Cashless India

1. What is the primary objective of the “Cashless India” initiative?
a) Reduce inflation
b) Promote digital transactions
c) Increase paper currency circulation
d) Expand barter system

Answer: b) Promote digital transactions

2. Which government agency in India is responsible for spearheading the “Cashless India” campaign?
a) RBI (Reserve Bank of India)
b) SEBI (Securities and Exchange Board of India)
c) NITI Aayog
d) ISRO (Indian Space Research Organisation)

Answer: c) NITI Aayog

3. What is the popular mobile payment platform introduced to facilitate digital transactions in India?
a) Paycheck
b) DigitalDollars
c) Paytm
d) CashApp

Answer: c) Paytm

4. Which of the following is NOT a benefit of a cashless economy?
a) Reduced corruption
b) Increased transparency
c) Greater financial inclusion
d) Enhanced paper currency circulation

Answer: d) Enhanced paper currency circulation

5. What does UPI stand for in the context of digital payments?
a) Unified Payment Interface
b) Universal Payment Integration
c) Unique Payment Instrument
d) Uniform Payment Infrastructure

Answer: a) Unified Payment Interface

6. Which of the following is NOT a digital payment method in India?
a) NEFT (National Electronic Funds Transfer)
b) RTGS (Real-Time Gross Settlement)
c) IMPS (Immediate Payment Service)
d) CTS (Cheque Truncation System)

Answer: d) CTS (Cheque Truncation System)

7. In the context of cashless transactions, what does the term “e-wallet” refer to?
a) Electric wallet for storing cash
b) Encrypted wallet for secure transactions
c) Electronic wallet for digital payments
d) Exponential wallet for rapid transactions

Answer: c) Electronic wallet for digital payments

8. Which initiative was launched to encourage merchants to accept digital payments through the use of QR codes?
a) Digital India
b) BharatQR
c) Cashless Commerce
d) PayWithoutCash

Answer: b) BharatQR

9. What is the maximum limit for a contactless card transaction in India without entering a PIN?
a) ₹1,000
b) ₹2,000
c) ₹5,000
d) ₹10,000

Answer: c) ₹5,000

10. Which of the following is a potential challenge associated with the transition to a cashless economy?
a) Increased financial inclusion
b) Greater convenience for the elderly
c) Cybersecurity concerns
d) Reduced reliance on technology

Answer: c) Cybersecurity concerns

11. What is the minimum age requirement for opening a mobile wallet account in India?
a) 16 years
b) 18 years
c) 21 years
d) 25 years

Answer: b) 18 years

12. Which government-backed scheme promotes cashless transactions in rural areas by providing financial incentives to both customers and merchants?
a) Digital Village Yojana
b) Digital Gram Panchayat Abhiyan
c) DigiDhan Vyapar Yojana
d) Digital Bharat Mission

Answer: c) DigiDhan Vyapar Yojana

13. What is the maximum limit for a single transaction under the Bharat Bill Payment System (BBPS)?
a) ₹2,000
b) ₹5,000
c) ₹10,000
d) ₹25,000

Answer: d) ₹25,000

14. Which of the following is a feature of the Aadhaar Enabled Payment System (AEPS)?
a) Mobile recharge
b) Cash withdrawal and balance inquiry at Micro ATMs
c) Online shopping discounts
d) Cryptocurrency transactions

Answer: b) Cash withdrawal and balance inquiry at Micro ATMs

15. In the context of cashless transactions, what does the term “NFC” stand for?
a) Near-Field Communication
b) Non-Fungible Currency
c) National Financial Code
d) Networked Funds Consortium

Answer: a) Near-Field Communication

16. Which of the following organizations issues the RuPay cards in India?
a) Mastercard
b) Visa
c) American Express
d) National Payments Corporation of India (NPCI)

Answer: d) National Payments Corporation of India (NPCI)

17. What is the primary purpose of the “Lucky Grahak Yojana” and “Digi Dhan Vyapar Yojana” initiatives launched by the government?
a) Promotion of digital literacy
b) Encouraging cash transactions
c) Incentivizing digital payments
d) Subsidizing traditional banking services

Answer: c) Incentivizing digital payments

18. Which of the following is an example of a Peer-to-Peer (P2P) payment platform in India?
a) Google Pay
b) SwiftPay
c) CoinCash
d) BillWallet

Answer: a) Google Pay

19. What is the role of the Bharat Interface for Money (BHIM) app in the context of digital transactions?
a) Mobile gaming platform
b) Social networking app
c) UPI-based payment app
d) E-commerce platform

Answer: c) UPI-based payment app

20. Which of the following documents is not required for the Know Your Customer (KYC) process when opening a digital wallet in India?
a) Aadhaar Card
b) Passport
c) PAN Card
d) Voter ID

Answer: b) Passport