technology medium mcq

Which technology enables instant verification of bank account details using account number and IFSC?

  1. Penny Drop
  2. NEFT Validation
  3. RTGS Check
  4. IMPS Confirm

Answer: Penny Drop

Penny Drop verification sends ₹1 to a bank account using account number and IFSC; successful credit confirms account validity and name match. Used for KYC, onboarding, and fraud prevention in fintech. Automated via NPCI's APIs. Faster and more reliable than manual document verification, enhancing user experience and compliance.

Topic Fintech Innovations
Exam Relevance Banking, SSC, Railway

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