Banking & Finance MCQs

The RBI's focus was on the global expansion of UPI and RuPay cards by linking India's Fast Payment System (UPI) with systems of other countries like Singapore, UAE, and Mauritius.

The RBI focused on expanding the pilot of the Central Bank Digital Currency (CBDC) or e-Rupee by introducing features like programmability and offline payments.

The GNPA ratio of the banking system declined to a multi-year low of 2.8% by the end of March 2024, reflecting improved asset quality.

The RBI decided to increase and maintain the Contingency Risk Buffer (CRB) at 6.50% for FY24, up from 6.00% in the previous year, to strengthen the balance sheet.

The RBI Board approved a record surplus transfer of ₹2,10,874 crore to the Central Government for the financial year 2023-24.

The RBI Annual Report for FY24 highlighted that the Indian economy grew at a robust pace of 8.2% in 2023-24, up from 7.0% in the previous year.

The framework applies to all Regulated Entities (REs) such as commercial banks, cooperative banks, and NBFCs that engage in digital lending.

The KFS is a standardized document that provides the borrower with all essential information, including the Annual Percentage Rate (APR), to ensure transparency.

RBI guidelines mandate that all loan repayments must be executed directly between the borrower's bank account and the Regulated Entity's (bank/NBFC) account.

The Governor of the Reserve Bank of India serves as the ex-officio Chairperson of the Monetary Policy Committee.