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Quiz - Introduction to Payments

An educational illustration depicting various payment methods and instruments such as cheques, debit cards, and digital transactions, with a focus on banks and regulatory bodies, in a modern, professional style.

Introduction to Payments Quiz

Test your knowledge on the world of payments in this informative quiz! Dive into various payment instruments, regulations, clearing methods, and more.

Whether you're a finance professional or just looking to enhance your understanding of payments, this quiz is for you. Topics include:

Payment Instruments
Regulatory Framework
Payment Types
Clearing Systems

10 Questions2 MinutesCreated by LearningWave320

Name:

1. Which of the Following is not a Payment Instrument?

Cheque

Debit Card

RTGS

ACH

Payment of Rs.2 Lakhs is a

Low Value Payment

High Value payment

Can be Either

None

Who is the Regulator for the banks in India?

SWIFT

NPCI

RBI

Self Regulated

Monthly EMI payment is a example of which Payment Type

Direct Credit Transfer

Direct Debit transfer

Line of Credit

Loan Repayment

With necessary reporting to Regulator, two Banks can have direct partnership and enable payments with their in-house payment systems.

True

False

What are the 2 ways of Clearing in payment systems

Multilateral

Unilateral

Bilateral

Correspondent Method

When should the Banks send the ACH Files to the clearing System

Bank - Opening Time

Bank - End of Day

Session End

Any time

Once a Day when the Bank chooses

Who needs the Mandate information which the customer Authorized

Creditor Bank

Debtor Bank

Regulator

None of the above

Can a Bank without Participating in the clearing system would be able to send payments to another bank?

Yes.

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