What Do You Know About Indian Banking System And Procedures?
What do you know about the Indian banking system and procedures? The banking systems all across the world are ever-changing, but in India, people still have the habit of favoring the ingenious ways of banking. If you have an interest in learning about some of the most common practices, the quiz below will help you out. Give it a shot!
Questions and Answers
- 1.
Bank account details for VMT India A. Transfers to an incorrect bank account: if funds are sent to an incorrect bank account, we are able to reclaim the funds if they have already reached the recipient's account. B. Transfers to an invalid bank account: if the account number is not valid then funds should automatically be reversed to the customer’s account. This process can take up to three working days after the transaction has been initiated.
- A.
Option A & B is true
- B.
Option A is true but B is false
- C.
Option A& B is false
- D.
Option A is False but B is true
Correct Answer
D. Option A is False but B is trueExplanation
The correct answer is "Option A is False but B is true." This means that transfers to an incorrect bank account cannot be reclaimed, but transfers to an invalid bank account will be automatically reversed to the customer's account within three working days.Rate this question:
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- 2.
IFSC is an acronym used in the Banking and Financial sector, in India. IFSC stands for________ Each bank has a ___digit alphanumeric code that is unique and serves as identification criteria of every bank and branch.
- A.
Indian Financial System Code, 11
- B.
Indian Financial Secured Code, 13
- C.
International Financial System Code, 9
- D.
Indian Financial System Code, 15
Correct Answer
A. Indian Financial System Code, 11Explanation
The correct answer is "Indian Financial System Code, 11". The explanation is that IFSC is an acronym used in the banking and financial sector in India. It is a unique 11-digit alphanumeric code that serves as the identification criteria for every bank and branch.Rate this question:
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- 3.
In order to perform a transfer using VMT, customers need to know the IFSC code for the bank account they are sending to.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Customers need to know the IFSC code for the bank account they are sending to in order to perform a transfer using VMT. This code is a unique identification number assigned to each bank branch in India. It helps in ensuring that the funds are transferred to the correct recipient's account. Without the IFSC code, the transfer cannot be successfully completed. Therefore, the statement is true.Rate this question:
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- 4.
Below are the Top 5 Banks: Top 5 banks State bank of India State bank of Travancore Federal Bank ICICI Bank HSBC Bank
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given answer is false because the statement "Below are the Top 5 Banks" is not true. The list provided only includes 4 banks, not 5. Therefore, the correct answer is false.Rate this question:
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- 5.
The transaction charges would be QR ____ and the Transfer Time would be____
- A.
QR 15, 48 hours
- B.
QR 15, 24 – 48hours
- C.
QR10, 24- 72 hours
- D.
QR 15, 24 hours
Correct Answer
B. QR 15, 24 – 48hoursExplanation
The correct answer is QR 15, 24 - 48 hours. This answer indicates that the transaction charges would be QR 15 and the transfer time would be between 24 and 48 hours.Rate this question:
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- 6.
If the customer has entered the wrong bank details and recipient’s details we can always cancel and refund the customer.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
If the customer has entered the wrong bank details and recipient's details, it is not always possible to cancel and refund the customer. The ability to cancel and refund depends on various factors such as the policies of the bank or payment platform being used, the stage of the transaction, and the cooperation of the recipient's bank. In some cases, it may be possible to rectify the mistake and recover the funds, but it is not guaranteed. Therefore, the statement is false.Rate this question:
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- 7.
Mr. Hussein wanted to load QR15,000 from a bank account to his VMA on a single day. Would he be able to load on to his account based on his daily limit.
- A.
Yes, his daily limit to load from a bank account is QR15000
- B.
No , his daily limit to load from a bank account is QR12000
- C.
Yes, his daily limit to load from a bank account is QR20000
- D.
No, his daily limit to load from a bank account is QR10000
Correct Answer
D. No, his daily limit to load from a bank account is QR10000Explanation
The correct answer is "No, his daily limit to load from a bank account is QR10000." This means that Mr. Hussein's daily limit for loading money from a bank account is only QR10000, which is less than the QR15000 he wants to load. Therefore, he would not be able to load QR15000 onto his VMA on a single day.Rate this question:
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- 8.
A customer can withdraw cash from his/her Vodafone money Account with a minimum value of QR100.01 and Max Value of QR______ with a daily limit of QR_______. For the transaction charge would be QR_____
- A.
200, 2000, 2
- B.
200, 2000, 3
- C.
200, 3000, 3
- D.
300, 2000, 2
Correct Answer
B. 200, 2000, 3Explanation
A customer can withdraw cash from his/her Vodafone money Account with a minimum value of QR100.01 and a maximum value of QR2000 with a daily limit of QR2000. For the transaction, the charge would be QR3.Rate this question:
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- 9.
A customer can have at any one time QR_______ as the maximum value in his Vodafone Money Account.
- A.
QR20000
- B.
QR15000
- C.
QR10000
- D.
QR12000
Correct Answer
A. QR20000Explanation
A customer can have at any one time QR20000 as the maximum value in his Vodafone Money Account. This means that the customer cannot have more than QR20000 in their account at any given time.Rate this question:
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- 10.
From the below list of Individual client details, Select an option from which we can capture the following; MSISDN SIM serial User key
- A.
Channels
- B.
Accessible Accounts
- C.
My beneficiaries
- D.
Device details
Correct Answer
D. Device detailsExplanation
The correct answer is "Device details" because among the given options, it is the only one that can capture information such as MSISDN (Mobile Station International Subscriber Directory Number) which is the unique identifier for a mobile phone, SIM serial which is the unique serial number of the SIM card, and User key which is a security measure for accessing the device. The other options like Channels, Accessible Accounts, and My beneficiaries do not pertain to capturing device-specific information.Rate this question:
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- 11.
TOM Customer ID in the Individual Clients. A. This field is populated automatically only when a customer performs a money transfer, for the first time, to India. B. This field is always populated automatically when a customer is registered in Fundamo.
- A.
Option A & B is True
- B.
Option A is true
- C.
Option A & B is false
- D.
Option B is true
Correct Answer
B. Option A is trueExplanation
The correct answer is Option A is true. This means that the TOM Customer ID field in the Individual Clients is populated automatically only when a customer performs a money transfer, for the first time, to India.Rate this question:
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- 12.
The customer should give the user key to the Cash Agent when he wants to load money into the account. However its optional.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because the customer is not required to give the user key to the Cash Agent when loading money into the account. It is optional for the customer to provide the user key.Rate this question:
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- 13.
Where do I find the VMT Business ID? A. Step 1: Go to View Individual Step 2: Search and enter the account of the user Step 3: Go to My Accounts Step 4: Expand Channels field Step 5: Username is displayed B. Step 1: Go to View My Accounts Step 2: Search and enter the account of the user Step 3: Go to My Accounts Step 4: Expand Channels field Step 5: Username is displayed here
- A.
Both A & B is true
- B.
A is True
- C.
B is true
- D.
None of the above
Correct Answer
B. A is TrueExplanation
The correct answer is A is True. This is because in Step 5 of both options A and B, the username is displayed. The VMT Business ID can be found by following the steps provided in option A.Rate this question:
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- 14.
What in case if the customer forgets his PIN?
- A.
Customer can visit any of the store, post validation & security check the store manager can reset the PIN.
- B.
Customer can visit any bank cash outlets and the bank manager can reset the PIN
- C.
Customer can call the call centre, post validation & security check the call centre manager can reset the PIN.
- D.
Customer can reset themselves on the handset under Vodafone Services
Correct Answer
A. Customer can visit any of the store, post validation & security check the store manager can reset the PIN.Explanation
If a customer forgets their PIN, they have the option to visit any store. After validating their identity and conducting a security check, the store manager can reset the PIN for the customer. This allows the customer to regain access to their account and continue using their services.Rate this question:
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- 15.
Customer is unable to perform a transaction to India: A. Ensure the customer is accessing the correct menu on the handset. i.e they are accessing Bank Account and not Demand Draft. B. Check the customers account in Fundamo and ensure their default account is set to active. C. Ensure the QID in the customers accounts in Fundamo hasn’t expired. D. Check the amount the customer is attempting to send and ensure the customer has enough funds in their VMT account to perform the transaction and that the amount is not higher than the limit (QAR 4000). E. If the customer is still unable to perform a transaction raise a trouble ticket to customer care back office for further investigation.
- A.
Follow all the above steps
- B.
Follow A,C,D only
- C.
Follow steps A, B, D & E only
- D.
Follow Steps B, C, D & E only
Correct Answer
A. Follow all the above stepsExplanation
The correct answer is to follow all the above steps. This means that in order to resolve the issue of the customer being unable to perform a transaction to India, all of the suggested steps should be followed. These steps include ensuring that the customer is accessing the correct menu on the handset, checking the customer's account in Fundamo and ensuring their default account is active, verifying that the QID in the customer's accounts in Fundamo hasn't expired, checking the amount the customer is attempting to send and their available funds, and raising a trouble ticket to customer care back office for further investigation if the issue persists.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 19, 2023Quiz Edited by
ProProfs Editorial Team -
Dec 31, 2011Quiz Created by
Olliepangan
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