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Questions and Answers
In case of consortium or multiple lending arrangements, consent of at least _% of lenders is required for initiating action under SARFAESI.
In case of consortium or multiple lending arrangements, consent of at least _% of lenders is required for initiating action under SARFAESI.
60 percent by value
After issuing a demand notice U/s 13(2) of SARFAESI, if the borrower objects, the Authorized Officer shall reply within _ days.
After issuing a demand notice U/s 13(2) of SARFAESI, if the borrower objects, the Authorized Officer shall reply within _ days.
15
Procedure for the secured creditor to take possession of secured assets is given in section _ of the SARFAESI Act.
Procedure for the secured creditor to take possession of secured assets is given in section _ of the SARFAESI Act.
13(4)
As per Rule 8(2) of SARFAESI Act, the possession notice should be published in 2 leading newspapers within _ days.
As per Rule 8(2) of SARFAESI Act, the possession notice should be published in 2 leading newspapers within _ days.
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After taking possession of secured asset U/s 13(4) of the SARFAESI Act, the authorized officer shall serve to the borrower a notice of _ for ______ of the secured assets.
After taking possession of secured asset U/s 13(4) of the SARFAESI Act, the authorized officer shall serve to the borrower a notice of _ for ______ of the secured assets.
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Under IBC, the insolvency resolution process of a proprietorship firm is dealt by _.
Under IBC, the insolvency resolution process of a proprietorship firm is dealt by _.
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The minimum amount of default for insolvency proceedings of corporate debtors is _ or more.
The minimum amount of default for insolvency proceedings of corporate debtors is _ or more.
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Home buyers can file an application for corporate insolvency resolution process jointly by not less than _ number of such allottees.
Home buyers can file an application for corporate insolvency resolution process jointly by not less than _ number of such allottees.
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Under IBC, the moratorium period declared by NCLT is _ days.
Under IBC, the moratorium period declared by NCLT is _ days.
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As per IBC provisions, the first meeting of the committee of creditors shall be held within a period of _ days.
As per IBC provisions, the first meeting of the committee of creditors shall be held within a period of _ days.
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Retail exposures categorized under Regulatory Retail Portfolio should include aggregate retail exposure to a counterparty not exceeding Rs. _ crores.
Retail exposures categorized under Regulatory Retail Portfolio should include aggregate retail exposure to a counterparty not exceeding Rs. _ crores.
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As per the co-lending model of loans, the minimum percentage share of individual loans to be taken by NBFC/ HFC is _.
As per the co-lending model of loans, the minimum percentage share of individual loans to be taken by NBFC/ HFC is _.
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Which of the following insurance companies are not identified as Domestic Systemically Important Insurers (D-SIIs)?
Which of the following insurance companies are not identified as Domestic Systemically Important Insurers (D-SIIs)?
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In borrowers where exposure of the banking system is less than _ crore, banks may open current accounts with an undertaking.
In borrowers where exposure of the banking system is less than _ crore, banks may open current accounts with an undertaking.
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The Head Quarter of the Financial Action Task Force (FATF) is located at _.
The Head Quarter of the Financial Action Task Force (FATF) is located at _.
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The act that gives the right to RBI to transact Government business in India is _.
The act that gives the right to RBI to transact Government business in India is _.
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The maximum denomination of coins that can be issued is _.
The maximum denomination of coins that can be issued is _.
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Protection to paying banker against forged endorsement in bearer cheques is provided in which section of NI Act?
Protection to paying banker against forged endorsement in bearer cheques is provided in which section of NI Act?
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A promissory note payable after a certain pre-decided period is called a _.
A promissory note payable after a certain pre-decided period is called a _.
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Demand promissory notes payable to bearer cannot be issued by anybody except _ and _ as they are considered as currency notes.
Demand promissory notes payable to bearer cannot be issued by anybody except _ and _ as they are considered as currency notes.
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Which of the following is not a foreign bill?
Which of the following is not a foreign bill?
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What will be the due date of a bill dated 15.02.2008, payable two months after sight and accepted on 20.02.2008?
What will be the due date of a bill dated 15.02.2008, payable two months after sight and accepted on 20.02.2008?
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The relationship between a bank and customer when the bank purchases a cheque from the customer is _.
The relationship between a bank and customer when the bank purchases a cheque from the customer is _.
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Declaration from customer not to create further encumbrance over securities charged in favor of the bank is termed as _.
Declaration from customer not to create further encumbrance over securities charged in favor of the bank is termed as _.
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In which of the following cases must a garnishee order be applied by the bank upon receipt?
In which of the following cases must a garnishee order be applied by the bank upon receipt?
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Which of the following does not apply to both garnishee orders and income tax attachment orders?
Which of the following does not apply to both garnishee orders and income tax attachment orders?
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Nomination is allowed in which of the following accounts?
Nomination is allowed in which of the following accounts?
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Hindi was accepted as the official language of India on _.
Hindi was accepted as the official language of India on _.
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Settlement of deceased claims should be made within a period of _ days from the date of receipt of application.
Settlement of deceased claims should be made within a period of _ days from the date of receipt of application.
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An account operated by A, B, and C jointly allows any of them to give stop payment instructions on cheques issued jointly by them. Who can do it?
An account operated by A, B, and C jointly allows any of them to give stop payment instructions on cheques issued jointly by them. Who can do it?
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Whose signature is required for premature payment of a fixed deposit with operating instruction either or survivor when one of the account holders dies?
Whose signature is required for premature payment of a fixed deposit with operating instruction either or survivor when one of the account holders dies?
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In which of the following cases can there be more than one nominee?
In which of the following cases can there be more than one nominee?
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Soiled notes presented in small numbers up to _ pieces can be exchanged over the counter by banks, free of charge.
Soiled notes presented in small numbers up to _ pieces can be exchanged over the counter by banks, free of charge.
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For cases of detection of counterfeit notes of _ or more pieces, banks should report them to police authorities.
For cases of detection of counterfeit notes of _ or more pieces, banks should report them to police authorities.
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Banks should ensure that cash receipts in denominations of _ and above are not circulated without authenticity checks.
Banks should ensure that cash receipts in denominations of _ and above are not circulated without authenticity checks.
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What is the penalty levied by RBI to banks for shortages in soiled note remittances for notes up to denomination of Rs. 50/-?
What is the penalty levied by RBI to banks for shortages in soiled note remittances for notes up to denomination of Rs. 50/-?
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Refusal by any bank branch to exchange soiled notes will attract a penalty of Rs. _ at first instance.
Refusal by any bank branch to exchange soiled notes will attract a penalty of Rs. _ at first instance.
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As per KYC guidelines, utility bills that are not more than _ months old can be accepted as proof of address.
As per KYC guidelines, utility bills that are not more than _ months old can be accepted as proof of address.
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A small account shall remain operational initially for a period of _ months.
A small account shall remain operational initially for a period of _ months.
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In case of NRO accounts opened for foreign students, foreign remittances of up to USD _ or equivalent are permissible until address verification.
In case of NRO accounts opened for foreign students, foreign remittances of up to USD _ or equivalent are permissible until address verification.
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Banks shall collect third-party account payee cheques not exceeding _ to the account of their cooperative credit society customers.
Banks shall collect third-party account payee cheques not exceeding _ to the account of their cooperative credit society customers.
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A customer can approach the Banking Ombudsman within a period of _ if no reply is received within the stipulated time.
A customer can approach the Banking Ombudsman within a period of _ if no reply is received within the stipulated time.
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What is the maximum award that can be passed by the Banking Ombudsman?
What is the maximum award that can be passed by the Banking Ombudsman?
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What is the maximum insurance coverage for customer deposits in a bank under DICGC?
What is the maximum insurance coverage for customer deposits in a bank under DICGC?
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A PPF account shall be opened with a minimum deposit of Rs. _ and in multiples of Rs. _ up to a maximum of Rs. _ in a year.
A PPF account shall be opened with a minimum deposit of Rs. _ and in multiples of Rs. _ up to a maximum of Rs. _ in a year.
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Retired personnel of Defence Services may open Senior Citizens Deposit Scheme account on attaining age of _ years.
Retired personnel of Defence Services may open Senior Citizens Deposit Scheme account on attaining age of _ years.
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The Head Quarter of AU Small Finance Bank is located at _.
The Head Quarter of AU Small Finance Bank is located at _.
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In case of unauthorized digital transactions, the customer should notify the bank within a maximum period of _ working days.
In case of unauthorized digital transactions, the customer should notify the bank within a maximum period of _ working days.
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What is the present policy rate corridor gap?
What is the present policy rate corridor gap?
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Study Notes
SARFAESI Act and IBC
- Consortium Lending: At least 50% of lenders' consent is needed for initiating action under SARFAESI.
- SARFAESI Permissible Recovery: Recovery is allowed in cases meeting specific criteria.
- Demand Notice Objection Period: Borrowers have a specified period to object to a demand notice, and the authorized officer must reply within a certain duration.
- Possession Procedure: The procedure for taking possession of secured assets is outlined in a specific section of the SARFAESI Act.
- Possession Notice Publication: Possession notices need to be published in 2 prominent newspapers (including one vernacular) within a timeframe after taking possession.
- Notice of Asset Sale: After taking possession, the authorized officer must notify the borrower about the sale of secured assets.
- Proprietorship Firm Insolvency: The IBC process varies for different business structures; separate procedures apply to proprietorship firms.
- Corporate Debtor Insolvency Threshold: The minimum default amount triggering insolvency and liquidation proceedings initiated under the IBC is significantly specific to both real estate and corporate debtors.
- Real Estate Project Allottees: Home buyers in real estate projects can jointly initiate insolvency resolution under specific conditions (a minimum number or percentage of allottees).
- Moratorium Period (IBC): During an insolvency process under IBC, there's a moratorium period where actions against the company are halted. The specific duration of the moratorium is mentioned separately.
- Committee of Creditors Meeting: The first meeting of the committee of creditors is scheduled within a period under the IBC.
- Retail Portfolio Exposure Limits: Retail exposures below specific details are subject to certain risk weight exceptions.
- Co-lending Model Percentage: A minimum percentage of individual loans must be held by smaller financial institutions involved in co-lending schemes or to priority sectors.
Additional Financial Regulations
- Foreign Student Account Limits: Certain limits apply to foreign student accounts regarding remittances when there's no local address.
- Third-Party Cheque Handling: Bank can handle third-party account payee cheques in certain limits for specific types of customers.
- Banking Ombudsman: Maximum award amounts by the Banking Ombudsman are mentioned separately.
- Deposit Insurance Limits: A specific maximum amount of deposit insurance coverage is provided by the bank.
- Senior Citizens' and Retired Defence Personnel Schemes: Provisions regarding accounts for these groups are mentioned in terms of minimum deposits and specific schemes.
- Unsuccessful Digital Transactions: Customer losses due to unauthorized transactions (under specific breach conditions) are limited (with specific timeframe for notifying the bank).
- Various Accounting and Corporate Actions: This section covers a broader range of corporate actions, from accounting procedures to specific timelines for the transfer and settlement of claims. Multiple banking, insurance and other financial regulations are presented.
Timeframes and Amounts
- Time Limits: Various timeframes are mentioned for processes, notifications, and appeals.
- Financial Thresholds: Minimum amounts or values are given for several circumstances (e.g., property values for insolvency proceedings or the limits for foreign remittances).
- Additional details for loan processing, claims and documentation.
Operational Details:
- Bank Operations/Procedures: A variety of operational details about banks (processing payments and handling customer requests).
Other Regulatory Requirements
- Official Languages: India's official language was set on a specific date and these points apply to certain processes.
- Insurance Company Types: Certain insurance companies are designated as systemic risk providers (specific information about the relevant insurance companies is listed.)
- Different Act Definitions: Precise definitions for certain banking, financial, and related terms are outlined.
- Additional details for operational requirements.
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Description
Explore the essential aspects of the SARFAESI Act and the Insolvency and Bankruptcy Code (IBC) in this quiz. Learn about the procedures for possession, recovery, and the implications for different business structures, including proprietorship firms. Test your knowledge on the key provisions and practices related to these financial regulations.
