SARFAESI Act Test Questions PDF 2024

## SARFAESI Act Test Questions ### **Question 1** In case of consortium or Multiple lending arrangements, consent of at least _60 percent by value_ % of lenders is required for initiating action under SARFAESI. ### **Question 2** In which of the following cases recovery under SARFAESI is permissi...

## SARFAESI Act Test Questions ### **Question 1** In case of consortium or Multiple lending arrangements, consent of at least _60 percent by value_ % of lenders is required for initiating action under SARFAESI. ### **Question 2** In which of the following cases recovery under SARFAESI is permissible? - After issue of demand notice U/s 13(2) of SARFAESI, if the borrower makes any representation or raises any objection to the notice, the Authorized Officer shall reply within _15 days_ period of receipt of such representation or objection. ### **Question 3** Procedure for the secured creditor to be adopted for taking possession of the secured assets is given in which section of SARFAESI Act? - _13(4)_ ### **Question 4** As per Rule 8(2) of SARFAESI Act, the possession notice should be published in 2 leading newspapers (one in vernacular language) having wide circulation within _30 days_ period of taking possession? ### **Question 5** 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 _sale_ for sale of the secured assets? ### **Question 6** Under IBC, Insolvency resolution process of a proprietorship firm to be dealt by _DRT_. ### **Question 7** The minimum amount of default for initiation of insolvency and liquidation proceedings of corporate debtors is _Rs. 1.00 crore or more_. ### **Question 8** Home buyers in a real estate project who are allottees under a real estate project, can file an application for initiating corporate insolvency resolution process jointly by not less than _50_ number of such allottees under the same real estate project or not less than ten per cent of the total number of such allottees under the same real estate project, whichever is less. ### **Question 9** Under IBC, Adjudicating authority/NCLT will declare moratorium period of _180 days_, during which no action can be taken against the company or the assets of the company to keep the Company as a going concern. ### **Question 10** As per provisions under IBC, the first meeting of the committee of creditors shall be held within a period of _7 days_ of the constitution of the committee of creditors. ### **Question 11.** Retail exposures categorized under Regulatory Retail Portfolio and attracting lower risk weight of 75% should include aggregate retail exposure to a counterparty not exceeding Rs _7.50 crores_. ### **Question 12** As per the co-lending model of loans by Banks and NBFCs for lending to priority sector, what is the minimum percentage share of individual loans to be taken by the NBFC/ HFC? - _20%_ ### **Question 13** As per IRDAI, which of the following Insurance companies are not identified as Domestic Systemically Important Insurers (D-SIIs)? - _New India Assurance Company_ ### **Question 14** As per RBI guidelines, in case of borrowers where exposure of the banking system is less than _1 crore_, banks may open current accounts subject to obtaining an undertaking that customers shall inform the bank (s), if and when the credit facilities availed by them from the banking system equals or exceeds that limit. ### **Question 15** Head Quarter of Financial Action Task Force (FATF) is located at _Paris, France_. ### **Question 16** Which act gives the right to RBI to transact Government business in India? - _Section 21 of RBI Act_ ### **Question 17** The maximum denomination of coins which can be issued is _Rs. 1000/-_ ### **Question 18** Protection to Paying Banker against forged endorsement in Bearer Cheques is available as per which section of NI Act? - _85(1)_ ### **Question 19** Promissory Note which is payable after a certain pre-decided period is called? - _Usance Promissory Note_ ### **Question 20** As per which act, Demand Promissory Notes / Demand Bill of Exchange/ Hundis payable to bearer can't be issued by anybody except RBI and Govt. Of India since that is as good as Currency Notes and governed by Indian Currency Act? - _Section 31 of RBI Act_ ### **Question 21** Which of the following is not a foreign bill? - _A bill drawn in India but payable outside India by a person other than an Indian resident_ ### **Question 22** What will be the due date of a bill dated 15.02.2008, payable two months after sight and accepted on 20.02.2008? - _23.04.2008_ ### **Question 23** What is the relationship between Bank and customer when Bank purchases cheque from customer? - _Trustee and endorser_ ### **Question 24** Declaration from customer not to create any further encumbrance over the securities charged in favour of Bank is termed as; - _Declaration of oath_ ### **Question 25** In which of the following cases Garnishee order has to be applied by Bank upon its receipt. - _Garnishee order received in the name of A & B jointly but the account is in the name of A only._ ### **Question 26** Which of the following doesn't applies both for garnishee order and Income Tax attachment order? - _Applies to deceased accounts also_ ### **Question 27** Nomination is allowed in which of the following accounts - _Account of a proprietorship firm_ ### **Question 28** Hindi was accepted as the Official language of India on _14.09.1949_ ### **Question 29** Settlement of deceased claims should be made within a period of _60 days_ from the date of receipt of application along with all required documents ### **Question 30** An account is operated by A, B and C jointly. Who can give the stop payment instructions to Bank on the cheques issued jointly by them? - _All of the above options are correct_ ### **Question 31** Whose signature is required for premature payment of a Fixed Deposit with operating instruction either or survivor when one of the account holder gets expired - _Surviver along with legal heirs of the deceased customer_ ### **Question 32** In which of following cases, there can be more than one nominee? - _Joint locker account with operating instruction jointly by all or surviver or any two or surviver_ ### **Question 33** Soiled Notes presented in small number up to _20 pieces_ with a maximum value of Rs _5000/-_ per day, banks should exchange them over the counter, free of charge. ### **Question 34** For cases of detection of Counterfeit Notes of _5_ or more pieces by Banks, in a single transaction, the Counterfeit Notes should be forwarded immediately by the Nodal Bank Officer to the local police authorities or the Nodal Police Station for investigation by filing FIR ### **Question 35** The banks should ensure that that cash receipts in the denominations of _50_ and above are not put into re-circulation without the notes being machine processed for authenticity. ### **Question 36** What is the penalty levied by RBI to Banks for shortages in soiled note remittances and currency chest balances for notes up to denomination of Rs.50/-? - _50/- per piece in addition to the loss_ ### **Question 37** Refusal by any bank branch to exchange soiled notes / refusal by any currency chest branch to adjudicate mutilated notes tendered by any member of public if detected by RBI Officials will attract a penalty of Rs _50000/-_ at first instance. ### **Question 38** As per KYC guidelines, utility bills like electricity / telephone bill which is not more than _2 months_ oldcan be accepted as proof of address ### **Question 39** A small account shall remain operational initially for a period of _12 months_. ### **Question 40** In case of NRO Accounts opened for foreign students without obtaining local address proof, foreign remittances not exceeding USD _1000_ or equivalent into the account till pending verification of address is permissible up to 30 days. ### **Question 41** Banks shall, at their option, collect third party account payee cheques drawn for an amount not exceeding _1 lakh_ to the account of their customers who are co-operative credit societies, provided the payees of such cheques are the constituents of such co-operative credit societies. ### **Question 42** A customer can approach Banking Ombudseman within a period of _one month_ if no reply is received within one month of making complaint with Bank or the reply is not satisfactory. ### **Question 43** What is the maximum award that can be passed by the Banking Ombudseman? - _Rs. 10,00,000/-_ ### **Question 44** What is the maximum insurance coverage for customers deposits in a Bank under DICGC? - _Rs. 5,00,000/-_ ### **Question 45** PPF Account shall be opened with a minimum deposit of Rs. _500_ and hereafter in multiple of Rs. _500/- up to a maximum of _1,50,000/-_ in a year. ### **Question 46** Retired personal of Defence Services (Excluding civilians) may open Senior Citizens Deposit Scheme account on attaining age of _60 years_ ### **Question 47** Where is the Head Quarter of AU Small Finance Bank? - _Chennai_ ### **Question 48** In case of unauthorized digital transactions due to third party breach where the deficiency lies neither with the bank nor with the customer but lies elsewhere in the system, the customer should not incurr any loss if he/she notifies the bank within a maximum period of _three working days_ of receiving the communication from the bank regarding the unauthorised transaction. ### **Question 49** What is the present Policy rate corrider gap? - _0.50 percent_ ### **Answers** |Question|Answer|Score| |:---|:---|:---| |1|60 percent by value|1| |2|Assets charged by way of hypothecation|1| |3|13(4)|1| |4|30 days|1| |5|sale|1| |6|DRT|1| |7|Rs. 1.00 crore or more.|1| |8|50|1| |9|180 days|1| |10|7 days|1| |11|Rs.7.50 crores|1| |12|20%|1| |13|New India Assurance Company|1| |14|1 crore|1| |15|Paris, France.|1| |16|Section 21 of RBI Act|1| |17|Rs.1000/-|1| |18|85(1)|1| |19|Usance Promissory Note|1| |20|Section 31 of RBI Act|1| |21|A bill drawn in India but payable outside India by a person other than an Indian resident|1| |22|23.04.2008|1| |23|Trustee and endorser|1| |24|Declaration of oath|1| |25|Garnishee order received in the name of A & B jointly but the account is in the name of A only.|1| |26|Applies to deceased accounts also|1| |27|Account of a proprietorship firm|1| |28|14.09.1949|1| |29|60 days|1| |30|All of the above options are correct|1| |31|Surviver along with legal heirs of the deceased customer|1| |32|Joint locker account with operating instruction jointly by all or surviver or any two or surviver|1| |33|20 pieces and Rs.5000/-|1| |34|5|1| |35|50|1| |36|50/- per piece in addition to the loss|1| |37|Rs.50000/-|1| |38|2 months|1| |39|12 Months|1| |40|1000|1| |41|1 lakh|1| |42|one month|1| |43|Rs. 10,00,000/-|1| |44|Rs. 5,00,000/-|1| |45|500 and 500/- up to a maximum of 1,50,000/-|1| |46|60 years|1| |47|Chennai|1| |48|three working days|1| |49|0.50 percent|1|