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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?

It protects the rights of consumers in banking transactions Signup and view all the answers

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

To facilitate succession of accounts Signup and view all the answers

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

To promote lending to weaker sections of society Signup and view all the answers

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 Signup and view all the answers

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

They operate as individuals or groups of individuals, not as a company 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?

Money tendered to the bank for a specific purpose 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?

Wrong credit Signup and view all the answers

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

Rs. 50 lakhs Signup and view all the answers

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

Pledge of securities Signup and view all the answers

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

Maintaining currency chest Signup and view all the answers

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

30 days Signup and view all the answers

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

2 years 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?

To maintain secrecy Signup and view all the answers

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

5 months Signup and view all the answers

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

To honour cheques Signup and view all the answers

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