A white label ATM in India is set up and operated by whom?

The correct answer is C, BHIM. The Bharat Interface for Money application was released in December 2016 by the National Payments Corporation of India so that payments over the Unified Payments Interface, launched earlier that year, could be made from any smartphone with a bank account linked to it. The app is named after Dr B. R. Ambedkar and works through a virtual payment address and a UPI PIN. Options A, B and D are wrong because NAKUL, GANDIV and JANAK are not payment applications at all; they are names drawn from the epics and are placed in the options only as distractors. In questions of this kind the safe method is to remember that the National Payments Corporation of India runs RuPay, IMPS, UPI, BHIM, AePS and FASTag.

The correct answer is D, State Bank of India. YONO, which stands for You Only Need One, was launched by the State Bank of India as a single application for banking, investment, insurance and online shopping, and it also allows cash withdrawal at the bank's machines without a card. Option A is wrong because HDFC Bank offers its own mobile banking and payment applications under different names. Option B is wrong because Punjab National Bank runs its own digital platform and is not connected with YONO. Option C is wrong because ICICI Bank has its own application as well. Questions on bank applications are answered by holding the app and the bank together as a pair, exactly as the folk forms are held with their states in another subject.

The correct answer is B, the National Payments Corporation of India. UPI was launched in 2016 and allows a payment from one bank account to another through a mobile application, using a virtual payment address instead of the account number and a UPI PIN for authentication. Option A is wrong because the Reserve Bank of India regulates payment systems and itself operates NEFT and RTGS, but not UPI. Option C is wrong because the Indian Banks' Association is one of the promoters of the National Payments Corporation of India but does not run the system. Option D is wrong because the State Bank of India is a member bank, like every other bank on the network. Remember the division: the central bank runs NEFT and RTGS, the corporation runs the retail systems.

The correct answer is B, the National Payments Corporation of India. RuPay was launched as an Indian card network so that domestic card payments would be settled within the country instead of through foreign networks, and its cards are issued by banks for savings accounts and under government schemes. Option A is wrong because the Reserve Bank of India is the regulator of the payment system and the promoter of the corporation, but the network itself is not its product. Option C is wrong because the Securities and Exchange Board of India regulates the securities market and has no role in card payments. Option D is wrong because the Ministry of Finance frames policy but does not operate a card network. The name is a combination of rupee and payment.

The correct answer is B, automated teller machine. The machine does the work of a teller at the counter, giving cash, accepting deposits, printing statements and taking requests, and it works at any hour without a member of the staff. Option A is wrong because automatic transfer machine is not the expansion, although transfers can be made at some machines. Option C is wrong because any time money is only a popular description used in advertisements and not the technical expansion of the letters. Option D is wrong because account transaction module is not a term in use. Full forms are asked very often in banking papers, so the exact words matter: the letter T stands for teller, the human cashier whose work the machine took over.