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Questions and Answers
What is the definition of 'Banking' according to Section 5(b) of the Banking Regulation Act?
What is the definition of 'Banking' according to Section 5(b) of the Banking Regulation Act?
- Providing credit facilities to the public and repayable on demand.
- Accepting deposits for the purpose of lending or investment and repayable on demand.
- Offering investment opportunities to the public and repayable on a fixed date.
- Accepting deposits of money from the Public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise. (correct)
What is the purpose of the AML Act?
What is the purpose of the AML Act?
- To promote banking services in rural areas
- To prevent money laundering and terror financing activities (correct)
- To promote investment opportunities in the stock market
- To regulate the lending practices of banks
What is the main objective of the Integrated Ombudsman?
What is the main objective of the Integrated Ombudsman?
- To provide investment advice to customers
- To promote financial inclusion
- To resolve customer complaints against banks (correct)
- To regulate the banking system
What is the significance of the COPRA Act?
What is the significance of the COPRA Act?
What is the purpose of the Nomination facility in bank accounts?
What is the purpose of the Nomination facility in bank accounts?
What is the main objective of the Priority Sector Lending norms?
What is the main objective of the Priority Sector Lending norms?
What is a necessary condition for a firm or company to act as a bank?
What is a necessary condition for a firm or company to act as a bank?
What is the primary reason why moneylenders are not considered bankers?
What is the primary reason why moneylenders are not considered bankers?
What type of transaction involves a customer giving money to the bank for a specific purpose, such as purchasing a car?
What type of transaction involves a customer giving money to the bank for a specific purpose, such as purchasing a car?
What is the term for a bank's obligation to a customer for a mistake made by the bank, where the amount has not yet been recovered?
What is the term for a bank's obligation to a customer for a mistake made by the bank, where the amount has not yet been recovered?
What is the maximum value of goods that can be complained about at the District Commission level?
What is the maximum value of goods that can be complained about at the District Commission level?
What type of transaction involves a bank holding securities or shares as collateral for a loan?
What type of transaction involves a bank holding securities or shares as collateral for a loan?
What type of transaction involves a bank maintaining a currency chest, which is RBI's property?
What type of transaction involves a bank maintaining a currency chest, which is RBI's property?
Within how many days can an appeal be made against a State Commission order?
Within how many days can an appeal be made against a State Commission order?
What is the limitation period for filing a complaint in all consumer forums?
What is the limitation period for filing a complaint in all consumer forums?
What is the duty of banks as per Section 13 of the Banking Companies (Acquisition and Transfer of Undertaking) Act 1970?
What is the duty of banks as per Section 13 of the Banking Companies (Acquisition and Transfer of Undertaking) Act 1970?
What is the decision period for consumer complaints, in cases where lab tests are required?
What is the decision period for consumer complaints, in cases where lab tests are required?
What is the duty of banks as per Section 31 of the Negotiable Instruments Act, 1881?
What is the duty of banks as per Section 31 of the Negotiable Instruments Act, 1881?
