Test: E - Banking - Bank Exams MCQ

Central Bank of India was one of the first banks in India to issue credit cards in the year 1980 in collaboration with MasterCard.

A debit card is basically a card used for fund transactions. Going by the name plastic cash, bank card and more, you can enjoy electronic access to your savings account in any bank via ATMs and need not carry his chequebook and wait until approval. You can deposit and withdraw as per your convenience this way without the hassle of standing in long queues. The same can be utilized for mobile banking and Internet Banking. The customer presents his debit card to the seller and signs 'Sale Slip'. The amount of purchase is debited from the account of the customer.

At present, 50 per cent of the credit outstanding under GCC is allowed to be classified as indirect finance to agriculture under the priority sector. It is proposed to permit banks to classify 100 per cent of the credit outstanding under GCC and overdrafts up to Rs. 25,000 against 'no-frills' accounts in rural and semi-urban areas as indirect finance to agriculture under the priority sector.

MITR is a multilateral interbank network sharing arrangement of 6 member banks in India for automated teller machines (ATMs). It came into existence on 8th October, 2003 with 5 member banks.

The six member banks of MITR network are:

• Punjab National Bank (PNB)
• Oriental Bank of Commerce (OBC)
• Indian Bank
• Karur Vysya Bank
• IndusInd Bank
• UCO Bank

PNB acts as Settlement Bank for MITR Network. State of art ATM transaction switching technology has been provided by Chennai-based Financial Software Solutions (P) Ltd.

Aadhaar card is considered as a valid address proof for opening a new account by RBI.

IMPS stands for 'Immediate Payment Service'. IMPS is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

Comptroller of Currency operates National BankNet.

The answer is correct. Before introduction of computers in banking system , ELPM/ ALPM were used for making ledger entries on real-time basis.

The Reserve Bank of India (RBI) has removed the transaction limit of Rs. 50,000 per customer per day on mobile banking transactions.

EBICS has been developed by the German Banking Industry Committee for sending payment information between banks over the internet. EBICS supports Single Euro Payments Area SEPA as the standard can be used as the secure communication channel to initiate SEPA Direct Debits and SEPA Credit Transfers using the internet.