Banking Reforms, Payment Innovations, Regulatory Updates - One Line Questions

1. The 'National Payments Corporation of India' (NPCI) was established by: — The Ministry of Finance and RBI
2. Which of the following is a key reform recommended by the Narasimham Committee II (1998)? — Strengthening the role of RBI in supervision
3. What does the term 'Asset Quality Review' (AQR) conducted by RBI signify? — A comprehensive review of the quality of bank loans and identification of stressed assets
4. Which committee is widely credited with recommending the establishment of the Reserve Bank of India (RBI)? — Hilton-Young Commission
5. The 'Integrated Ombudsman Scheme' launched by RBI aims to: — Consolidate and streamline the existing ombudsman schemes for banks, NBFCs, and digital transactions
6. The 'Master Direction – Reserve Bank of India (Prudential Norms on Advances) Directions' issued by RBI deals with: — Norms related to lending, provisioning, and income recognition
7. The 'e-Kuber' system is used by RBI for: — Managing government securities and repo transactions
8. The 'Basel Accords' are international banking regulations that primarily deal with: — Capital adequacy, risk management, and market discipline
9. Which of the following is a significant innovation in payment systems that enables peer-to-peer (P2P) and person-to-merchant (P2M) transactions? — Unified Payments Interface (UPI)
10. The 'Basel III' framework introduced stricter requirements for banks concerning: — Capital adequacy and liquidity
11. What does the term 'Financial Inclusion' aim to achieve for underserved populations? — Access to essential financial products and services at an affordable cost
12. The 'Payment Infrastructure Development Fund' (PIDF) was established by RBI to: — Promote adoption of digital payment acceptance infrastructure
13. The introduction of 'Contactless Payments' has aimed to: — Speed up transaction times and enhance customer convenience
14. The introduction of mobile banking has significantly contributed to: — Enhanced financial inclusion and convenience
15. Which banking reform measure aimed to improve transparency and reduce information asymmetry in the credit market? — Mandatory KYC and credit reporting
16. The 'KYC' (Know Your Customer) norms for banks are primarily aimed at: — Preventing money laundering and terrorist financing
17. The 'Financial Stability Report' published by RBI provides an assessment of: — The overall health and resilience of the financial system
18. Which of the following is a key feature of 'Prompt Corrective Action' (PCA) framework introduced by RBI for banks? — It imposes restrictions on banks that breach certain risk thresholds
19. Which committee recommended the corporatization of public sector banks? — P. J. Nayak Committee
20. The 'Digital India' initiative has a significant impact on banking through promotion of: — Digital payments and online banking services
21. What does the acronym 'NEFT' stand for in the context of Indian banking? — National Electronic Funds Transfer
22. Which payment system allows for 24/7 fund transfers, irrespective of banking hours? — RTGS
23. The 'Financial Stability Board' (FSB) is an international body that monitors, advises, and makes recommendations on the global financial system. It is headquartered in: — Basel
24. Which committee recommended the introduction of differentiated bank licenses in India? — P. J. Nayak Committee
25. The 'Jan Dhan Yojana' (PMJDY) is a flagship scheme focused on achieving: — Universal access to banking facilities and financial literacy
26. Which of the following is a key objective of the 'Pradhan Mantri Mudra Yojana' (PMMY)? — Facilitating the financing of micro and small enterprises
27. The 'Indian Financial Network' (INFINET) is a closed-user-group network for: — Financial institutions in India
28. The 'Financial Sector Assessment Program' (FSAP) is a joint initiative of: — International Monetary Fund (IMF) and World Bank
29. The 'Sachet' framework by RBI aims to: — Address the issue of unauthorized deposit-taking activities
30. The 'New Umbrella Entity' (NUE) framework in India aims to: — Establish new payment system operators
31. The 'Ombudsman Scheme for Banks' provides a mechanism for: — Resolving customer complaints against banks
32. The Narasimham Committee I (1991) primarily focused on reforms in which area of the Indian banking sector? — Structural and operational aspects of banks
33. Which entity is responsible for issuing guidelines on cybersecurity for banks in India? — RBI
34. Which regulatory body oversees the implementation of UPI in India? — Reserve Bank of India (RBI)
35. RTGS, a real-time gross settlement system, is primarily used for: — Large value, time-critical transactions
36. Which of the following is a key characteristic of 'Full-KYC Wallets'? — They require complete verification of customer identity
37. What is the primary objective of the 'Priority Sector Lending' (PSL) norms for banks? — To ensure adequate credit flow to specific sectors considered crucial for economic growth
38. What is the primary role of the Unified Payments Interface (UPI)? — To enable instant, real-time payment transactions between banks
39. What is the primary purpose of the 'Reserve Assets' requirement for banks? — To ensure banks have sufficient liquid assets to meet their obligations
40. What is the main purpose of 'Financial Inclusion' as a reform goal in banking? — To ensure access to affordable financial products and services for all
41. What is the primary objective of the 'Indradhanush' initiative launched by the government for public sector banks? — To improve their governance, capitalization, and accountability
42. What is the primary function of the 'Credit Information Companies' (CICs) like CIBIL? — To collect and maintain credit histories of individuals and entities
43. What is the primary role of the 'Reserve Bank Information Technology Private Limited' (ReBIT)? — To provide IT services and support to RBI and financial sector regulators
44. What is the primary objective of the 'Bad Bank' concept often discussed in banking reforms? — To manage and resolve non-performing assets (NPAs) of banks
45. What is the primary role of the 'Deposits Insurance and Credit Guarantee Corporation' (DICGC)? — To insure bank deposits and guarantee credit facilities
46. What was the main objective of the 'Right to<bos>' initiative introduced in India? — To provide universal access to banking services
47. Which of the following is a key objective of the Payment and Settlement Systems Act, 2007 (PSS Act)? — To provide a legal framework for payment systems
48. What is the primary aim of 'Open Banking' initiatives globally and in India? — To allow customers to securely share their financial data with third-party providers
49. The 'Central Fraud Registry' (CFR) is a system developed by RBI to: — Monitor and prevent fraudulent financial transactions
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