Q1 Which payment system is described as having "completely transformed digital payments in India", and promoted a diversified and inclusive payments ecosystem? Q2 What is the primary legal foundation for the regulation and supervision of payment and settlement systems in India? Q3 Following an amendment to the PSS Act, 2007, which entity replaced the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), effective May 2025? Q4 Who serves as the chairman of the Payments Regulatory Board (PRB), the designated authority for regulating payment systems, under the PSS Act, 2007? Q5 In the decade ending 2024 (2014-2024), what was the Compound Annual Growth Rate (CAGR), for digital payments in India, in terms of volume? Q6 Which of the following is identified as a major milestone in the evolution of India's Real Time Gross Settlement (RTGS) system? Q7 What is a key Reserve Bank of India initiative, related to the Unified Payments Interface (UPI), aimed at improving cross-border payments? Q8 During H1 2025, what percentage of the total payment volume did the Unified Payments Interface (UPI) account for? Q9 During H1 2025, what percentage of the total payment value did the Real Time Gross Settlement (RTGS) system account for? Q10 What was the share of National Electronic Funds Transfer (NEFT), in terms of total payment value, during H1 2025? Q11 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)? Q12 What was the daily average transaction value for Total Payments (which includes all digital and paper-based instruments), during H1-2025? Q13 How are "Retail Payments" defined, for the purpose of the payment system statistics? Q14 According to the data on payment system infrastructure as of June 2025, which two categories registered a decline in their outstanding numbers, compared to December 2024? Q15 What is the primary purpose of Large Value Payment Systems (LVPS), also referred to as wholesale payment systems? Q16 In India, which two entities operate the Large Value Payment Systems (LVPS)? Q17 Who is identified as the owner and operator of India's primary large-value payment system, the Real Time Gross Settlement (RTGS)? Q18 What is the primary purpose of Retail Payment Systems? Q19 Retail Payment Systems are characterised by their ability to handle …… transactions efficiently. Q20 Which retail payment system is specifically mentioned as enabling the disbursal of government subsidies, and Direct Benefit Transfers (DBT)? Q21 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? Q22 What was the total value of transactions processed by the National Electronic Funds Transfer (NEFT) system, during the first half (H1) of CY 2025? Q23 What was the total volume of Unified Payments Interface (UPI) transactions recorded in the first half (H1) of CY 2025? Q24 What is the individual transaction limit for the Immediate Payment Service (I M P S) across all channels, except for SMS and IVR? Q25 How did the total transaction value of the Immediate Payment Service (I M P S) change, during the period from Calendar Year (CY) 2019 to CY 2024? Q26 What is the Aadhaar-enabled Payment System (AePS)? Q27 Which of the following statements correctly describe the NACH transaction types? Q28 Government's Direct Benefit Transfer (DBT) payouts are processed through the NACH Credit mechanism, while DBT-related transactions are processed through the …… system. Q29 What technology does the National Electronic Toll Collection (NETC) system use, to enable electronic payments at toll plazas, without the vehicle stopping? Q30 What was the total number of outstanding FASTags issued as of June 2025? Q31 How many toll plazas were onboarded to the National Electronic Toll Collection (NETC) infrastructure, as of June 2025? Q32 What is the Bharat Bill Payment System (BBPS)? Q33 Which entity operates the Bharat Bill Payment System (BBPS)? Q34 As of June 2025, what was the total number of outstanding debit cards in India? Q35 What was the total value of credit card transactions recorded in Calendar Year (CY) 2024? Q36 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? Q37 What was the market share of Private Sector Banks in outstanding credit cards, as of June 2025? Q38 What trend was observed in debit card transactions from Calendar Year (CY) 2019 to CY 2024? Q39 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? Q40 What is the primary function of Card-on-File Tokenisation (CoFT), as introduced by the Reserve Bank of India in 2021? Q41 As per the March 2024 instructions, what choice must card issuers (with over 10 lakh active cards) provide to their eligible customers, at the time of issue or renewal? Q42 What was the primary objective of launching the Payments Infrastructure Development Fund (PIDF) in January 2021? Q43 To encourage the use of UPI Lite, what were the per-transaction and total limits enhanced to, in December 2024? Q44 In February 2025, which category of banks was newly permitted to offer pre-sanctioned credit lines on UPI? Q45 In December 2024, the Additional Factor of Authentication (AFA) exemption limit for e-mandates was increased to ₹1 lakh, for which specific categories of recurring transactions? Q46 As a major regulatory development in H1 2025, what change was made regarding UPI transaction limits? Q47 Following the regulatory developments in H1 2025 that allowed NPCI to set P2M limits, what is the transaction limit for Person to Person (P2P) payments in UPI? Q48 RTGS is designated as a Financial Market Infrastructure (FMI) and a Systematically Important Payment System (SIPS). What other designation does it hold? Q49 What is the minimum amount that can be transferred for a customer transaction through the RTGS system? Q50 What are the minimum and maximum limits for interbank transactions within the RTGS system? Q51 The RTGS system uses the Structured Financial Messaging System (SFMS) over which secure network for transferring messages? Q52 What is a primary benefit of the ISO 20022 messaging standard used in financial systems? Q53 On what date did the Real Time Gross Settlement (RTGS) system become available on a $24\times7\times365$ basis? Q54 In CY 2024, what percentage of the total volume of RTGS transactions was conducted outside regular business hours (18:00 to 08:00)? Q55 What is the "positive confirmation" feature in the Real Time Gross Settlement (RTGS) system? Q56 What is the "Gridlock Resolution Mechanism" in the Real Time Gross Settlement (RTGS) system? Q57 Approximately what percentage of all digital transactions in India, by value, does the Real Time Gross Settlement (RTGS) system settle? Q58 What is the focus of Project Hertha, an initiative by the BIS Innovation Hub? Q59 What does Project Mandala, an initiative by the BIS Innovation Hub, assess? Q60 What is Project Nexus, an international initiative joined by India? Q61 Which country was the top recipient of global foreign remittances in 2024, with a record inflow of $137.7 billion? Q62 Which country consistently leads global remittance outflows, sending $98.4 billion in 2024? Q63 What is the target set by the UN Sustainable Development Goals (SDG) and the G20 for the global average remittance cost to be reached by 2030? Q64 2024, which region of the world was the most expensive to send a $200 remittance to, with an average cost of 8.45%? Q65 2024, which region of the world offered the lowest remittance transaction costs, with an average of 5.01% for sending $200? Q66 2024, with a rate of 2.10%? Q67 When was the Real Time Gross Settlement (RTGS) system, India's large-value payment system, launched? Q68 Which payment system is described as being designed for bulk and repetitive payments, such as salary disbursements, pension payments, utility bill payments, and loan EMIs? Q69 Which payment system, introduced by NPCI, offers 24x7 instant fund transfer through multiple channels including mobile banking, internet banking, and ATMs? Q70 In which year was the Unified Payments Interface (UPI) launched? Q71 What is the maximum value allowed for a Gift Prepaid Payment Instrument (PPI)? Q72 What is the maximum value for a reloadable Prepaid Payment Instrument (PPI) issued by Mass Transit Systems (MTS) operators? Q73 What is the primary purpose of the Trade Receivables Discounting System (TReDS)?