18 Questions
What is the definition of 'Banking' according to Section 5(b) of the Banking Regulation Act?
Accepting deposits of money from the Public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise.
What is the purpose of the AML Act?
To prevent money laundering and terror financing activities
What is the main objective of the Integrated Ombudsman?
To resolve customer complaints against banks
What is the significance of the COPRA Act?
It protects the rights of consumers in banking transactions
What is the purpose of the Nomination facility in bank accounts?
To facilitate succession of accounts
What is the main objective of the Priority Sector Lending norms?
To promote lending to weaker sections of society
What is a necessary condition for a firm or company to act as a bank?
It must be registered under the Companies Act and the Banking Regulation Act
What is the primary reason why moneylenders are not considered bankers?
They operate as individuals or groups of individuals, not as a company
What type of transaction involves a customer giving money to the bank for a specific purpose, such as purchasing a car?
Money tendered to the bank for a specific purpose
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?
Wrong credit
What is the maximum value of goods that can be complained about at the District Commission level?
Rs. 50 lakhs
What type of transaction involves a bank holding securities or shares as collateral for a loan?
Pledge of securities
What type of transaction involves a bank maintaining a currency chest, which is RBI's property?
Maintaining currency chest
Within how many days can an appeal be made against a State Commission order?
30 days
What is the limitation period for filing a complaint in all consumer forums?
2 years
What is the duty of banks as per Section 13 of the Banking Companies (Acquisition and Transfer of Undertaking) Act 1970?
To maintain secrecy
What is the decision period for consumer complaints, in cases where lab tests are required?
5 months
What is the duty of banks as per Section 31 of the Negotiable Instruments Act, 1881?
To honour cheques
Test your understanding of special characters and dates with this quiz. Identify the correct interpretation of a series of symbols and dates. Improve your knowledge of date formats and symbol meanings.
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