Podcast
Questions and Answers
What is the main function of recovery agents appointed by banks?
What is the main function of recovery agents appointed by banks?
- To manage customer complaints
- To provide retail loans
- To recover retail loans (correct)
- To conduct audits for the bank
What process must banks have in place before engaging recovery agents?
What process must banks have in place before engaging recovery agents?
- Sales promotion process
- Customer service process
- Due diligence process (correct)
- Credit assessment process
What verification is required for the recovery agents' employees?
What verification is required for the recovery agents' employees?
- Employment history verification only
- Police verification only
- Verification of antecedents including police verification (correct)
- Educational verification only
What should banks ensure about the recovery agents' behavior during the debt collection process?
What should banks ensure about the recovery agents' behavior during the debt collection process?
According to the Reserve Bank of India, what should banks avoid including in the recovery agents' contracts?
According to the Reserve Bank of India, what should banks avoid including in the recovery agents' contracts?
What is made mandatory for the training of recovery agents?
What is made mandatory for the training of recovery agents?
What entities are involved in the process of transferring funds via wire transfer?
What entities are involved in the process of transferring funds via wire transfer?
What is the main purpose of Money Transfer Services Scheme (MTSS)?
What is the main purpose of Money Transfer Services Scheme (MTSS)?
Under MTSS, who are the individuals involved in the remittance process?
Under MTSS, who are the individuals involved in the remittance process?
What types of personal remittances are permissible under MTSS?
What types of personal remittances are permissible under MTSS?
What is the role of Indian Agents under MTSS?
What is the role of Indian Agents under MTSS?
What is not permissible under Money Transfer Services Scheme (MTSS)?
What is not permissible under Money Transfer Services Scheme (MTSS)?
What is the main objective of electronic clearing services?
What is the main objective of electronic clearing services?
Under which category are transactions of repetitive and periodic nature covered?
Under which category are transactions of repetitive and periodic nature covered?
What is the minimum number of transactions required per user institution in electronic clearing services?
What is the minimum number of transactions required per user institution in electronic clearing services?
What is the maximum value allowed for any single item in a day at the center under electronic clearing services?
What is the maximum value allowed for any single item in a day at the center under electronic clearing services?
In ECS outward (debit), what triggers the large number of debits?
In ECS outward (debit), what triggers the large number of debits?
What is the main benefit of electronic clearing services in terms of administration?
What is the main benefit of electronic clearing services in terms of administration?
What is the objective of NECS?
What is the objective of NECS?
Where does NECS operate from?
Where does NECS operate from?
What does NECS (debits) facilitate?
What does NECS (debits) facilitate?
Which institutions are mentioned in the text as users of the ECS debit scheme?
Which institutions are mentioned in the text as users of the ECS debit scheme?
What is the responsibility of the clearing house mentioned in the text?
What is the responsibility of the clearing house mentioned in the text?
What type of banks can participate in NECS according to the text?
What type of banks can participate in NECS according to the text?
What is the main purpose of National Electronic Funds Transfer (NEFT)?
What is the main purpose of National Electronic Funds Transfer (NEFT)?
In which city does the centralized accounting system for NEFT operate?
In which city does the centralized accounting system for NEFT operate?
What code is used to identify the bank's branches in India in the NEFT system?
What code is used to identify the bank's branches in India in the NEFT system?
Which statement about NEFT is NOT true?
Which statement about NEFT is NOT true?
What is the value limit for individual transactions in the NEFT system?
What is the value limit for individual transactions in the NEFT system?
How does NEFT process remittance messages received from RBI?
How does NEFT process remittance messages received from RBI?
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