Rapid revision
Test one fact at a time:open a card, recall the direct answer, then practise it in MCQ format.
Which payment system is described as having "completely transformed digital payments in India", and promoted a diversified and inclusive payments ecosystem?
What is the primary legal foundation for the regulation and supervision of payment and settlement systems in India?
Who serves as the chairman of the Payments Regulatory Board (PRB), the designated authority for regulating payment systems, under the PSS Act, 2007?
What is a key Reserve Bank of India initiative, related to the Unified Payments Interface (UPI), aimed at improving cross-border payments?
What was the share of National Electronic Funds Transfer (NEFT), in terms of total payment value, during H1 2025?
What trend was observed in the transaction volume for paper-based instruments, including cheques, over the last three half-years (from H1-2024 to H1-2025)?
What was the daily average transaction value for Total Payments (which includes all digital and paper-based instruments), during H1-2025?
How are "Retail Payments" defined, for the purpose of the payment system statistics?
What is the primary purpose of Large Value Payment Systems (LVPS), also referred to as wholesale payment systems?
Direct Answer
To facilitate large value and high-priority payments, such as money market, and interbank settlements
What is the upper transaction limit imposed by the Reserve Bank of India (RBI) for funds transfers through the National Electronic Funds Transfer (NEFT) system?
What was the total value of transactions processed by the National Electronic Funds Transfer (NEFT) system, during the first half (H1) of CY 2025?
What was the total volume of Unified Payments Interface (UPI) transactions recorded in the first half (H1) of CY 2025?
What is the individual transaction limit for the Immediate Payment Service (IMPS) across all channels, except for SMS and IVR?
How did the total transaction value of the Immediate Payment Service (IMPS) change, during the period from Calendar Year (CY) 2019 to CY 2024?
What technology does the National Electronic Toll Collection (NETC) system use, to enable electronic payments at toll plazas, without the vehicle stopping?
What was the total number of outstanding FASTags issued as of June 2025?
How many toll plazas were onboarded to the National Electronic Toll Collection (NETC) infrastructure, as of June 2025?
What is the Bharat Bill Payment System (BBPS)?
Direct Answer
An RBI-mandated, reliable, secure, and integrated platform for bill payments across the country
Which entity operates the Bharat Bill Payment System (BBPS)?
What was the total value of credit card transactions recorded in Calendar Year (CY) 2024?
Which bank group experienced a steep decline in its share of outstanding credit cards, from 11.7 per cent in June 2020, to 4.1 per cent in June 2025?
What was the market share of Private Sector Banks in outstanding credit cards, as of June 2025?
What trend was observed in debit card transactions from Calendar Year (CY) 2019 to CY 2024?
Which bank group dominates the debit card space, holding 63.5 per cent of outstanding cards as of June 2025, even though its market share has declined since 2020?
What is the primary function of Card-on-File Tokenisation (CoFT), as introduced by the Reserve Bank of India in 2021?
Direct Answer
It replaces actual card details with a unique 'token' to enhance transaction security
What was the primary objective of launching the Payments Infrastructure Development Fund (PIDF) in January 2021?
Direct Answer
To boost payment acceptance in Tier-3 to 6 centres, the North-Eastern Region, and Jammu & Kashmir
What is the minimum amount that can be transferred for a customer transaction through the RTGS system?
What are the minimum and maximum limits for interbank transactions within the RTGS system?
What is a primary benefit of the ISO 20022 messaging standard used in financial systems?
Direct Answer
It enables straight-through processing (STP), which streamlines transactions and lowers operational costs