Lesson-1 Certificate of Excellence IBF COMMITTED TO PROFESSIONAL EXCELLENCE IBF AIIB-Paper 3 -Legal & Regulatory Aspects of Banking Important 100 MCQs- PART 1 -01-10 Questions Presented By: Sahil Jain
ABOUT ME I am Presently working in State Bank of India as a Customer Associate since March 2017. Prior to SBI, I was working in Accenture India Pvt. Ltd as an Accounts Receivables am also pursuing MBA in Finance from Sikkim Manipal University as a distance education course. I completed my B.COM in 2014 from CCS University Meerut. Currently, I am preparing for Bank PO exams and other competitive exam like SSC CGL, Insurance exams etc.
Q1. Bank A sanctioned a term loan to ABC Ltd repayable in 36 quarterly instalments. The party did not pay few due instalments and bank wants to file suit. Which of the following is most appropriate answer? a) Bank can file the suit within 3 years for the entire amount. b) Bank can file the suit within 3 years for instalments not paid from due date of respective instalment. c) Bank can file the suit within 3 years for instalments not paid from due date of respective instalment and also the balance amount if the agreement provides for that. d) Bank can file for due amount and for the balance amount bank will have to wait.
Q2. Under RTI Act 2005, the information can be taken in the form of: A) Diskette or Floppies. B) Tapes or Video Cassettes. C) Printouts or in any other electronic form D) All of the above. Note: Information can be obtained by Indian citizen only. Reasons to seek information are not required to be disclosed. Information is to be provided within 30 days. Fine for delay in providing the information is Rs. 250 per day.
Q3. Under Prevention of Money laundering Act 2002. Whichh of the following can prescribe the nature of records to be maintained by a bank? a) RBI and state Government b) Central Government and State Government c) RBI and SEBI d) SEBI and State Government
Q4. Which of the following are not power of RBI under Banking Regulation Act as a regulator and a supervisor of banks? a) To issue license for opening of a bank. b) To give directions in public interest. c) To undertake audit and inspection of banks. d) To regulate cash reserves and statutory reserves Note: RBI has a number of supervisory and regulatory functions as given in various options. But regulations of cash reserves (CRR) is through RBI Act and not through banking regulations Act. is not through banking regulations
Q5. The sale becomes absolute in case of Mortgage by conditional sale when: a) Loan is re-structured b) When limitations expires c) Borrower fails to make payment of due amount d) Borrower makes the payment of due amount
Q6. A person to be treated as resident should be residing in India addition of fulfilment of other conditions. for, during the preceding financial year, in a) 180 days b) 182 days c) More than 180 days d) More than 182 days
Q7. Where a minor is admitted in a partnership firm to take benefits and he attains majority, he gets a period of disassociate himself. Otherwise he is deemed to be a partner. from to a) 6 Months from the date of the attaining majority. b) 6 months from the date he comes to know about his admission in the firm. c) 6 Months from the date of attaining majority or 6 months from the date he comes to know about his admission in the firm, whichever is earlier. d) 6 Months from the date of attaining majority or 6 months from the date he comes to know about his admission in the firm, whichever is later
Q8. Which of the following group is not included in term goods, as per Sale of Goods Act? a) Shares and Stocks b) Grass and Shares c) Actionable claims and stocks d) Stocks and Grass
Q10. A Suit filed by Bank ABC in DRT located in place X. Now the bank wants to transfer this case to another DRT located at place Y. Who can permit this transfer? a) Chairperson of DRAT irrespective of jurisdiction over both DRTs. b) Chairperson of DRAT having jurisdiction over both DRTs. c) President of the DRT with consent of president of the other DRT d) High Court. Note: DRT Debt Recovery Tribunal DRAT - Debt Recovery Appellate Tribunal
Working as an SME at Accenture since Jan 2019. Completed MBA Finance from Sikkim Manipal University as distance learning course.