBI)
d)
Ministry of Finance
e)
State Bank of India
63.
How have customers' expectations changed with the rise of social media banking?
a)
Expectation to be heard and answered
b)
Expectation of higher interest rates
c)
Expectation of reduced fees
d)
Expectation of longer processing times
e)
Expectation of physical interactions
64.
What does effective use of social media allow banks to do?
a)
Improve customer engagement
b)
Enhance regulatory compliance
c)
Reduce operational costs
d)
Limit customer outreach efforts
e)
Increase branch network
65.
How do customers initiate transactions in Hashtag Banking?
a)
By sending messages to the Bank
b)
By visiting the bank branch
c)
By using a prepaid mobile
d)
By making a phone call
e)
By visiting an ATM
66.
What types of services can customers access through Hashtag Banking?
a)
Credit card services
b)
FASTag services
c)
Mutual fund investments
d)
Loan services
e)
Tax planning services
67.
How does an Account Aggregator present financial information to customers?
a)
Aggregates and consolidates
b)
Sends periodic emails
c)
Provides physical reports
d)
Offers financial advisory services
e)
Sends push notifications
68.
What is the primary purpose of an Account Aggregator?
a)
Retrieve and present financial info
b)
Facilitate online payments
c)
Manage ATM transactions
d)
Monitor cryptocurrency transactions
e)
Offer investment advice
69.
How do customers authorize access to their data in Open Banking?
a)
By providing explicit consent
b)
Through biometric authentication
c)
Without any authorization
d)
By signing physical documents
e)
By submitting KYC documents
70.
What regulatory compliance is typically needed for Open Banking?
a)
Compliance with data protection laws
b)
Compliance with tax laws
c)
Compliance with trade regulations
d)
Compliance with currency controls
e)
Compliance with environmental policies
71.
What is a potential risk associated with open banking?
a)
Data breaches
b)
Reduced transaction fees
c)
Enhanced customer experience
d)
Faster transactions
e)
Efficient regulatory oversight
72.
What can a malicious third-party app potentially do in open banking?
a)
Empty a customer's bank account
b)
Transfer funds to charity
c)
Provide financial advice
d)
Generate interest on savings
e)
Block access to the bank account
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