Special Characters and Dates

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Questions and Answers

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?

  • 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?

  • 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?

<p>It protects the rights of consumers in banking transactions (A)</p> Signup and view all the answers

What is the purpose of the Nomination facility in bank accounts?

<p>To facilitate succession of accounts (A)</p> Signup and view all the answers

What is the main objective of the Priority Sector Lending norms?

<p>To promote lending to weaker sections of society (B)</p> Signup and view all the answers

What is a necessary condition for a firm or company to act as a bank?

<p>It must be registered under the Companies Act and the Banking Regulation Act (D)</p> Signup and view all the answers

What is the primary reason why moneylenders are not considered bankers?

<p>They operate as individuals or groups of individuals, not as a company (D)</p> Signup and view all the answers

What type of transaction involves a customer giving money to the bank for a specific purpose, such as purchasing a car?

<p>Money tendered to the bank for a specific purpose (D)</p> Signup and view all the answers

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?

<p>Wrong credit (C)</p> Signup and view all the answers

What is the maximum value of goods that can be complained about at the District Commission level?

<p>Rs. 50 lakhs (B)</p> Signup and view all the answers

What type of transaction involves a bank holding securities or shares as collateral for a loan?

<p>Pledge of securities (B)</p> Signup and view all the answers

What type of transaction involves a bank maintaining a currency chest, which is RBI's property?

<p>Maintaining currency chest (A)</p> Signup and view all the answers

Within how many days can an appeal be made against a State Commission order?

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

What is the limitation period for filing a complaint in all consumer forums?

<p>2 years (D)</p> Signup and view all the answers

What is the duty of banks as per Section 13 of the Banking Companies (Acquisition and Transfer of Undertaking) Act 1970?

<p>To maintain secrecy (D)</p> Signup and view all the answers

What is the decision period for consumer complaints, in cases where lab tests are required?

<p>5 months (A)</p> Signup and view all the answers

What is the duty of banks as per Section 31 of the Negotiable Instruments Act, 1881?

<p>To honour cheques (A)</p> Signup and view all the answers

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