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2023 · Q72Indian EconomyDigital Payments & Financial Inclusionmoderate

With reference to Central Bank digital currencies, consider the following statements : 1. It is possible to make payments in a digital currency without using US dollar or SWIFT system. 2. A digital currency can be distributed with a condition programmed into it such as a time-frame for spending it. Which of the statements given above is/are correct?

  1. (a)1 only
  2. (b)2 only
  3. (c)Both 1 and 2
  4. (d)Neither 1 nor 2
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Official answer(c) Both 1 and 2

2026 · Q54Indian EconomyDigital Payments & Financial Inclusionmoderate

Which one of the following best describes the key objective of India’s ‘Open Network for Digital Commerce’ (ONDC) initiative ?

  1. (a)To allow government control over all digital commerce transactions
  2. (b)To replace private e-commerce players
  3. (c)To break the dominance of large e-commerce platforms by enabling interoperability across networks
  4. (d)To mandate UPI-based payments for all online transactions
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Official answer(c) To break the dominance of large e-commerce platforms by enabling interoperability across networks

2026 · Q55Indian EconomyDigital Payments & Financial Inclusionmoderate

Which one of the following statements about Unified Payments Interface (UPI) and Central Bank Digital Currency (Digital Rupee) is not correct ?

  1. (a)UPI is a real-time payment system but Digital Rupee is akin to sovereign paper currency.
  2. (b)In case of UPI, settlement for end users happens instantly as the money gets immediately debited or credited but in case of Digital Rupee, there is no settlement as the wallet balance gets transferred to another wallet.
  3. (c)UPI transactions are recorded by banks and reflected in bank statements but in case of Digital Rupee, no data is captured in bank statements as transactions are from one wallet to another.
  4. (d)In both the cases (UPI and Digital Rupee), the liability lies with the users and their respective banks.
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Official answer(d) In both the cases (UPI and Digital Rupee), the liability lies with the users and their respective banks.

2025 · Q68Indian EconomyDigital Payments & Financial Inclusioneasy

Consider the following statements in respect of RTGS and NEFT : I. In RTGS, the settlement time is instantaneous while in case of NEFT, it takes some time to settle payments. II. In RTGS, the customer is charged for inward transactions while that is not the case for NEFT. III. Operating hours for RTGS are restricted on certain days while this is not true for NEFT. Which of the statements given above is/are correct?

  1. (a)I only
  2. (b)I and II
  3. (c)I and III
  4. (d)III only
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Official answer(a) I only

2024 · Q53Indian EconomyDigital Payments & Financial Inclusionmoderate

Consider the following statements in respect of the digital rupee : 1. It is a sovereign currency issued by the Reserve Bank of India (RBI) in alignment with its monetary policy. 2. It appears as a liability on the RBI's balance sheet. 3. It is insured against inflation by its very design. 4. It is freely convertible against commercial bank money and cash. Which of the statements given above are correct ?

  1. (a)1 and 2 only
  2. (b)1 and 3 only
  3. (c)2 and 4 only
  4. (d)1, 2 and 4
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Official answer(d) 1, 2 and 4