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Digital Payments & Financial Inclusion

23 questions in Indian Economy.

Asked in 2026, 2025, 2024, 2023, 2021, 2019, 2018, 2017, 2016, 2015, 2014, 2011, 2010

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

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

2023 · Q74Indian EconomyDigital Payments & Financial Inclusionmoderate

Consider the following statements : 1. The Self-Help Group (SHG) programme was originally initiated by the State Bank of India by providing microcredit to the financially deprived. 2. In an SHG, all members of a group take responsibility for a loan that an individual member takes. 3. The Regional Rural Banks and Scheduled Commercial Banks support SHGs. How many of the above statements are correct?

  1. (a)Only one
  2. (b)Only two
  3. (c)All three
  4. (d)None
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Official answer(b) Only two

2021 · Q14Indian EconomyDigital Payments & Financial Inclusionmoderate

With reference to ‘WaterCredit’, consider the following statements : 1. It puts microfinance tools to work in the water and sanitation sector. 2. It is a global initiative launched under the aegis of the World Health Organization and the World Bank. 3. It aims to enable the poor people to meet their water needs without depending on subsidies. Which of the statements given above are correct?

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

2019 · Q87Indian EconomyDigital Payments & Financial Inclusionmoderate

Consider the following statements : The Reserve Bank of India's recent directives relating to 'Storage of Payment System Data', popularly known as data diktat, command the payment system providers that 1. they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India 2. they shall ensure that the systems are owned and operated by public sector enterprises 3. they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year Which of the statements given above is/are correct?

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

2018 · Q6Indian EconomyDigital Payments & Financial Inclusioneasy

Which one of the following best describes the term "Merchant Discount Rate" sometimes seen in news ?

  1. (a)The incentive given by a bank to a merchant for accepting payments through debit cards pertaining to that bank.
  2. (b)The amount paid back by banks to their customers when they use debit cards for financial transactions for purchasing goods or services.
  3. (c)The charge to a merchant by a bank for accepting payments from his customers through the bank's debit cards.
  4. (d)The incentive given by the Government to merchants for promoting digital payments by their customers through Point of Sale (PoS) machines and debit cards.
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Official answer(c) The charge to a merchant by a bank for accepting payments from his customers through the bank's debit cards.

2017 · Q43Indian EconomyDigital Payments & Financial Inclusionmoderate

Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)' ?

  1. (a)Mobile wallets will not be necessary for online payments.
  2. (b)Digital currency will totally replace the physical currency in about two decades.
  3. (c)FDI inflows will drastically increase.
  4. (d)Direct transfer of subsidies to poor people will become very effective.
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Official answer(a) Mobile wallets will not be necessary for online payments.

2016 · Q4Indian EconomyDigital Payments & Financial Inclusionmoderate

The establishment of 'Payment Banks' is being allowed in India to promote financial inclusion. Which of the following statements is/are correct in this context? 1. Mobile telephone companies and supermarket chains that are owned and controlled by residents are eligible to be promoters of Payment Banks. 2. Payment Banks can issue both credit cards and debit cards. 3. Payment Banks cannot undertake lending activities. Select the correct answer using the code given below.

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

2016 · Q29Indian EconomyDigital Payments & Financial Inclusioneasy

The term 'Core Banking Solutions' is sometimes seen in the news. Which of the following statements best describes/describe this term? 1. It is a networking of a bank's branches which enables customers to operate their accounts from any branch of the bank on its network regardless of where they open their accounts. 2. It is an effort to increase RBI's control over commercial banks through computerization. 3. It is a detailed procedure by which a bank with huge non-performing assets is taken over by another bank. Select the correct answer using the code given below.

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

2016 · Q73Indian EconomyDigital Payments & Financial Inclusioneasy

Pradhan Mantri MUDRA Yojana is aimed at

  1. (a)bringing the small entrepreneurs into formal financial system
  2. (b)providing loans to poor farmers for cultivating particular crops
  3. (c)providing pensions to old and destitute persons
  4. (d)funding the voluntary organizations involved in the promotion of skill development and employment generation
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Official answer(a) bringing the small entrepreneurs into formal financial system

2014 · Q32Indian EconomyDigital Payments & Financial Inclusioneasy

What is/are the facility/facilities the beneficiaries can get from the services of Business Correspondent (Bank Saathi) in branchless areas? 1. It enables the beneficiaries to draw their subsidies and social security benefits in their villages. 2. It enables the beneficiaries in the rural areas to make deposits and withdrawals. Select the correct answer using the code given below.

  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

2011 · Q38Indian EconomyDigital Payments & Financial Inclusioneasy

Microfinance is the provision of financial services to people of low-income groups. This includes both the consumers and the self-employed. The service/services rendered under microfinance is/are: 1. Credit facilities 2. Savings facilities 3. Insurance facilities 4. Fund Transfer facilities Select the correct answer using the codes given below the lists:

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