Payment Systems & Digital Banking

J&K Bank PO · General & Financial Awareness · 18 practice questions with answers and explanations: 10 Easy, 8 Medium, 0 Hard.

Sample questions

Sample Easy question 1

What does IMPS stand for?

  1. Instant Money Payment System
  2. Immediate Payment Service
  3. Internet Mobile Payment Scheme
  4. Indian Money Processing Service
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Answer: B. IMPS allows instant money transfer, any time of day.

Sample Easy question 2

What does NEFT stand for?

  1. Net Electronic Funds Trade
  2. National Electronic Finance Tool
  3. National Electronic Funds Transfer
  4. New Electronic Fund Treasury
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Answer: C. NEFT is used for electronic fund transfers between bank accounts.

Sample Easy question 3

What does OTP stand for?

  1. Official Transfer Protocol
  2. One-Time Password
  3. Open Terminal Pass
  4. Online Transaction Pin
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Answer: B. An OTP is valid for a single login or transaction.

Sample Medium question 4

Which payment method is commonly used by banks to auto-debit recurring payments like EMIs and insurance premiums?

  1. Demand draft
  2. Bank guarantee
  3. NACH (National Automated Clearing House)
  4. A MICR cheque
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Answer: C. NACH, run by NPCI, handles bulk and recurring credits and debits.

Sample Medium question 5

What does BBPS stand for?

  1. Bharat Bill Payment System
  2. Bharat Bank Processing System
  3. Bank Balance Payment Service
  4. Bulk Banking Payment Scheme
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Answer: A. BBPS gives a single platform to pay utility and other bills.

Sample Medium question 6

What is a Virtual Payment Address (VPA)?

  1. A credit card number
  2. A bank's branch code
  3. A unique ID, such as name@bank, used to receive money through UPI
  4. A cheque book number
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Answer: C. A VPA lets you receive money without sharing your account number.

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