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Section A – Digital Payments & UPI

Q1. UPI in India is operated by:
(a) RBI
(b) NPCI
(c) SEBI
(d) SIDBI

Answer: (b)
Explanation: NPCI (National Payments Corporation of India) operates UPI.

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Q2. UPI mainly facilitates:
(a) Only credit card payments
(b) Only ATM withdrawals
(c) Instant fund transfer between bank accounts using mobile apps
(d) Only ECS transactions

Answer: (c)

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Q3. UPI is based on which type of payment system?
(a) RTGS
(b) IMPS
(c) NEFT
(d) ECS

Answer: (b)
Explanation: UPI is built on the IMPS infrastructure.

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Q4. UPI works on which model?
(a) Card-Swiping Model
(b) Mobile Wallet Model
(c) Unified, real-time, bank-to-bank payment model
(d) Cheque Clearing Model

Answer: (c)

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Q5. The 24×7 instant payment system that allows person-to-person and person-to-merchant payments through mobile apps in India is:
(a) NEFT
(b) UPI
(c) RTGS
(d) NACH

Answer: (b)

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Q6. “UPI 123PAY” is mainly designed for:
(a) International UPI payments
(b) Feature phone users without internet
(c) Large-value corporate transfers
(d) ATM cash withdrawals

Answer: (b)
Explanation: UPI 123PAY enables UPI payments through feature phones (non-smartphones). India Today

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Q7. As per RBI’s 2024 announcement, the per-transaction limit for UPI 123PAY has been increased to:
(a) ₹2,000
(b) ₹5,000
(c) ₹10,000
(d) ₹20,000

Answer: (c) – ₹10,000 India Today+1

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Q8. UPI Lite is mainly used for:
(a) International remittances
(b) High-value corporate payments
(c) Small-value, offline-friendly retail payments
(d) Only credit card bill payments

Answer: (c) The Economic Times

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Q9. As per recent changes, the UPI Lite wallet limit has been enhanced to approximately:
(a) ₹2,000
(b) ₹3,000
(c) ₹5,000
(d) ₹10,000

Answer: (c) – ₹5,000 (latest enhancement as per RBI-linked updates). Paytm+1

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Q10. The main objective of raising limits for UPI Lite and UPI 123PAY is to:
(a) Discourage digital payments
(b) Promote high-value RTGS
(c) Improve convenience and inclusion for small and feature phone users
(d) Replace NEFT completely

Answer: (c) India Today+1

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Q11. NPCI’s proposed 30% market share cap on UPI players has been deferred to:
(a) 2024
(b) 2025
(c) 2026
(d) 2030

Answer: (c) – end of December 2026 Reuters

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Q12. The primary reason for deferring the UPI market share cap is:
(a) To ban foreign players
(b) To avoid disrupting UPI ecosystem growth
(c) To promote only government apps
(d) To reduce digital payments

Answer: (b) Reuters

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Q13. Which of the following is NOT a UPI-based product?
(a) UPI AutoPay
(b) UPI Lite
(c) UPI 123PAY
(d) RTGS Pay

Answer: (d)

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Q14. Which organization manages the Bharat Bill Payment System (BBPS)?
(a) SEBI
(b) NPCI
(c) IRDAI
(d) SIDBI

Answer: (b)

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Q15. The major trend of linking credit lines to UPI aims to:
(a) Reduce the use of credit cards
(b) Provide easy, low-cost access to formal credit via UPI platforms
(c) Block credit to small vendors
(d) Replace bank branches

Answer: (b) Financial Times

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Section B – Digital Rupee (CBDC) / e₹ – Very Important

Q16. The Digital Rupee (e₹) issued by RBI is an example of:
(a) Private cryptocurrency
(b) Central Bank Digital Currency (CBDC)
(c) Stablecoin issued by banks
(d) Virtual token by SEBI

Answer: (b) Reserve Bank of India

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Q17. The retail CBDC pilot (e₹-R) by RBI was launched on:
(a) 1 April 2021
(b) 1 December 2022
(c) 1 January 2023
(d) 15 August 2022

Answer: (b) – 1 December 2022 Press Information Bureau

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Q18. The digital rupee pilot is being tested in which segments?
(a) Only retail
(b) Only wholesale
(c) Retail and wholesale
(d) Only government payments

Answer: (c) – both retail and wholesale segments Reserve Bank of India+1

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Q19. Which of the following is TRUE about Digital Rupee (e₹)?
(a) It is a cryptocurrency like Bitcoin
(b) It is issued by RBI and is legal tender
(c) It is issued by commercial banks
(d) It has no link with physical currency

Answer: (b) Reserve Bank of India

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Q20. One of the key advantages expected from Digital Rupee is:
(a) Increase cost of printing currency
(b) Faster and cheaper payments with reduced settlement risk
(c) Complete elimination of UPI
(d) Replacement of all bank deposits

Answer: (b) Wikipedia+1

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Q21. Recent pilots have introduced UPI interoperability for Digital Rupee, meaning:
(a) e₹ can be used only offline
(b) e₹ can be used with existing UPI QR codes
(c) UPI is discontinued
(d) e₹ can be used only for international trade

Answer: (b) Wikipedia

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Q22. As per recent data, the usage share of Digital Rupee in total currency circulation is:
(a) Very high (>50%)
(b) Moderate (~25%)
(c) Very low (<1%)
(d) Exactly equal to physical cash

Answer: (c) – around 0.006% (very low) Wikipedia

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Q23. In 2024–25, HDFC Bank introduced a new feature for Digital Rupee called:
(a) Digital Rupee Tax Wallet
(b) Programmable Digital Rupee
(c) Offline e₹ only
(d) Gold-backed e₹

Answer: (b) – user-level programmability for specific-use payments Wikipedia

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Section C – FinTech, Open Banking, Account Aggregator

Q24. The Account Aggregator (AA) framework in India mainly enables:
(a) Cash deposits at BC points
(b) Secure, consent-based sharing of financial data
(c) Direct lending without banks
(d) Cryptocurrency trading

Answer: (b) Press Information Bureau

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Q25. The Account Aggregator ecosystem was formally launched in:
(a) 2016
(b) 2017
(c) 2019
(d) 2021

Answer: (d) – launched in 2021 Press Information Bureau

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Q26. Account Aggregator framework helps mainly in:
(a) Cash management of banks
(b) Digital KYC of employees
(c) Enabling “open banking” through data sharing with customer consent
(d) Only credit card transactions

Answer: (c) The Digital Fifth+1

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Q27. “Open Banking” refers to:
(a) Banks sharing lockers
(b) Banks sharing customer data with third parties through secure APIs with customer consent
(c) Banks opening 24×7 physical branches
(d) Banks giving open loans without documents

Answer: (b) The Digital Fifth

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Q28. In May 2024, RBI issued a framework for SROs in the FinTech sector. Here, SRO stands for:
(a) Systematic Regulatory Office
(b) Self-Regulatory Organisation
(c) Standardised Regulatory Operation
(d) Supervisory Risk Office

Answer: (b) FIDC+1

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Q29. The main objective of the RBI’s FinTech SRO framework is to:
(a) Nationalize all FinTechs
(b) Allow FinTechs to work without any regulation
(c) Encourage self-discipline, transparency and consumer protection in the FinTech sector
(d) Ban foreign investment in FinTech

Answer: (c) FIDC+1

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Q30. “Embedded Finance” is best described as:
(a) Finance only for embedded systems companies
(b) Integrating financial services (payments, credit, insurance) into non-financial platforms/apps
(c) Finance provided only by government banks
(d) Finance embedded in physical currency

Answer: (b)

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Q31. “Neo-Banks” are:
(a) Traditional banks with many branches
(b) Banks offering only cash products
(c) Digital-only banks, often partnering with licensed banks
(d) Banks that deal only in foreign currency

Answer: (c)

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Section D – Innovation & Regulatory Sandboxes

Q32. The Inter-operable Regulatory Sandbox (IoRS) introduced in 2025 aims to:
(a) Merge all regulators into RBI
(b) Allow cross-sector financial innovations under multiple regulators through a single sandbox
(c) Eliminate all fintechs
(d) Test only agricultural loans

Answer: (b) Reserve Bank of India

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Q33. A Regulatory Sandbox in the banking/fintech context is:
(a) A physical testing lab
(b) A controlled environment to test new financial products with real customers under regulator supervision
(c) A social media platform
(d) A tax-free zone

Answer: (b)

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Q34. The key benefit of an Inter-operable Regulatory Sandbox (IoRS) is:
(a) Faster currency printing
(b) Joint testing of products that fall under more than one regulator
(c) Reducing bank branches
(d) Stopping digital innovations

Answer: (b) Reserve Bank of India

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Section E – AI, Data, and Security in Banking

Q35. The RBI committee in 2025 proposed a framework called FREEAI. It is related to:
(a) Free education schemes
(b) Responsible and ethical use of AI in financial sector
(c) Free ATM usage
(d) Free credit scores

Answer: (b) Reuters

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Q36. The main purpose of RBI’s AI framework (FREEAI) is to:
(a) Completely automate RBI
(b) Promote AI in finance while managing risks and ensuring governance
(c) Replace human employees fully
(d) Allow uncontrolled use of AI

Answer: (b) Reuters

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Q37. A major benefit of using AI in banking is:
(a) Guaranteed elimination of all NPAs
(b) Better fraud detection, credit assessment, and customer service
(c) Complete removal of regulations
(d) No need for customer consent

Answer: (b)

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Q38. In 2025, RBI issued new directions on digital payment authentication. They make which of the following mandatory?
(a) Only password
(b) Only OTP
(c) Two-factor authentication (2FA) for all digital payment transactions
(d) No authentication for small payments

Answer: (c) The Times of India

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Q39. The RBI directions on Authentication Mechanisms for Digital Payment Transactions will be effective from:
(a) April 1, 2024
(b) April 1, 2025
(c) April 1, 2026
(d) April 1, 2027

Answer: (c) – 1 April 2026 The Times of India

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Q40. “RegTech” in banking means:
(a) Technology used in ATMs only
(b) Technology used for regulatory compliance and reporting
(c) Technology used in agriculture
(d) Technology to print currency

Answer: (b)

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Q41. “SupTech” mainly refers to:
(a) Supervisory Technology used by regulators for oversight
(b) Technology for supermarkets
(c) Super-fast payments
(d) Super computers in banks

Answer: (a)

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Section F – Financial Inclusion & Government / Policy Initiatives

Q42. A key digital public infrastructure (DPI) supporting banking and fintech in India is:
(a) SWIFT
(b) India Stack (Aadhaar, UPI, etc.)
(c) Only RTGS
(d) Only NEFT

Answer: (b)

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Q43. The main objective of Jan Dhan–Aadhaar–Mobile (JAM) Trinity is:
(a) Promote cryptocurrency
(b) Enable direct benefit transfer and financial inclusion
(c) Encourage only cash payments
(d) Promote foreign banks

Answer: (b)

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Q44. “Digital Public Infrastructure (DPI)” in India usually refers to:
(a) Government buildings only
(b) Shared digital platforms like UPI, Aadhaar, DigiLocker, FASTag that support multiple services
(c) Social media apps
(d) Private company apps

Answer: (b)

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Q45. Which of the following is NOT directly related to financial inclusion via digital means?
(a) PMJDY
(b) UPI
(c) Aadhaar e-KYC
(d) Import Duty

Answer: (d)

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Section G – Other Emerging Banking Trends

Q46. “Buy Now, Pay Later (BNPL)” is mainly a form of:
(a) Demand deposit
(b) Short-term consumer credit embedded in purchases
(c) Term deposit
(d) Government subsidy

Answer: (b)

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Q47. “Green Finance” in banking refers to:
(a) Financing only for agriculture
(b) Financing projects that support environmental sustainability and climate goals
(c) Financing currency printing
(d) Financing only for export trade

Answer: (b)

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Q48. “Sustainable Finance” includes:
(a) Only CSR spending
(b) Environmental, Social, and Governance (ESG) based lending and investment
(c) Only social sector lending
(d) Only green bonds

Answer: (b)

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Q49. “Digital Lending Guidelines” issued by RBI focus mainly on:
(a) Reducing bank interest rates
(b) Regulating unregistered digital lending apps and protecting borrowers
(c) Banning all fintechs
(d) Promoting only manual loan processing

Answer: (b)

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Q50. A key risk associated with digital lending and BNPL is:
(a) No credit risk
(b) Over-indebtedness of borrowers and misuse of data
(c) No operational risk
(d) Guaranteed repayment

Answer: (b)

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Q51. “Cyber Resilience” for banks means:
(a) Only firewall installation
(b) Ability to prepare for, respond to and recover from cyber attacks
(c) Stopping all internet banking
(d) Only antivirus installation

Answer: (b)

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Q52. A major trend in branch banking is:
(a) Opening only large branches in cities
(b) Phygital model – combination of physical branch + digital services
(c) Stopping all digital services
(d) Only ATM-based banking

Answer: (b)

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Q53. “API Banking” allows:
(a) Only internal bank software
(b) Third-party apps to connect with bank systems securely to provide services
(c) Only ATM connectivity
(d) Only branch-level approvals

Answer: (b)

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Q54. “Contactless Payments” using NFC are typically enabled through:
(a) Cheque book
(b) QR code only
(c) Tap-and-pay cards / mobile wallets
(d) Demand draft

Answer: (c)

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Q55. A major risk in open banking is:
(a) Too many branches
(b) Data privacy and information security
(c) Cash management
(d) Low cheque usage

Answer: (b)

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Q56. “Digital KYC” primarily aims to:
(a) Eliminate KYC completely
(b) Make KYC faster, paperless and more convenient using video, Aadhaar, etc.
(c) Increase branch visits
(d) Stop account opening

Answer: (b)

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Q57. “Centralised KYC Registry (CKYCR)” in India is maintained by:
(a) RBI
(b) SEBI
(c) CERSAI
(d) NPCI

Answer: (c) – Central Registry of Securitisation Asset Reconstruction and Security Interest

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Q58. The main benefit of Real-Time Fraud Monitoring systems in digital banking is:
(a) Increasing transaction time
(b) Identifying suspicious patterns and blocking fraud quickly
(c) Increasing manual workload
(d) Reducing digital payments

Answer: (b)

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Q59. “Digital-only savings accounts” offered by banks are typically opened through:
(a) Physical KYC only
(b) e-KYC / Video KYC through mobile apps
(c) Only at corporate branches
(d) Through ATM cards

Answer: (b)

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Q60. A key focus of modern banking trends up to 2025 in India is:
(a) Going back to cash-based economy
(b) Increasing paper-based processes
(c) Promoting digital, inclusive, safe and customer-centric financial services
(d) Avoiding technology

Answer: (c)

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✅ 50 Advanced MCQs

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A. DIGITAL RUPEE (CBDC) – HIGH-LEVEL MCQs

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1. The Digital Rupee (e₹) is classified as which type of CBDC in India?

(a) Token-based wholesale only
(b) Account-based retail only
(c) Token-based retail & account-based wholesale
(d) Both retail and wholesale token-based

Answer: (c)

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2. Which of the following BEST describes “programmable CBDC”?

(a) Money that can only be used offline
(b) Digital currency that can have conditional usage rules embedded
(c) Currency that expires after 24 hours
(d) Currency that fluctuates with inflation

Answer: (b)

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3. A key difference between e₹-W (wholesale CBDC) and e₹-R (retail CBDC) is:

(a) Only e₹-W earns interest
(b) Only e₹-R is legal tender
(c) e₹-W is for inter-bank settlement; e₹-R is for public usage
(d) e₹-R is not backed by RBI

Answer: (c)

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4. Which technology architecture is MOST suitable for retail CBDC scalability?

(a) Permissioned DLT
(b) Public blockchain
(c) Paper ledger
(d) No database required

Answer: (a)

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5. Which of the following risks increases if CBDC is widely adopted?

(a) Higher currency printing cost
(b) Disintermediation of commercial banks
(c) Higher ATM usage
(d) Lower digital payments

Answer: (b)

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6. A fully anonymous retail CBDC poses which major challenge?

(a) Payment delays
(b) AML/CFT non-compliance
(c) Lower RTGS usage
(d) Excessive taxation

Answer: (b)

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7. The term “bearer instrument nature of CBDC-R” implies:

(a) Ownership is linked to PAN
(b) Ownership is linked to Aadhaar
(c) The holder of the token is considered the owner
(d) Only banks can hold CBDC

Answer: (c)

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8. Offline CBDC systems are being tested mainly to:

(a) Replace ATMs
(b) Enable payments in no-network areas and during power cuts
(c) Reduce UPI adoption
(d) Reduce fraud

Answer: (b)

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9. A CBDC system with tiered wallets allows:

(a) Same KYC for all users
(b) Zero-transaction limits
(c) Different KYC requirements based on wallet limits
(d) No regulatory control

Answer: (c)

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10. Which of the following most concerns banks regarding CBDC adoption?

(a) Cyber risk becomes zero
(b) Loss of CASA deposits
(c) Increase in cheque clearing
(d) Increase in lockers

Answer: (b)

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B. UPI – HIGH-LEVEL

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11. UPI is fundamentally a:

(a) Closed-loop payments platform
(b) Centralized messaging layer with a decentralized settlement layer
(c) Blockchain-based system
(d) Wallet-based system

Answer: (b)

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12. Which of the following functions is performed by NPCI’s “switch” in UPI?

(a) KYC verification
(b) Routing requests between PSP apps and banks
(c) Issuing debit cards
(d) Generating taxation reports

Answer: (b)

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13. “UPI AutoPay” uses which RBI mechanism for recurring payments?

(a) eNACH
(b) NACH Debit
(c) Additional Factor Authentication exemption framework
(d) eKYC

Answer: (c)

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14. UPI mandates two-factor authentication except for:

(a) Merchant QR payments
(b) AutoPay mandates
(c) P2P transfers
(d) Card-to-UPI transactions

Answer: (b)

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15. The technical purpose of a Virtual Payment Address (VPA) is to:

(a) Store card details
(b) Mask bank account numbers
(c) Replace UPI PIN
(d) Block chargebacks

Answer: (b)

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16. Which of the following explains UPI’s “intent flow”?

(a) Customer types UPI ID manually
(b) App-to-app deep linking triggers payment details auto-filled
(c) PIN-less transaction
(d) Bank branch authorization

Answer: (b)

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17. The UPI mandate for interoperable digital wallets (2023–24) allows:

(a) Linking wallets to UPI for P2P & P2M payments
(b) Wallets to issue credit cards
(c) Wallets to issue deposits
(d) Direct IFC issuance

Answer: (a)

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18. The risk of “proxy payments” in UPI refers to:

(a) ATM withdrawals without cards
(b) Payments initiated with invalid VPAs
(c) Merchant QR reuse
(d) Stolen SIM-based approvals

Answer: (d)

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19. The main reason UPI has lower MDR for merchants is:

(a) Subsidy + public infrastructure design
(b) RBI pays the MDR directly
(c) Merchants pay interchange later
(d) Banks subsidize UPI

Answer: (a)

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20. “UPI Lite X” supports offline payments using which technology?

(a) NFC
(b) QR only
(c) Wi-Fi only
(d) Satellite signals

Answer: (a)

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C. FINTECH

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21. FinTech lending models using AI-based credit risk are most vulnerable to:

(a) Syntax error
(b) Model bias & explainability issues
(c) High payment delays
(d) Lower profitability

Answer: (b)

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22. A FinTech company classified as a “Loan Service Provider (LSP)” under RBI’s guidelines can:

(a) Keep customer funds
(b) Market loan products and perform customer acquisition
(c) Approve credit independently
(d) Store customer data indefinitely

Answer: (b)

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23. The Digital Lending Guidelines prohibit:

(a) Direct disbursement into lender’s account
(b) Disbursement directly into borrower’s bank account
(c) Repayments via auto-debit
(d) Direct repayments to RE’s escrow

Answer: (a)

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24. The “first loss default guarantee (FLDG)” arrangement is permitted under:

(a) SEBI guidelines
(b) RBI digital lending framework (with caps and restrictions)
(c) FEMA
(d) IBC

Answer: (b)

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25. The biggest risk in fintech-led micro-loans is:

(a) Increased credit scores
(b) Over-lending due to algorithmic decisioning
(c) ATM outages
(d) Lack of digital KYC

Answer: (b)

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26. Embedded finance is best illustrated by:

(a) Bank branch inside a mall
(b) Loan offered inside an e-commerce checkout
(c) ATM inside a shop
(d) Stock trading in bank app

Answer: (b)

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27. “RegTech” solutions in banks are MOST useful for:

(a) HR recruitment
(b) Automated compliance & risk reporting
(c) Loan disbursal
(d) ATM management

Answer: (b)

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28. “SupTech” solutions are used primarily by:

(a) Private banks
(b) Regulators for supervisory analytics
(c) NBFC-MFIs only
(d) Payment aggregators

Answer: (b)

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29. A major risk with algorithm-based underwriting is:

(a) Too much documentation
(b) Model drift due to changing customer behavior
(c) Lower scoring speed
(d) High human involvement

Answer: (b)

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30. Tokenization in digital payments mainly protects:

(a) ATM cards
(b) Customer card data by replacing real card number with a surrogate token
(c) Branch registers
(d) Bank deposits

Answer: (b)

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D. ACCOUNT AGGREGATOR / OPEN BANKING

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31. In the AA framework, the entity that encrypts and decrypts data is:

(a) FIP
(b) FIU
(c) AA
(d) RBI

Answer: (c)

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32. Under AA, consent is:

(a) Revocable at any time
(b) Permanent
(c) Irrelevant for data access
(d) Stored only physically

Answer: (a)

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33. A Financial Information Provider (FIP) is:

(a) Bank or NBFC giving data
(b) Only a regulator
(c) Credit bureau
(d) GST authority only

Answer: (a)

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34. The AA architecture ensures that:

(a) AA stores customer data
(b) AA never stores customer financial data
(c) AAs can modify data
(d) AAs sell customer data

Answer: (b)

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35. AA helps reduce NPAs by:

(a) Providing borrower’s consolidated financial profile enabling better credit assessment
(b) Increasing loan approval speed only
(c) Printing credit reports
(d) Increasing branch visits

Answer: (a)

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36. “Open Credit Enablement Network (OCEN)” is designed to:

(a) Replace UPI
(b) Standardize credit APIs for digital lending
(c) Provide new currency
(d) Replace ATM networks

Answer: (b)

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37. A major cyber risk in open banking is:

(a) Too many branches
(b) API vulnerabilities & improper authentication
(c) High cash usage
(d) Demand drafts

Answer: (b)

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38. In the AA ecosystem, data moves in encrypted form using:

(a) AES end-to-end method
(b) API encryption + digital signature
(c) Manual encryption
(d) No encryption

Answer: (b)

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39. Which of the following BEST describes “consent artefact”?

(a) Customer statement
(b) A machine-readable document specifying the scope, duration and purpose of consent
(c) Loan agreement
(d) OTP message

Answer: (b)

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40. Which of the following is not an FIP under AA currently?

(a) Banks
(b) Insurance companies
(c) GSTN
(d) Petrol Pumps

Answer: (d)

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E. CYBER SECURITY & DIGITAL PAYMENTS

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41. The main reason UPI frauds occur even with PIN protection is:

(a) PIN cracking
(b) Social engineering & remote access scams
(c) Network outage
(d) Debit card cloning

Answer: (b)

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42. Multi-factor authentication improves security by:

(a) Reducing encryption
(b) Adding multiple layers of identity verification
(c) Lowering operational efficiency
(d) Removing passwords

Answer: (b)

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43. The RBI “directions on authentication mechanisms for digital payments (2024–26)” aim to:

(a) Reduce security
(b) Standardize risk-based, multi-factor authentication across payment types
(c) Remove all authentication
(d) Stop UPI

Answer: (b)

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44. Transaction “risk scoring” systems primarily detect:

(a) PIN failure
(b) Fraud patterns based on heuristics and behavioural analytics
(c) ATM downtime
(d) Cheque bounce

Answer: (b)

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45. In UPI, the PSP app is responsible for:

(a) Settlement
(b) Front-end, user authentication, and compliance with guidelines
(c) Issuing currency
(d) RTGS entries

Answer: (b)

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46. A “man-in-the-middle” attack on QR payments exploits:

(a) QR code replacement
(b) NFC
(c) OTP
(d) Card tokenization

Answer: (a)

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47. The “standing instructions framework” for UPI AutoPay allows:

(a) Unlimited payments
(b) Recurring debit without additional PIN each time
(c) ATM cash withdrawals
(d) Cross-border transfer

Answer: (b)

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48. Transaction disputes in UPI are handled using:

(a) Cheque truncation system
(b) ODR – Online Dispute Resolution framework
(c) RTGS queue
(d) Paper claim

Answer: (b)

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49. The purpose of “mandate creation” in UPI is:

(a) Disable payments
(b) Set up future-dated or recurring payments
(c) Change UPI ID
(d) Perform Aadhaar KYC

Answer: (b)

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50. The key challenge in implementing Offline UPI (NFC-based) is:

(a) Device interoperability
(b) High bandwidth usage
(c) Mandatory internet
(d) Card requirement

Answer: (a)