Retail Banking Digital Banking Class 6 Caiib 2021 Sure success 1
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Digital Banking — Digital Banking.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the primary regulatory body overseeing digital banking operations in India?
The Reserve Bank of India (RBI) is the primary regulatory body overseeing digital banking operations, issuing guidelines on internet banking, mobile banking, and payment systems.
What is the full form of NEFT in digital banking?
National Electronic Funds Transfer
What does the term 'retail digital banking' refer to?
Retail digital banking refers to the delivery of banking products and services to individual customers through electronic channels such as internet, mobile, ATM, and other digital platforms.
What is the maximum transaction limit for RTGS in India?
No upper limit; minimum is Rs. 2 lakh
What is a Payment Gateway in the context of digital banking?
A Payment Gateway is a technology service that authorises and processes electronic payments for online and offline retail transactions, acting as an intermediary between the merchant and the bank.
What is the settlement cycle of NEFT transactions as per RBI?
Half-hourly batches, 24x7 including holidays
What is the significance of two-factor authentication (2FA) in digital banking?
Two-factor authentication enhances security by requiring customers to verify identity through two separate factors — typically a password and a one-time password (OTP) — before accessing accounts or authorising transactions.
What is the full form of IMPS in digital payments?
Immediate Payment Service
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