01.
Signatures of the bank
accountholders obtained in nominations forms DA1; DA2; DA3 need not be attested by witnesses.
02.
In terms of banking companies (nomination)
rules, 1985, the thumb impression of the accountholder obtained on nomination
forms DA1, DA2, DA3 are required to be
attested by two witnesses.
03.
Nomination facility is
available for joint deposit accounts
also with or without either or survivor mandates opened by customers
04.
The term Banking is defined
in – Banking Regulation act, 1949
05.
Reserve Bank of India is
called as the regulator for the
commercial banks in the country
06.
A right of general lien is
available to bankers, policy brokers,
wharfingers, attorney of court.
07.
A garnishee order is issued
at the instance of – judgment creditor
08.
A power of attorney refers
to – an authority to act on behalf of
another person
09.
A negotiable instrument
payable to order is negotiated by
endorsement and delivery
10.
A post dated cheque affects
the risks of the – paying banker
11.
DRT act was passed in the
parliament for establishment of tribunal in order to effect expeditious recovery of debts due to banks and financial
institutions.
12.
A crossing of a cheque means
– two transverse parallel lines on a
cheque
13.
Converting a cheque from
order to bearer – is considered to be
the material alteration in the cheque
14.
As per section 138 of
Negotiable Instruments act, 1881, the payee of a cheque may initiate criminal
action when the cheque is returned for the reasons – insufficient funds.
15.
Demand draft is – an order
to pay money drawn by a bank upon itself or upon another bank to pay a certain sum of money either to or
to the order of a specified person.
16.
While collecting a
cheque/bill etc., for a customer the bank acts as an – agent of the customer
17.
The monetary jurisdiction of
the debt recovery tribunal is – Rs. 10
lakhs and above
18.
Charging a security means – making the security available as a cover
for an advance in the case of default by the borrower
19.
A mortgage means – transfer
of an interest in specific immovable property for the purpose of securing a loan
20.
In case of equitable
mortgage – no mortgage deed is required
to be executed
21.
The liability of the
guarantor is – co extensive with that of
a principal debtor
22.
When the bank grants
overdraft facilities to a customer but account is in credit balance, the banker
is – debtor of the customer
23.
Right of set off of a banker
refers to – setting of amount due from
the customer on the dues from some other customer.
24.
Legal proceedings – would initiate in cases where the debtor is
unwilling to pay or refuses to pay the overdue debt.
25.
Nomination in respect of
bank’s deposit accounts – does not
affect the right of claim
26.
Inchoate instrument is one –
which is incomplete as to its date,
amount or name of the payee
27.
Once a draft is issued – it is open to the purchaser to get the
draft cancelled before it is delivered to the payee
28.
The role functions and tasks
of the recovery agents will be generally mentioned in the – debt recovery agreement with the bank
29.
The securitization and
reconstruction of finance assets and enforcement of banking security interest
act – SARFAESI act – allowed the banks to take possession of the assets of
defaulting borrowers and charged to the bank – without the legal process
30.
A mortgage involves – transfer of interest
31.
Term deposits cannot be
transferred to – third parties
32.
Salaried employees, people
belonging to lower economic strata, government departments, government owned
companies and regulatory and statutory
bodies are called as low risk customers or level I customers
33.
High net worth customers,
nonresident customers and blind and pardanishin are called as medium risk customers or level 2 customers
34.
Trusts, charities, NGOs,
companies having close family share holding or beneficial ownership, firms with
sleeping partners, accounts under
foreign contribution act are called as high risk customers or level 3 customers
35.
Politically exposed persons
of foreign origin, those with dubious reputation as per public information
available, accounts of non face to face customers, high net worth non residents accounts and bullion dealers are called as
high risk customers or level 3 customers.
36.
Periodical updation of
customer data has to be done by obtaining latest photograph and address proof as per KYC guidelines
37.
Periodical updation KYC– once in five years for low risk customers
38.
Periodical updation – once in two years in the case of medium and
high risk customers
39.
Periodical updation has to
be done on quarterly basis in April,
July, October and January.
40.
Trusts, NGOs, charities and
organizations receiving foreign funding are
to be treated as high risk customers.
41. Savings bank deposit is called as the “mother of deposits”
42.
Savings bank accounts should not be opened for government
departments, bodies depending on budgetary allocation for performance of the
functions
43.
Minimum balance is waived
while opening the account in the case of NRIs, students, pensioners drawing
pensions through the bank, employees of our bank, ex employees of the bank who are eligible for preferential rate of
interest and canara super salary savings account.
44.
The unique identification
number project of Government of India headed by Nandan Nilekeni is called as – aadhar
45.
Right of set off is
applicable in the case of two or more accounts having debit and credit balance in same or different branches
46.
Right of set off can be
exercised if there is a relationship of debtor and creditor, creditor and
debtor simultaneously, in the same name
and capacity
47.
Right of set off cannot be
exercised when garnishee or order or
attachment order has been served
48.
The status of nominee – is the trustee for legal heirs
49.
Nomination can be for
individual accounts an proprietorship accounts only and not for partnership accounts, companies, trusts, societies or hindu undivided
family
50.
Nomination can be in favour
of individuals only and he can be resident nonresident, minor even or insolvent person.
51.
A minor can be a nominee;
however, he cannot appoint a nominee
52.
In the case of either or
survivor account, anyone can operate the account till both are alive and after
death of either of them, the bank can
pay the balance to the survivor without any formality
53.
In the case of accounts
payable jointly, when both are alive, if one or the two expires, the bank would pay the balance to survivor
along with the legal heirs of the deceased person.
54.
According section 183 of
Indian contract act, a minor cannot appoint an agent; he cannot delegate powers to others and a minor can be appointed as an
agent and bind his principal
55.
The cheque which contains
the extract mirror image of a paper cheque with the use of digital signatures is called as electronic cheque
56.
When it comes to endorsement
by minor, a minor can endorse under section 26 of negotiable instruments act, but he will not be liable as endorser
57.
According to section 85A of
NI act, the demand draft is an order to pay money, drawn by one office of the
bank upon another office of the same bank for
a sum of money payable to order on demand.
58.
The instruments which have
been legally recognized as negotiable instruments as per customs and usages of
the trade are – pay orders, banker’s
cheques, government promissory notes, certificate of deposits, commercial
paper, treasury bills, hundi, bill of lading, railway receipts, dock warrants,
warehouse receipts (wharfinger certificates) delivery orders, GRs issued by
transport operators approved by Indian Banks Association, Lorry receipts
approved by Indian Banks Association
59.
Airway bill is neither a
document to title to goods nor recognized
as negotiable instruments
60.
In the case of promissory
notes payable in instalments, on default in payment in one instalment, entire amount becomes payable
61.
In the case of safe deposit
lockers, the bank is called as the
lessor and the customer is called as the lessee
62.
In the case of locker hired
jointly with joint operations and nomination, if any hirer dies, the access will be given jointly to
survivor and nominee
63.
Cases upto Rs. 20 lakhs can
be entertained in Lok adalats and above Rs.
20 lakhs to be referred to DRT Loak adalat
64.
Lok adalat was created under
legal service authority act, 1987
65.
No appeal against the
decisions taken by Lok adalat as the
decree is the consent decree
66.
Banks can call Lok Adalat with application to high court
67.
Savings deposit is called as
the mother of all deposits
68.
Joint accounts can be opened
for savings bank accounts with maximum
of four persons
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