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Banking & Financial AwarenessEasyAsked in: RRB NTPC · 11 Mar 2021, Shift 1

Which of the following bank launched 'YONO Cash Point', a cardless ATM service?

  1. A.Citi Bank
  2. B.UBS
  3. C.SBI
  4. D.HDFC

Correct answer

C. SBI

Explanation

The correct answer is C, SBI. YONO, short for You Only Need One, is the State Bank of India's digital banking app, launched in November 2017. Its YONO Cash feature lets a customer start a withdrawal on the phone, get a six-digit reference number, and then collect the cash from an ATM, a branch counter or a shop point by entering that number with a PIN, so no debit card is needed. YONO Cash Point extended the same cardless service to retail outlets, which helps in small towns where ATMs are few. Option A is wrong because Citi Bank's Indian retail business was later sold to Axis Bank and it ran no YONO service. Option B is wrong because UBS is a Swiss investment bank with no retail ATM network in India. Option D is wrong because HDFC Bank's own apps are PayZapp and MobileBanking, not YONO. Exam tip: YONO belongs to SBI; iMobile is ICICI, PayZapp is HDFC and BHIM is the NPCI app.

Practice Questions

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Q2.Banking & Financial AwarenessAsked in: CDS · CDS-I 2018, GKHard

Which of the following statements about the India Post Payments Bank (IPPB) is/are correct? 1. It has been incorporated as a Public Limited Company. 2. It started its operation by establishing two pilot branches at Hyderabad and Varanasi. Select the correct answer using the code given below.

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
Show answer
Correct answer: A. 1 only

IPPB was incorporated as a public limited company, but its two pilot branches opened at Raipur and Ranchi, not at Hyderabad and Varanasi.

Q3.Banking & Financial AwarenessAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IEasy

Consider the following statements : 1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country. 2. NPCI has launched RuPay, a card payment scheme. Which of the statements given above is/are correct ?

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
Show answer
Correct answer: C. Both 1 and 2

The National Payments Corporation of India was set up in 2008 as the umbrella body for retail payments in the country, on the initiative of the Reserve Bank of India and the Indian Banks' Association, under the Payment and Settlement Systems Act, 2007.

Q4.Banking & Financial AwarenessAsked in: UPSC Civil Services · CSE Prelims 2026, GS Paper IHard

Consider the following statements about the Non-Banking Financial Companies (NBFCs) in India : 1. NBFCs cannot accept demand deposits. 2. All the NBFCs operating in India have to be registered with the RBI. 3. NBFCs form part of the payment and settlement system and can issue cheque drawn on itself. 4. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation (DICGC) is not available to the depositors of deposit taking NBFCs. Which of the statements given above is/are correct ?

  1. A.1 and 4
  2. B.1, 2 and 3
  3. C.4 only
  4. D.2, 3 and 4
Show answer
Correct answer: A. 1 and 4

These are two of the three ways the RBI itself says an NBFC differs from a bank. An NBFC lends and invests like a bank, but it cannot accept demand deposits such as savings or current accounts, so statement 1 is correct.