BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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BHIM framework allows its usage without internet also.
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Money can also be sent to non-UPI supported banks using IFSC code and account number.
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BHIM allows daily transaction limit of Rs 20, 000.
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Through BHIM app, a maximum of Rs 5, 000 is allowed per transaction.
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Detailed explanation-1: -Q. Which of the following is not true about Bharat Interface for Money (BHIM) app? Answer: [D] Through BHIM app, a maximum of Rs 5, 000 is allowed per transaction.
Detailed explanation-2: -Detailed Solution. The correct answer is None of the above is incorrect. Bharat Interface for Money (BHIM) is a payment app that lets you make simple, easy and quick transactions using Unified Payments Interface (UPI). It allows transfer of money from one bank account to another instantly via one’s mobile phone.
Detailed explanation-3: -Money once sent through BHIM cannot be reversed. Is there a limit to the amount of money that can be sent using BHIM? A user can send up to Rs 100, 000 per transaction and a maximum of Rs 100, 000 per day for one bank account. This limit is available per bank account linked on BHIM.
Detailed explanation-4: -Explanation: BHIM is a biometric payment system app using Aadhar platform, and is based on Unified Payment Interface (UPI) to facilitate e-payments directly through bank.
Detailed explanation-5: -Through BHIM App, one can’t pay more than Rs. 20, 000 in a transaction. So if one wants to pay more than Rs. 20, 000, one has to pay twice.