RAPID READING EXERCISE – PART:: 09
01. Under Section 125 of the Companies Act, the filing of particulars for
getting a charge registered with Registrar of Companies for certain
transactions, is the responsibility of – borrowing
company
02.
Popular Bank receives a
cheque with account payee crossing and special crossing in favour of Model
Bank. The cashier of the Model Bank presents this cheque for cash payment to
the Popular Bank – Cheque is being
presented by a bank and hence it can be paid in cash
03. Your bank sanctioned a loan of Rs. 2.00 lakhs against the security of
national savings certificates in favour of a person called – X, who has expired
recently in a road accident – The
payment of National Savings Certificates will be obtained by the bank
04. For financing a pumpset, which of the following standards will be taken
into account ? – Bureau of Indian
Standards
05.
Model Bank issued a fixed
deposit in the name of Mr X and his wife
Mrs. Y. Mrs Y comes to the bank and
requests for premature payment to meet the expenses on treatment of Mr X
who is admitted in a hospital and cannot sign, because of a fracture in his hands
– payment can be made after verifying
the facts and after obtaining the thumb impression of Mr. X presently in the
hospital duly witnessed by the attending
doctor
06. Mr X and Mr Y are having a joint account in which they have nominated Mr
A. On the death of Mr. X, Mr A approaches the bank for payment – being nominee,
payment would be made to A and to Y and legal heirs of X
07.
Popular Bank has issued a
term deposit receipt in the name of Mr A and Mr B to be operated as former or
survivor. A approaches the bank for addition of name of Mr Y , his son and also
nominate Mr Z, his brother in law. He claims that the money belongs to him – without the consent of Mr B, addition or
nomination cannot be accepted
08.
Which of the following
cannot enter into a valid contract ? – a
minor (In the case of illiterate or
blind, if major, they can)
09.
Preservation of bank records
is mandatory under which act ? – Banking
Regulation act-1949
10.
Banks are required to submit
to RBI a statement of unclaimed deposits. What is the time period for
considering a deposit as unclaimed deposit ? – the deposit which is not operated for ten years
11. As per Central Vigilance Commission guidelines, CVC has jurisdiction
over which category of the following ? – Senior
Management Grade V and above
12.
Which of the following is
true with regard to creation of equitable mortgage ? – It can be created at centres notified by the State Government only.
13.
Who had launched RIDF scheme
? – Government of India
14. Tarapore Committee recommendations are associated with which of the
following ? – Capital Account
Convertibility
15. What is the maximum amount up to which the award can be given by the
Banking Ombudsman ? – Rs. 10.00 lakhs
16. The capacity in which the Banking Ombudsman functions in respect of
dispute among two banks is known as that of – Arbitrator
17.
A person not having a PAN
and not liable to pay income tax is required to make a declaration on which of
the following – Form No: 60
18.
Lending for a public company
is restricted as per Section 293(d) (i) – Paid
up capital and free reserves
19.
Upto what extent no
collateral security is required to be obtained by the banks, for sanction of
education loan – Rs. 7.50 lakhs
20. What is the full form of the term – O B U ? – Off-shore Banking Units
21.
Ghosh Committee is
associated with which of the following aspects of banking ?– Bank frauds, Concurrent audit system and Photograph
in deposit accounts
22.
What is the minimum maturity
period for which commercial paper can be issued ? – 7 days
23.
Section 31 of RBI act covers
which of the following aspect of financial sector ? – Restricts issue of bills of exchange payable on demand to bearer by any
person other than RBI and Central Government
24. Negotiated Dealing System relates to which of the following aspect of
financial sectors ? – Submission of bids
for participation in government securities
25.
Real Time Gross Settlement
is connected with which of the following ? – Centralised payment system being run by RBI
26. What is the full form of CIBIL ? – Credit
Information Bureau of India Limited.
27.
By an exporter, which of the
following kinds letters of credit are given preferences ? – Irrevocable without recourse confirmed.
28.
The term – FEDAI stands for
which of the following ? – Foreign
Exchange Dealers Association of India
29.
XYZ Limited, a joint stock
company has been under voluntary liquidation on the basis of resolution passed
by the shareholders of the company – Its
assets would be in possession of the Official Liquidator
30.
Mrs Lakshmi, running a
chemist shop is maintaining a current account as proprietor, in the name of M/s
Lakshmi Medicos for the last five years. She wants to nominate her minor son
aged six years to this account – If the
name of the person who would obtain payment on behalf of the minor is also
indicated, the nomination can be accepted
31.
Mr Z has been availing a
housing loan of Rs. 10.00 lakhs from your branch which has been showing some
irregularity due to irregular payment being made by the borrower. You have come
to know that he is having a current account in the name of his proprietorship
firm at another branch of the bank in another town – bank can exercise right of set off
32.
A private limited
company-ABC Private Limited wants to open a current account with your branch.
Which of the following are not required to be obtained from the company ? – Introduction as required under KYC
guidelines
33. FCNR (B) – Foreign Currency Non
Resident (Bank) accounts
34.
SARFAESI – Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002
35.
A power of attorney holder
of a locker holder approaches for surrender of the locker – As per the power of attorney, he has the powers to operate the locker only and not to
terminate the contract
36.
Cheque signed by the agent,
who has expired, is presented for payment – Payment would be made
37.
Willful loan defaulter – Report to be sent to CIBIL for the loan
accounts of Rs. 25.00 lakhs and above
38.
Willful loan defaulter – Report to be sent to RBI for loan accounts
of Rs. 25.00 lakhs and above
39.
Vehicle financed to
partnership firm. How registration would be done ? – In the name of the firm with the name of the bank as hypothecatee
40.
Protection in case of
material alteration available to the bank – Under section 89 of Negotiable Instruments act
41.
Which act defines mortgage ?
– Transfer of property act-1882
42. Right of set-off is available to the bank due to – Contractual binding
43. When a cheque is endorsed in blank – effect is that it becomes payable to the bearer
44.
In a joint account of A and
B, if B expires, payment to be made to –
A and legal heirs of B, if survivorship clause is not there
45.
A cheque crossed not
negotiable – It can be transferred but
no one can become holder in due course for such cheque
46.
Executor of a will or
administrator would sign the bank account opening form as – X, the executor/administrator for the
deceased A
47.
Protection to collecting
bank for a cheque is available – Under
section 131 of Negotiable Instruments Act
48.
Illiterate wants to give
mandate to someone to operate the account – It can be permitted with properly witnessed mandate
49.
In a HUF, whether Karta can
appoint agent ? – Yes, he has the absolute authority for conducting the affairs
of the HUF business
50. Stop payment instruction received from a Coparcener for a cheque issued
by the Karta – Bank will not accept
51.
Cheques received in clearing
for payment from an account – Garnishee
order will be applicable on the amount of cheque, if returning time is still
available
52.
Usance bill of exchange –
Time available to drawee for acceptance – 48
hours after presentment
53.
Overseas Banking Unit branch
for the limited purpose is treated as– a foreign branch of the bank
54.
RIDF is operationalised by –
NABARD
55.
Committee associated with
computerization and mechanization – Rangarajan
committee
56.
Maximum Limit for General
Credit Card – basic limit of Rs.
25000.00
57. Credit Guarantee Fund – Maximum cover amount – Rs. 18.75 lakhs
58.
Special Crossing – Payment
can be made to the bank in whose favour the crossing is – if the endorsements are in
favour of two banks, payment to the bank functioning as agent
59.
FAS stands for – Free Alongside Ship (an Inco Term)
60.
Crystalisation of liability
of importer within – 10 days
61.
Sale and purchase of
securities on behalf of a customer – Relationship – bank agent
62.
Priority of charge in case
of a company, when registered on the same date – The bank whose documents have been signed first
63.
Stop payment instruction
given by the latter (2nd named) in case of former/survivor account –
bank would not accept
64.
Power of attorney or mandate
in favour of a minor for locker operation – will be permitted
65. Admission of new partner in a partnership firm – consent of all partners required
66. Guarantee has been defined in – Indian
Contract Act-1872
67. Nomination provisions have been provided in – Banking Regulation act
68. Committee on Monetary Aggregates – Y
B Reddy
69. Minor aged 15 years presents a cheque for payment – Payment can be
allowed by obtaining signatures on the backside of the instrument – No endorsement is needed
70.
Nostro Account – An account of a bank branch in India with
the branch of a foreign bank outside India
71. Priority Sector advances target for foreign banks – 32% of Net bank credit
72. Range of SLR is between 25-40% as per Banking Regulation act
73.
Who fixes the agriculture
produce support price ? – Recommended by
Bureau of Agriculture costs and prices
74. Poverty line is based on nutritional
requirement
75. In case of nomination case, no person other than the nominee to be
entertained as per Section 45ZB of Banking Regulation act, unless there is a court order
76. RBI rating is based on CAMELS rating system under banking supervison
77.
Fixed deposit prepared to
give security for the bank guarantee – Not
available as security for any other loan
78.
Tier I and Tier II are parts
of Capital Fund under capital adequacy guidelines. Tier II cannot be more than Tier I
79.
In case of company accounts,
company is a legal person, whose
bonafides are already certified by ROC, while issuing certificate of
incorporation
80.
Company’s incorporation is
legally complete, with issue of Certificate of Incorporation. But public limited company cannot commence
business in the absence of certificate of commencement of business
81. System of SDF (Sugar Development fund) is controlled by the Ministry of Agriculture
82.
Bank gets no protection for
a forged cheque – but for forged
endorsement, paying bank is liable
83.
Where endorsements are
irregular, bank does not get any
protection
84.
Period allowed for opening
of an account – 15 to 20 minutes
85.
What is a garnishee order ?
– an attachment order of a competent
court on judgment debtor’s debtor (in case of bank deposits, the bank)
86.
Cheque issued by a
company/firm as “yourself”. Received with an endorsement to issue a bank draft
– bank draft will be issued if
endorsement is signed by the authorized person
87.
Current account in the name
of a minor – can be opened but precautions will have to be taken – Section 85
(2) of Negotiable Instruments Act – provides
protection to paying banker in case of endorsement on a bearer cheque
88.
Amount of Fixed deposit
where maturity proceeds can be paid in cash – not to exceed Rs. 20000.00
89.
DICGC insurance cover for
deposit – Rs. 1.00 lakhs per depositor
of the bank
90.
Is nomination in a HUF
account is permitted ? – No
91. Is nomination in Proprietorship firm’s account permitted ? – Yes
92. PAN quoting – mandatory for preparation of draft by deposit of cash – Rs. 50000.00
93.
Cheque issued in favour of
company – Endorsed by the company in favour of a director – Not to be collected for the personal
account of the director
94.
In a trust account on the
death of anyone of the trustees – new
authority required
95. Sans recourse endorsement – where
endorser reduces his liability by express words
96.
Special Crossing favouring
two banks – Cheque can be paid only if
one of them is an agent and payment to be made to the agent bank
97.
MICR is called Magnetic Ink Character Recognition
98. Order Nisi – 1st stage
in garnishee order- provisional
attachment of account
99.
Protection to collecting
bank for draft – Section 131 A of
Negotiable Instruments Act
100. Bill of Exchange has been defined where ? – Section
5 of Negotiable Instruments Act
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