Banking: Origin & Development

I'm a promise of payment,

written with care,

Bearer or Order,

the choice you declare.

Cross me and guard me,

don't let me stray.

• Cheque

• Demand Draft

• Pay-in-slip

• NEFT

Which type of cheque is payable to the person whose name is written on the face of the cheque?

• Bearer Cheque

• Order Cheque

• Crossed Cheque

• Open Cheque

I'm electronic magic,

funds on the go,

Swift and secure,

in a timely flow.

Real-time transfers,

without delay,

Which service am I?

• NEFT

• IMPS

• RTGS

• All of these

Which electronic fund transfer system is typically used for high-value transactions and settles transactions individually and in real-time?

• NEFT

• RTGS

• IMPS

• ECS

What is the maximum limit for an IMPS transaction in India?

• No Limit

• ₹2,00,000

• ₹5,00,000

• ₹10,00,000

In NEFT, when are the settlement batches typically processed on weekdays?

• Every Hour

• Half-hourly intervals

• Hourly intervals

• Daily, at a fixed time

Which document is a prepayment instrument that allows a bank's customer to withdraw money from their account to the card?

• Credit Card

• Debit Card

• Demand Draft

• Electronic Clearing Service (ECS)

What does "KYC" stand for in the banking and financial sector?

• Know Your Currency

• Know Your Customer

• Keeping Your Cash

• Know Your Credit

 What is the purpose of the signature line on a cheque?

• To write the amount in words

• To authorize the payment

• To mention the payee's name

• To provide the payer's contact information

What does MICR stand for in the context of a cheque?

• Magnetic Ink Character Recognition

• Money Issuance Control Record

• Magnetic Ink Code Reader

• Monetary Information Control Register