Digital Payment Systems
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Principles and Practices of Banking — JAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the full form of NPCI?
NPCI stands for National Payments Corporation of India. It is the umbrella organisation for operating retail payments and settlement systems in India.
What is the full form of NEFT?
National Electronic Funds Transfer
Under which act is the NPCI constituted?
NPCI is incorporated under the Companies Act 1956 and is promoted by the Reserve Bank of India and Indian Banks' Association.
What is the full form of RTGS?
Real Time Gross Settlement
What is UPI and which organisation manages it?
UPI (Unified Payments Interface) is a real-time interbank payment system developed and managed by NPCI that enables instant fund transfer between bank accounts via mobile.
What is the maximum transaction limit for NEFT in a single transfer?
No upper limit for NEFT transactions
What is the maximum transaction limit per UPI transaction as per RBI guidelines?
The maximum transaction limit per UPI transaction is Rs. 1 lakh per transaction, though certain categories such as capital markets, IPO subscriptions, and medical emergencies allow up to Rs. 5 lakh.
What is the maximum transaction limit per RTGS transfer?
No upper limit; minimum is Rs. 2 lakh
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