Based on the recommendations of which Committee was the creation of a separate category for NBFCs operating in the microfinance sector (NBFC-MFI) done?

The correct answer is A, Muhammad Yunus. Muhammad Yunus, an economist from Bangladesh, founded Grameen Bank. He grew it out of a lending experiment begun in the village of Jobra in 1976, and the bank was given formal status by law in 1983. It lends small sums without collateral, mostly to poor rural women organised in small groups whose members stand behind one another's repayment, and this model of microcredit has since been copied across Asia, Africa and Latin America. Yunus and the bank shared the Nobel Peace Prize in 2006 for creating economic and social development from below. B is wrong because Abdullah Abu Sayeed is a Bangladeshi writer and educationist. C is wrong because Anu Muhammad is an economist known for his writing on development, not the bank's founder. D is wrong because Atiur Rahman served as Governor of Bangladesh Bank. Exam tip: Muhammad Yunus, Grameen Bank of Bangladesh, microcredit, Nobel Peace Prize 2006.

The correct answer is A, the Electronic Clearing Service. NACH is the bulk payment system for many credits or debits at once, such as salary, pension, dividend, subsidy and direct benefit transfer on the credit side and loan instalments, insurance premiums and utility bills on the debit side, and it took over the work of the older ECS with a single national presentation. Option B is wrong because RTGS is a large value real time system operated by the Reserve Bank and still very much in use. Option C is wrong because the Cheque Truncation System clears cheques from their images and is a separate NPCI system, not something NACH replaced. Option D is wrong because the National Financial Switch is the ATM network NPCI took over in 2009. The mandate based e-mandate facility is part of NACH.

The correct answer is B, radio frequency identification. A FASTag is an RFID sticker on the windscreen which a reader at the toll plaza identifies from a distance, so the toll is debited from the linked account or wallet without the vehicle stopping; the programme is run by NPCI as National Electronic Toll Collection. Option A is wrong because near field communication works only over a few centimetres and is used in contactless cards and phone payments, not at a moving vehicle. Option C is wrong because the global positioning system fixes a location by satellite and is used in tracking and navigation, and a satellite based tolling idea is a separate and later proposal. Option D is wrong because Bluetooth pairing is unsuited to fast identification of passing vehicles. Tie FASTag to RFID and to the letters NETC.

The correct answer is C, the Payment and Settlement Systems Act, 2007. Under this Act no person may commence or operate a payment system in India without authorisation from the Reserve Bank, and it created the Board for Regulation and Supervision of Payment and Settlement Systems within the RBI. Option A is wrong because the Banking Regulation Act of 1949 governs the licensing and working of banks as banks, not payment systems as such. Option B is wrong because the Negotiable Instruments Act of 1881 deals with cheques, bills of exchange and promissory notes, including the offence of dishonour. Option D is wrong because the RBI Act of 1934 constituted the central bank and covers currency issue and monetary matters. Questions pair the year 2007 with the system operators authorised under it, such as NPCI.

The correct answer is A, Dr B. R. Ambedkar. BHIM stands for Bharat Interface for Money, and the acronym was chosen in honour of Dr Bhimrao Ramji Ambedkar, the chairman of the drafting committee of the Constitution and a trained economist. Option B is wrong because Bhimsen Joshi was a Hindustani classical vocalist and a Bharat Ratna, honoured in music rather than in payments. Option C is wrong because the app is not named after the Mahabharata character, though the name is often assumed to be mythological. Option D is wrong because no such person is connected with the launch; the option exists only to look plausible. Along with the name, remember that BHIM is only one UPI app and any bank app can pay a BHIM user, because UPI is interoperable by design.