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MCQs for Practice

Q1. Recently, RBI has released the progress of NEFT and RTGS Systems. Which of the following
statements is\are correct in this regards?
1. NEFT system has achieved a milestone on February 29, 2024, by processing 4,10,61,337 (4.10 crore)
transactions, the highest number of transactions processed in a day so far.
2. During the previous ten years (2014-23), RTGS and NEFT systems have registered growth of 700 per cent
and 200 per cent respectively in terms of volume and 670 per cent and 104 per cent respectively in terms
of value.
3. An important landmark was reached in the journey of these systems with NEFT and RTGS functioning on a
24x7x365 basis from December 16, 2019, and December 14, 2020, respectively.
A. 1 and 2
B. 2 and 3
C. 3 only
D. 1 and 3
E. 1 only
Ans. D
NEFT system has achieved a milestone on February 29, 2024, by
processing 4,10,61,337 (4.10 crore) transactions, the highest number
of transactions processed in a day so far.

An important landmark was reached in the journey of these systems

with NEFT and RTGS functioning on a 24x7x365 basis from December
16, 2019, and December 14, 2020, respectively.

During the previous ten years (2014-23), NEFT and RTGS systems
have registered growth of 700 per cent and 200 per cent
respectively in terms of volume and 670 per cent and 104 per cent
respectively in terms of value.

RTGS system had processed its highest ever volume of 16.25 lakh
transactions in a day on March 31, 2023.
 MCQs for Practice
Q2. Recently, Clearing Corporation of India Limited has been included as a Financial Information
Provider under Account Aggregator Framework to enable aggregation of financial information on
Government Securities held by investors in their Retail Direct Gilt accounts under the Scheme.
Which of the following statement is incorrect in regards to the Retail Direct Scheme?

1. Prime Minister launched the innovative customer-centric Retail Direct Scheme of the Reserve
Bank of India on 12 December 2022.
2. Retail Direct Scheme is a one-stop solution to facilitate investment in Government Securities
by high net worth individual investors only.
3. Opening an RDG account will allow individuals to buy Government securities directly in the
primary market (auctions) as well as buy/sell in the secondary market.
A. 1 and 2
B. 2 and 3
C. 3 only
D. 1 and 3
E. 1 only

Ans. A
 MCQs for Practice

Q3. The Pension Fund Regulatory and Development Authority (PFRDA) has notified the
Retirement Adviser (RA) (Amendment) Regulations, 2023 on 20.02.2024. The amendments to
Retirement Adviser Regulations simplify the provisions related to eligibility criteria, timelines
to expedite the process of registration and removal of the requirement of submission of
security deposits with an objective of Ease of Doing Business. As per the amendment
applications has to be disposed of within ______________ days.

A. 10 days
B. 15 days
C. 30 days
D. 45 days
E. 60 days

Ans. C
The Pension Fund Regulatory and Development Authority
(PFRDA) has notified the Retirement Adviser (RA)
(Amendment) Regulations, 2023 on 20.02.2024.
 MCQs for Practice

Q4. Reserve Bank of India placed on its website the updated ‘Enabling Framework for Regulatory
Sandbox’. Which of the following is the incorrect statement in regard to the updated ‘Enabling
Framework for Regulatory Sandbox’?
A. A detailed end-to-end sandbox process, including the testing of the products/innovations by
FinTech entities, shall be overseen by the FinTech Department (FTD) of RBI under overall
guidance of the Inter Departmental Group (IDG) on RS of RBI.
B. Each Cohort of the Regulatory Sandbox has 5 stages.
C. The applicant to join RS shall have a minimum net worth of Rs.10 lakh as per its latest
audited balance sheet.
D. An indicative negative list of products/services/technology which may not be accepted for
testing in the Regulatory Sandbox has been provided which includes Credit Registry, Credit
Information, Crypto currency etc.
E. The timelines of the various stages of the Regulatory Sandbox process have been revised
from seven months to ten months.
Ans. E
End-to-End Sandbox Process - A detailed end-to-end
sandbox process, including the testing of the
products/innovations by FinTech entities, shall be
overseen by the FinTech Department (FTD) of RBI
under overall guidance of the Inter Departmental Group
(IDG) on RS of RBI with participation of representatives
of various regulatory departments of RBI and other
domain experts.
 MCQs for Practice

Q5. Recently a Memorandum of Understanding (MoU) has been signed for establishing a framework

to promote the use of local currencies viz., the Indian Rupee (INR) and the Indonesian Rupiah
(IDR) for cross-border transactions. Which of the following statements is\are incorrect?
1. The Reserve Bank of India (RBI) and the Bank Indonesia (BI) have signed the Memorandum of
Understanding (MoU).
2. The MoU covers all current account transactions, all capital account transactions and any
other economic and financial transactions as agreed upon by both countries.
3. This framework would enable exporters and importers to invoice and pay in INR.
A. 1 and 2
B. 2 and 3
C. 3 only
D. 1 and 3
E. 1 only
Ans. B
RBI and the Bank Indonesia (BI) signed a
MoU in Mumbai for establishing a framework
to promote the use of local currencies viz.,
the Indian Rupee (INR) and the Indonesian
Rupiah (IDR) for cross-border transactions.

The MoU was signed by the Governor,

Reserve Bank of India, Shri Shaktikanta Das
and the Governor, Bank Indonesia, Mr. Perry
Warjiyo.
 MCQs for Practice

Q6. In exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment
and Settlement Systems Act, 2007 (PSS Act), the Reserve Bank of India being satisfied that it is
necessary and expedient in the public interest to do so issued Reserve Bank of India (Bharat Bill
Payment System) Directions, 2024. Which of the following statements is correct in this regards?
1. NPCI Bharat Bill Pay Limited is the entity authorised as the Payment System Provider for BBPS.
2. A non-bank BBPOU shall open an escrow account with a SCB exclusively for BBPS transactions.
3. BOU is an entity which onboards biller(s), either directly or through Agent Institutions, on to the
BBPS platform for collection of its bills.
4. Any entity, other than a biller, operating a system for payment of bills outside the scope of BBPS
is a ‘payment system’ under Section 2(1)(i) of PSS Act 2007 and will require authorisation as per
Chapter III of the Act to undertake the activity.
A. 1 and 2
B. 1 and 3
C. 1, 2 and 3
D. 1, 3 and 4
E. 1, 2 and 4
Ans. E
 MCQs for Practice

Q7. Banks (All Scheduled Commercial Banks including RRBs / Urban Cooperative Banks /
State Cooperative Banks / District Central Cooperative Banks), non-bank Payment
Aggregators (PAs) and other existing entities authorised as BBPOUs can participate in BBPS as
Operating Units. Banks and non-bank PAs, intending to operate as BBPOUs, will not require a
separate authorisation but will have to intimate _____________________, RBI, Central Office
before commencing operations.

A. Department of Banking Regulation (DBR)

B. Department of Communication (DoC)
C. Inspection Department (ID)
D. Department of Payment & Settlement Systems (DPSS)
E. Consumer Education and Protection Department (CEPD)

Ans. D
Bharat Bill Payment Operating Units
(BBPOUs): Banks (All Scheduled
Commercial Banks including RRBs / Urban
Cooperative Banks / State Cooperative
Banks / District Central Cooperative Banks),
non-bank Payment Aggregators (PAs) and
other existing entities authorised as
BBPOUs can participate in BBPS as
Operating Units. Banks and non-bank PAs,
intending to operate as BBPOUs, will not
require a separate authorisation. They shall
intimate DPSS, RBI, Central Office before
commencing operations.
 MCQs for Practice
Q8. The Reserve Bank of India released the Annual Report of the Ombudsman Scheme for the period April
1, 2022 to March 31, 2023. Which of the following statements is correct in regards to the Annual Report?
A. This is the second full-year report after the launch of Reserve Bank – Integrated Ombudsman Scheme
(RB-IOS), 2021 in November 2021.
B. Under the RB-IOS, 2021, 7,03,544 complaints were received at the ORBIOs and the CRPC between
April 1, 2022 and March 31, 2023, showing an increase of 78.24% over last year.
C. Around 95.64% of the total complaints were received through digital modes, including on the online
Complaint Management System (CMS) portal, email, and Centralised Public Grievance Redress and
Monitoring System (CPGRAMS).
D. Majority (57.48%) of maintainable complaints disposed under RB-IOS, 2021 were resolved through
mutual settlement / conciliation / mediation. Rest of the maintainable complaints were either
rejected by RBIOs or withdrawn by the complainants or adjudicated by passing of Awards.
E. Complaints relating to Mobile / Electronic Banking were the highest contributor to the total number
of complaints received against banks as well as non-bank payment system participants and NBFCs.
Ans. D

Complaints relating to Mobile / Electronic Banking were the
highest contributor to the total number of complaints received
against banks as well as non-bank payment system participants,
while complaints relating to Non-adherence to Fair Practices Code
were the highest in respect of NBFCs.
Majority (57.48%) of maintainable
complaints disposed under RB-IOS, 2021
were resolved through mutual settlement
/ conciliation / mediation. Rest of the
maintainable complaints were either
rejected by RBIOs or withdrawn by the
complainants or adjudicated by passing of
Awards.
 MCQs for Practice
Q9. The RB-IOS, 2021 was rolled out in November 2021 by integrating the three erstwhile Ombudsman
Schemes viz., Banking Ombudsman Scheme, 2006, Ombudsman Scheme for Non-Banking Financial
Companies (OSNBFC), 2018, and Ombudsman Scheme for Digital Transactions (OSDT), 2019. Which of the
following statements is correct as per the annual report of the scheme?
1. All Banks improved on the conversion rates except Private Sector Banks.
2. The impact of NIAP was also observed in subsequent months, as 74.16% of the calls to the Contact
Centre were received during January 2023 to March 2023.
3. The maintainable complaints disposed by ORBIOs stood at 1,72,568 consisting 71.77% of the total
complaints disposed by ORBIOs
4. In 2022-23, highest complaints at the ORBIOs were received from Metropolitan Centres (45.77%) as
compared to other centres.

A. 1, 2 and 3
B. 2, 3 and 4
C. 2 and 4
D. 3 and 4
E. 1 and 2
Ans. D
The maintainable complaints disposed by
ORBIOs stood at 1,72,568 consisting 71.77% of
the total complaints disposed by ORBIOs.

67,885 complaints were closed as non-

maintainable, largely due to
 H.W. Question

Q1. The average TAT for disposal of complaints at the ORBIOs has improved continuously from 95

days in 2019-20 to ______________ 2022-23. The overall disposal rate for the year at the ORBIOs
stood at 97.99% with an average Turn Around Time (TAT) of _____________ .

A. 55 days
B. 44 days
C. 33 days
D. 22 days
E. 11 days
Ans. ?
Q. Recently (September 2021) NARCL was launched by the
Union Cabinet approving the government guarantee on
security receipts to buy bad loans of lenders. It has been
incorporated under the Companies Act and has applied for
license from RBI. What does R stand for in NARCL?

1. Resolution
2. Reconstruction
3. Restructuring
4. Revenue
5. None of the Above