UPSC Exam > UPSC Questions > Consider the following statements:Statement-...
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Consider the following statements:
Statement-I:
Finternet represents a network of interconnected financial ecosystems, similar to the internet.
Finternet represents a network of interconnected financial ecosystems, similar to the internet.
Statement-II:
The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.
The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.
Which one of the following is correct in respect of the above statements?
- a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
- b)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
- c)Statement-I is correct, but Statement-II is incorrect
- d)Statement-I is incorrect, but Statement-II is correct
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements:Statement-I:Finternet represents a ...
Statement-I correctly defines Finternet as a network of interconnected financial ecosystems, similar to the internet. This concept aims to simplify financial services and systems.
Statement-II accurately describes the UPI block mechanism, which allows clients to participate in secondary market trading using blocked funds in their bank accounts. However, Statement-II does not provide an explanation or direct correlation to Finternet, making option (b) the correct choice.
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Community Answer
Consider the following statements:Statement-I:Finternet represents a ...
Explanation of the Statements
The two statements presented discuss distinct concepts relating to finance and technology. Let’s break them down for clarity.
Statement-I: Finternet
- Definition: The term "Finternet" refers to a network of interconnected financial ecosystems that mirrors the structure and function of the internet.
- Significance: This concept emphasizes the integration of various financial services, platforms, and technologies, promoting seamless interaction and innovation in the financial sector.
Statement-II: Unified Payments Interface (UPI) Block Mechanism
- Functionality: The UPI block mechanism allows clients to participate in secondary market trading using funds that are temporarily “blocked” in their bank accounts.
- Process: Instead of transferring funds to trading members beforehand, clients can trade while maintaining their liquidity, enhancing the efficiency of transactions.
Analysis of Correctness
- Correctness of Statement-I: The concept of Finternet is accurate and reflects the evolving landscape of financial ecosystems.
- Correctness of Statement-II: The UPI block mechanism is indeed a correct and innovative feature that enhances trading flexibility.
Relationship Between Statements
- Explanation Link: While both statements are correct, Statement-II does not directly explain Statement-I. They pertain to different aspects of financial technology. Finternet is a broader concept, while UPI's block mechanism is a specific operational feature.
Conclusion
- Thus, the correct answer is option B: Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I.
The two statements presented discuss distinct concepts relating to finance and technology. Let’s break them down for clarity.
Statement-I: Finternet
- Definition: The term "Finternet" refers to a network of interconnected financial ecosystems that mirrors the structure and function of the internet.
- Significance: This concept emphasizes the integration of various financial services, platforms, and technologies, promoting seamless interaction and innovation in the financial sector.
Statement-II: Unified Payments Interface (UPI) Block Mechanism
- Functionality: The UPI block mechanism allows clients to participate in secondary market trading using funds that are temporarily “blocked” in their bank accounts.
- Process: Instead of transferring funds to trading members beforehand, clients can trade while maintaining their liquidity, enhancing the efficiency of transactions.
Analysis of Correctness
- Correctness of Statement-I: The concept of Finternet is accurate and reflects the evolving landscape of financial ecosystems.
- Correctness of Statement-II: The UPI block mechanism is indeed a correct and innovative feature that enhances trading flexibility.
Relationship Between Statements
- Explanation Link: While both statements are correct, Statement-II does not directly explain Statement-I. They pertain to different aspects of financial technology. Finternet is a broader concept, while UPI's block mechanism is a specific operational feature.
Conclusion
- Thus, the correct answer is option B: Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I.
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Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer?.
Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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Here you can find the meaning of Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following statements:Statement-I:Finternet represents a network of interconnected financial ecosystems, similar to the internet.Statement-II:The Unified Payments Interface (UPI) block mechanism enables clients to engage in secondary market trading using funds that are blocked in their bank accounts, rather than transferring the funds to the trading member beforehand.Which one of the following is correct in respect of the above statements?a) Both Statement-I and Statement-II are correct and Statement-II explains Statement-Ib) Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-Ic) Statement-I is correct, but Statement-II is incorrectd) Statement-I is incorrect, but Statement-II is correctCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice UPSC tests.
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