REMITTANCE PRODUCTS MCQ

Q.169. Remittance Products in the retail banking are   -
a) Demand draft/Pay orders/telegraphic transfer   b)  Real  time gross settlement/National Electronic Fund Transfer/    EFT
c) Both (a) + (b), d) Only (a)
Q.170. The objective of  NEFT are-
a) Efficient/secure/economical,  funds transfe
b) Reliable/expeditions/economical/secure/efficient  funds  transfer
c) Relieve stress of paper based transfer and clearing  system
d) Both (b) + (c)
Q.171. NEFT, the parties to  the system  are
a. Sending bank/sending service centre/NEFT clearing centre/  receiving service centre/beneficiary   branch
b. Sending bank/sending service centre/receiving service centre/ beneficiary   branch
c. Sending  bank/receiving bank

d. Both (a) + (b)
Q.172. The essential elements of beneficiary identification under NEFT are   -
a. Beneficiary name/branch name/bank name/account type/ account   number
b. Beneficiary name/branch name/bank name/account type/ account number/branch   IFSC
c. Both (a) +  (b)
d. Only Beneficiary name - account number-bank branch    name
Q.173. Payment to  the beneficiary under  NEFT is  done
a) Instantly same day  b) Latest on next working day by credit to account (c) Credit effected on value dated basis wherever possible
(d) All above
Q.174. What are the rights of a customer under NEFF where there is delay in completion of funds transfer
(a) Payment of delayed interest at current FDR rate (b) Payment of delayed interest @ Bank rate  @ Base rate    c) No interest   payable
Q.175. Whether under NEFT any compensation and/or penalty is payable to the sender in delay in completion of funds transfer  which may be decided by-
a) RBI
b) Ombudsman,  on  complaint lodged
c) Both (a) +  (b)
d) Sender bank's board  of Directors
Q.176. In international remittance from NRIs what are fastest modes of   remittance?
(a) Demand Draft (b) SWIFT
(c) Link, Western Union
(d) Both (b) + (c)
Q177. RTGS has replaced
a) High Value Clearing
b) Telegraphic  Transfer
c) Mail Transfer
d) Both(b)-F
Q.178. The procedure for remittance through RTGS is are  -
a) Requestfrom   customerfordebitofaccount
b) Creation  ofstructuredmanage
c) Communicationofmessageafterauthentication/routedthroughcentral   hub/creditedto   beneficiary  account
d) Allabove
Q.179. The transactions carried out by RIGS is are   -
a. Interbanktransactions/customerpaymenttransactions/  delivery  vs.  paymenttransactions
b. Interbanktransactions/securitiessettlement    transactions/   customerpaymenttransactions
c. Customerpaymenttransactions/deliveryvspaymenttransactions
d. Customerpaymenttransactions
Q.180. Inter bank payments and transactions mainly arise out   of-
a. Treasuryoperations
b. RBI's   securitiessettlement(c)  Foreigncurrencytransactions(d)e-hanking
Q.181. What is Electronic Clearing  Service?
a. Mechanismto  effect payments
b. Mandatefavouringthebeneficiary
c. Mandatefavouringtheaccountholder  d) Both (a) + (b)
Q.182. Advantages of ECS
a. Noneedforissuingchequeforeachpayment
b. Nopaymentdefaultsofsufficient   balanceavailable
c. Nofollow-upneeded    bythebeneficiarysincepaymentreceivedautomatically
d. Allabove
Q.183. Define the process flow of  ECS
a) Issuing of mandate by account holder favouring    beneficiary
b) It is registered with clearing house by the   beneficiary
c) Proceeds are credited to the a/c of   beneficiary

d) It is registered with clearing house by the account holder (e) All   a+b+c
Q.184. RIGS  transactions  are processed
a. Instantaneously
b. Every 2 hours   c) Before the business hour d) Next working   day
Q.185. What are the obligations of  banks under   NEFF?
a) Maintain security/integrity and efficiency of   system
b) After execution of payment instruction those are    irrevocable
c) Payment of interest at bank rate, if delayed payment   d) All    above
Q.186. The  characterisation of  RIGS are -
a) Remittance and funds transfer are transmitted through a series of process   inputs
b) Remittance are communicated through structured messaging process, and are credited on a dynamic basis alongwith its settlement
c) Settlement for the message made on a gross basis from the liquidity maintained by the sender bank
d) All above
Q.187. RIGS applicability in retail banking is   -
a) Limited
b) Unlimited
c) Partially  limited  d)  No applicability
Q.188. RIGS has made a jump in value and numbers of   transactions
a) Volume
b) Value
c) Both volumes and value   d)  Length and  breadth


ANSWER-

169
C
170
D
171
A
172
B
173
D
174
B
175
C
176
D
177
A
178
D
179
A
180
A
181
A
182
D
183
E
184
A
185
D
186
D
187
A
188
C

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