80 Questions
What do commercial banks collect from the general public?
Deposits
What is the main objective of commercial banks in Bangladesh?
To mobilize capital to productive fields
Why is it necessary for bank employees to keep themselves updated with new skills and knowledge?
To respond to changing banking and finance landscape
What is the role of the General Banking department in a financial institution?
To link with all other departments
What do banks provide to depositors?
Security and interest on deposits
Why is it important to focus on general banking in the banking industry?
Because it holds the major part of overall banking activities
What is the challenge faced by commercial banks in Bangladesh?
Increasing competition
What is the result of the rapidly changing world of banking and finance?
Bank employees need to update their skills
Why is customer service in banking under pressure?
Owing to the failure to handle the soaring demands and expectations of the customers
What is the main importance of customer service in banking?
To keep customers coming back
What is involved in customer service in banking?
Responding to customers, addressing questions and complaints in a thorough and timely manner
Who is dependent on whom in the banking industry?
The banker is dependent on the customer
Why do banks continually strive for improvements in customer service?
Because they have a wide variety of competitors for business
What is an example of a technique used to improve customer service?
Taking customer surveys
What is the relationship between customer service and the profitability of a bank?
Customer service is a priority objective of a bank along with its profitability
Who should have direct involvement with customer service quality?
The Managing Authority of each bank/FI
What is the purpose of a letter of probate?
To confirm the validity of a will
Who is responsible for looking after a deceased's property when there is no will?
Administrator appointed by the court
What is the role of a personal representative?
To realize the assets and pay off debts of the deceased
What is the difference between an executor and an administrator?
An executor is appointed by the will, while an administrator is appointed by the court
What is the purpose of a tenant's copy of the tenancy agreement?
To be attested by the President/Executive Director of the educational institution
What document must an executor obtain from the court?
Letter of probate
Who signs the account opening form and specimen signature card when opening an account as an executor or administrator?
The executor or administrator themselves
What is the primary responsibility of an executor or administrator?
To realize the assets and pay off debts of the deceased
Who is the person who draws a bill?
Drawer
What is a cheque typically drawn on?
A specified banker
What is a characteristic of a cheque?
It is a negotiable instrument that can pass from one hand to another easily
Why is a cheque considered a safe method of payment?
Because the transfer cost is low and the possibility of loss is minimum
What documents are required to open a bank account?
Account Opening Form, Specimen Signature Card, and Mandate
What is a material alteration in relation to a cheque?
Alteration of the date or sum
What is the main objective of KYC standards in banking?
To reduce reputational risk and protect the integrity of the banking system
Who is the person to whom the amount is payable?
Payee
What is the drawee also known as?
Acceptor
What is the purpose of KYC procedures in banking?
To accumulate complete and accurate information about customers
What is a bill of exchange that is not expressed to be payable otherwise than on demand?
Cheque
Why is it essential to verify the identity of a prospective customer?
To reduce the risk of terrorist financing and other unlawful activities
What is the process of verifying a customer's identity?
A cumulative process
What is the importance of obtaining identification documents from customers?
To obtain difficult-to-obtain documents
What is the role of KYC policies and procedures in banks?
To reduce reputational risk and protect the integrity of the banking system
What is the goal of an effective KYC program in banks?
To reduce the risk of money laundering and terrorist financing
What is the primary challenge faced by banks in ensuring their sustainability in the financial industry?
Managing fraudulent activities and malpractices
What is the main objective of implementing stringent compliance requirements in banking?
To prevent fraudulent activities and malpractices
Why are banks perceived to be more fragile than non-financial organizations?
Due to their vulnerability to fraudulent activities
What is the main reason for legislative measures in banking?
To handle the challenges of malpractices and frauds
What is the main focus of general banking in the banking industry?
To prevent fraudulent activities and malpractices
Why are malpractices particularly detrimental to banks?
Because they can undermine the bank's stability
What is the main challenge in general banking?
Fraud and malpractices
What is the primary importance of adequate attention to associated risks in general banking?
To prevent fraudulent activities and malpractices
What is the primary purpose of deposit mobilization in banking?
To attract deposits from various customer groups
What is the significance of customer due diligence in banking?
To verify the identity of a prospective customer
What is the main source of funds for banks?
Deposits from retail and corporate customers
What is the primary objective of banks in diversifying their sources of funds?
To reduce dependence on funds from other banks
What is the purpose of introducing several deposit schemes by banks?
To attract deposits from various customer groups
What is the role of a banker in a banking relationship?
To maintain a contractual relationship with customers
What is the significance of customer complaint management in banking?
To resolve customer complaints and improve customer service
What is the purpose of a bank's management in diversifying its sources of funds?
To reduce dependence on funds from other banks
What is the main objective of forming a separate framework for customer services and complaint management in banks?
To improve the quality of customer services
At what level will the Central Customer Service & Complaints Management Cell (CCS & CMC) be constituted?
Head office level
Who will be responsible for supervising the Central Customer Service & Complaints Management Cell (CCS & CMC)?
All of the above
What is the primary function of the Branch Level Customer Service & Complaints Management Desk (BLCS & CMD)?
To deal with all the complaints directly received from the customers
Who will be the personnel of the Central Customer Service & Complaints Management Cell (CCS & CMC)?
Dignitaries with adequate power to settle disputes
What will be the main responsibility of the personnel of the Central Customer Service & Complaints Management Cell (CCS & CMC)?
To settle disputes with due diligence
What is the main difference between the existing complaint cells and the Central Customer Service & Complaints Management Cell (CCS & CMC)?
The CCS & CMC will be exclusively for dealing with complaints and customer service related matters
What will be the criteria for determining the number of personnel of the Central Customer Service & Complaints Management Cell (CCS & CMC)?
The decision of the Managing Authority of the bank
What is the minimum duration of time between deposit and payment of first dividend/interest?
30(Thirty) days
What is the interest rate charged on lending against lien of FDR account?
3% above
What is the nature of Fixed Deposit Receipt (FDR)?
100% Time Deposit
What is the minimum amount for which permission is required from EVP, Treasury Division, HO, for corporate deposit?
tk. 1,00,00,000
Who can be a target group for corporate deposit?
Any individual person, businessman, firm, Limited Companies, Local Bodies, Corporation, Corporate bodies etc.
What is the mode of payment of first dividend/interest?
Encashment may be made by PO, DD or transferring to Account.
What happens in case of premature encashment before 1 year?
Depositor will not be entitled to get monthly dividend
What is the tenor of Fixed Deposit Receipt (FDR)?
1 month, 3 months, 06 months, 12 Month, 2 Year, 3 Year
When a company is the judgment-debtor, what is the limitation of an order attaching the accounts of the liquidator?
The money belongs to the liquidator but not to the company
What happens when a garnishee order does not name the customer correctly or with sufficient accuracy?
The bank is not responsible for passing cheques till the order is amended
What is the condition for attaching a customer's account with a credit balance?
The net result is in credit
What is the bank's right when a customer has multiple accounts with different balances?
The right to set-off
What is the limitation of the bank's right of set-off?
The bank cannot appropriate the credit balance towards the contingent liabilities
What is the effect of a garnishee order on a credit balance in a loan account?
The credit balance cannot be adjusted
What is the result when a customer has multiple accounts with different balances and a garnishee order is served?
The bank attaches the net result of all accounts
What is the bank's responsibility when a garnishee order is served and the customer has multiple accounts?
The bank has to combine all accounts and attach the net result
This quiz covers the role of commercial banks in Bangladesh's economy, their increasing competition, and their services to the public and organizations.
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