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UPSC 2018 › Indian Economy › Digital Payments & Financial Inclusion

2 questions · 2018 · answers as per the UPSC key

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All years of Digital Payments & Financial Inclusion · Full UPSC 2018 paper
UPSC 2018 · Q6 · Indian Economy › Digital Payments & Financial Inclusion · Save

Which one of the following best describes the term "Merchant Discount Rate" sometimes seen in news ?

(a) The incentive given by a bank to a merchant for accepting payments through debit cards pertaining to that bank.
(b) The amount paid back by banks to their customers when they use debit cards for financial transactions for purchasing goods or services.
(c) The charge to a merchant by a bank for accepting payments from his customers through the bank's debit cards.
(d) The incentive given by the Government to merchants for promoting digital payments by their customers through Point of Sale (PoS) machines and debit cards.
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Answer: (c) The charge to a merchant by a bank for accepting payments from his customers through the bank's debit cards.
UPSC 2018 · Q15 · Indian Economy › Digital Payments & Financial Inclusion · Save

Which one of the following links all the ATMs in India ?

(a) Indian Banks' Association
(b) National Securities Depository Limited
(c) National Payments Corporation of India
(d) Reserve Bank of India
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Answer: (c) National Payments Corporation of India