GB Mixed-1
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Questions and Answers

What do commercial banks collect from the general public?

  • Investments
  • Taxes
  • Deposits (correct)
  • Loans

    • What is the main objective of commercial banks in Bangladesh?

  • To issue credit cards
  • To provide loans to entrepreneurs
  • To mobilize capital to productive fields (correct)
  • To facilitate international trade

    • Why is it necessary for bank employees to keep themselves updated with new skills and knowledge?

  • To respond to changing banking and finance landscape (correct)
  • To reduce their workload
  • To increase their salary
  • To improve customer service

    • What is the role of the General Banking department in a financial institution?

    <p>To link with all other departments</p> Signup and view all the answers

    What do banks provide to depositors?

    <p>Security and interest on deposits</p> Signup and view all the answers

    Why is it important to focus on general banking in the banking industry?

    <p>Because it holds the major part of overall banking activities</p> Signup and view all the answers

    What is the challenge faced by commercial banks in Bangladesh?

    <p>Increasing competition</p> Signup and view all the answers

    What is the result of the rapidly changing world of banking and finance?

    <p>Bank employees need to update their skills</p> Signup and view all the answers

    Why is customer service in banking under pressure?

    <p>Owing to the failure to handle the soaring demands and expectations of the customers</p> Signup and view all the answers

    What is the main importance of customer service in banking?

    <p>To keep customers coming back</p> Signup and view all the answers

    What is involved in customer service in banking?

    <p>Responding to customers, addressing questions and complaints in a thorough and timely manner</p> Signup and view all the answers

    Who is dependent on whom in the banking industry?

    <p>The banker is dependent on the customer</p> Signup and view all the answers

    Why do banks continually strive for improvements in customer service?

    <p>Because they have a wide variety of competitors for business</p> Signup and view all the answers

    What is an example of a technique used to improve customer service?

    <p>Taking customer surveys</p> Signup and view all the answers

    What is the relationship between customer service and the profitability of a bank?

    <p>Customer service is a priority objective of a bank along with its profitability</p> Signup and view all the answers

    Who should have direct involvement with customer service quality?

    <p>The Managing Authority of each bank/FI</p> Signup and view all the answers

    What is the purpose of a letter of probate?

    <p>To confirm the validity of a will</p> Signup and view all the answers

    Who is responsible for looking after a deceased's property when there is no will?

    <p>Administrator appointed by the court</p> Signup and view all the answers

    What is the role of a personal representative?

    <p>To realize the assets and pay off debts of the deceased</p> Signup and view all the answers

    What is the difference between an executor and an administrator?

    <p>An executor is appointed by the will, while an administrator is appointed by the court</p> Signup and view all the answers

    What is the purpose of a tenant's copy of the tenancy agreement?

    <p>To be attested by the President/Executive Director of the educational institution</p> Signup and view all the answers

    What document must an executor obtain from the court?

    <p>Letter of probate</p> Signup and view all the answers

    Who signs the account opening form and specimen signature card when opening an account as an executor or administrator?

    <p>The executor or administrator themselves</p> Signup and view all the answers

    What is the primary responsibility of an executor or administrator?

    <p>To realize the assets and pay off debts of the deceased</p> Signup and view all the answers

    Who is the person who draws a bill?

    <p>Drawer</p> Signup and view all the answers

    What is a cheque typically drawn on?

    <p>A specified banker</p> Signup and view all the answers

    What is a characteristic of a cheque?

    <p>It is a negotiable instrument that can pass from one hand to another easily</p> Signup and view all the answers

    Why is a cheque considered a safe method of payment?

    <p>Because the transfer cost is low and the possibility of loss is minimum</p> Signup and view all the answers

    What documents are required to open a bank account?

    <p>Account Opening Form, Specimen Signature Card, and Mandate</p> Signup and view all the answers

    What is a material alteration in relation to a cheque?

    <p>Alteration of the date or sum</p> Signup and view all the answers

    What is the main objective of KYC standards in banking?

    <p>To reduce reputational risk and protect the integrity of the banking system</p> Signup and view all the answers

    Who is the person to whom the amount is payable?

    <p>Payee</p> Signup and view all the answers

    What is the drawee also known as?

    <p>Acceptor</p> Signup and view all the answers

    What is the purpose of KYC procedures in banking?

    <p>To accumulate complete and accurate information about customers</p> Signup and view all the answers

    What is a bill of exchange that is not expressed to be payable otherwise than on demand?

    <p>Cheque</p> Signup and view all the answers

    Why is it essential to verify the identity of a prospective customer?

    <p>To reduce the risk of terrorist financing and other unlawful activities</p> Signup and view all the answers

    What is the process of verifying a customer's identity?

    <p>A cumulative process</p> Signup and view all the answers

    What is the importance of obtaining identification documents from customers?

    <p>To obtain difficult-to-obtain documents</p> Signup and view all the answers

    What is the role of KYC policies and procedures in banks?

    <p>To reduce reputational risk and protect the integrity of the banking system</p> Signup and view all the answers

    What is the goal of an effective KYC program in banks?

    <p>To reduce the risk of money laundering and terrorist financing</p> Signup and view all the answers

    What is the primary challenge faced by banks in ensuring their sustainability in the financial industry?

    <p>Managing fraudulent activities and malpractices</p> Signup and view all the answers

    What is the main objective of implementing stringent compliance requirements in banking?

    <p>To prevent fraudulent activities and malpractices</p> Signup and view all the answers

    Why are banks perceived to be more fragile than non-financial organizations?

    <p>Due to their vulnerability to fraudulent activities</p> Signup and view all the answers

    What is the main reason for legislative measures in banking?

    <p>To handle the challenges of malpractices and frauds</p> Signup and view all the answers

    What is the main focus of general banking in the banking industry?

    <p>To prevent fraudulent activities and malpractices</p> Signup and view all the answers

    Why are malpractices particularly detrimental to banks?

    <p>Because they can undermine the bank's stability</p> Signup and view all the answers

    What is the main challenge in general banking?

    <p>Fraud and malpractices</p> Signup and view all the answers

    What is the primary importance of adequate attention to associated risks in general banking?

    <p>To prevent fraudulent activities and malpractices</p> Signup and view all the answers

    What is the primary purpose of deposit mobilization in banking?

    <p>To attract deposits from various customer groups</p> Signup and view all the answers

    What is the significance of customer due diligence in banking?

    <p>To verify the identity of a prospective customer</p> Signup and view all the answers

    What is the main source of funds for banks?

    <p>Deposits from retail and corporate customers</p> Signup and view all the answers

    What is the primary objective of banks in diversifying their sources of funds?

    <p>To reduce dependence on funds from other banks</p> Signup and view all the answers

    What is the purpose of introducing several deposit schemes by banks?

    <p>To attract deposits from various customer groups</p> Signup and view all the answers

    What is the role of a banker in a banking relationship?

    <p>To maintain a contractual relationship with customers</p> Signup and view all the answers

    What is the significance of customer complaint management in banking?

    <p>To resolve customer complaints and improve customer service</p> Signup and view all the answers

    What is the purpose of a bank's management in diversifying its sources of funds?

    <p>To reduce dependence on funds from other banks</p> Signup and view all the answers

    What is the main objective of forming a separate framework for customer services and complaint management in banks?

    <p>To improve the quality of customer services</p> Signup and view all the answers

    At what level will the Central Customer Service & Complaints Management Cell (CCS & CMC) be constituted?

    <p>Head office level</p> Signup and view all the answers

    Who will be responsible for supervising the Central Customer Service & Complaints Management Cell (CCS & CMC)?

    <p>All of the above</p> Signup and view all the answers

    What is the primary function of the Branch Level Customer Service & Complaints Management Desk (BLCS & CMD)?

    <p>To deal with all the complaints directly received from the customers</p> Signup and view all the answers

    Who will be the personnel of the Central Customer Service & Complaints Management Cell (CCS & CMC)?

    <p>Dignitaries with adequate power to settle disputes</p> Signup and view all the answers

    What will be the main responsibility of the personnel of the Central Customer Service & Complaints Management Cell (CCS & CMC)?

    <p>To settle disputes with due diligence</p> Signup and view all the answers

    What is the main difference between the existing complaint cells and the Central Customer Service & Complaints Management Cell (CCS & CMC)?

    <p>The CCS &amp; CMC will be exclusively for dealing with complaints and customer service related matters</p> Signup and view all the answers

    What will be the criteria for determining the number of personnel of the Central Customer Service & Complaints Management Cell (CCS & CMC)?

    <p>The decision of the Managing Authority of the bank</p> Signup and view all the answers

    What is the minimum duration of time between deposit and payment of first dividend/interest?

    <p>30(Thirty) days</p> Signup and view all the answers

    What is the interest rate charged on lending against lien of FDR account?

    <p>3% above</p> Signup and view all the answers

    What is the nature of Fixed Deposit Receipt (FDR)?

    <p>100% Time Deposit</p> Signup and view all the answers

    What is the minimum amount for which permission is required from EVP, Treasury Division, HO, for corporate deposit?

    <p>tk. 1,00,00,000</p> Signup and view all the answers

    Who can be a target group for corporate deposit?

    <p>Any individual person, businessman, firm, Limited Companies, Local Bodies, Corporation, Corporate bodies etc.</p> Signup and view all the answers

    What is the mode of payment of first dividend/interest?

    <p>Encashment may be made by PO, DD or transferring to Account.</p> Signup and view all the answers

    What happens in case of premature encashment before 1 year?

    <p>Depositor will not be entitled to get monthly dividend</p> Signup and view all the answers

    What is the tenor of Fixed Deposit Receipt (FDR)?

    <p>1 month, 3 months, 06 months, 12 Month, 2 Year, 3 Year</p> Signup and view all the answers

    When a company is the judgment-debtor, what is the limitation of an order attaching the accounts of the liquidator?

    <p>The money belongs to the liquidator but not to the company</p> Signup and view all the answers

    What happens when a garnishee order does not name the customer correctly or with sufficient accuracy?

    <p>The bank is not responsible for passing cheques till the order is amended</p> Signup and view all the answers

    What is the condition for attaching a customer's account with a credit balance?

    <p>The net result is in credit</p> Signup and view all the answers

    What is the bank's right when a customer has multiple accounts with different balances?

    <p>The right to set-off</p> Signup and view all the answers

    What is the limitation of the bank's right of set-off?

    <p>The bank cannot appropriate the credit balance towards the contingent liabilities</p> Signup and view all the answers

    What is the effect of a garnishee order on a credit balance in a loan account?

    <p>The credit balance cannot be adjusted</p> Signup and view all the answers

    What is the result when a customer has multiple accounts with different balances and a garnishee order is served?

    <p>The bank attaches the net result of all accounts</p> Signup and view all the answers

    What is the bank's responsibility when a garnishee order is served and the customer has multiple accounts?

    <p>The bank has to combine all accounts and attach the net result</p> Signup and view all the answers

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