INDIAN INSTITUTE OF BANKING & FINANCE JAIIB MODULE (A & B) LEGAL ASPECTS OF BANKING OPERATIONS Thursday, 06 April, 06 T M C VASUDEVAN vasu1611@yahoo.co.in
01. Identify the Act which regulates entry into banking business by licensing. A .. Banking Regulation Act, 1949.B.. Reserve Bank of India Act,1934C.. Indian ConstitutionD.. All the above.
02.. Raj has appointed Kumar as the nominee for his Fixed deposit, whereas Kunwar was appointed as the nominee for the Safe deposit Locker contents. Incase Kumar dies . A. Raj can have Kunwar to be the nominee for LockerB. Raj is also permitted to continue his lockerC. The death of Kumar, the nominee will not alter the positionD. All the above are correct.
03.. Suraj has approached the drawee bank to handover the original cheque issued by him and since paid to the debit of his account. A.. Bank need not obligeB.. Bank to refuseC.. At the most they can provide a Xerox Copy onlyD.. None of these
04.. The Scheduled banks have to submit their returns to the Reserve Bank of India about their demand and time liabilities as per the provisions of the A.. Banking Regulation Act,1949B.. Reserve Bank of India Act.1934C.. Banking Regulation Act,1970D.. State Bank of India Act,1955
05.. As per the provisions of the Reserve Bank of India Act,1934, a banking company to file within 30days of the close of each financial year a return of unclaimed deposits. A.. The above statement is True B.. The above statement is incorrect.D.. Even the answer C is only partially correct
06.. In case of winding up of the banking company, each depositor will have to make the claim within 15days of the winding up order. A.. True B.. FalseC.. The claims of every depositor deemed to have been filed for the amount as shown in the books of the banking company standing to his credit..D.. Ans ( C ) is partially correct.
07.. Making any false statement in any return, balance sheet or other documents or information given under the BR act (sec46) punishable. A.. The above is incorrectB.. The above is not incorrect.C.. Punishment is not for any as stated above.D.. Punishment is applicable only when there is willfully any false statement and so on.
08..The State Bank of Hyderabad has been established as per the provisions of A.. Hyderabad State Bank ActB.. State Bank of Hyderabad ActC.. State Bank Of India ActD.. Reserve Bank of India Act
09.. For State Bank Of India Audit who can be eligible to conduct Audit. A.. Director of the BankB.. Not a member of Local BoardC.. Member of a Local CommitteeD.. An Office of the State Bank of India
10..State Bank of Mysore was established as per the provisions of A.. State Bank of Mysore ActB.. State Bank of India ActC.. Reserve Bank of India ActD.. None of the above
11.. The Commercial Banks were Nationalised as per A.. The Bank Nationalistion Act (Banking Companies (Acquisition and Transfer of Undertakings)Act,1970B.. The Banking Companies (Acquisition and Transfer of Undertakings) Act,1980.D.. Both A & B are not incorrect.
12.. The State Bank of India is empowered under Section 47 to inspect the subsidiary banks. A.. The above statement is true.B.. The above statement is not trueC.. Only RBI can inspect and not State Bank D.. None of these
13..The issued capital of the Regional Rural Bank is held as 15 %:50%:35% by A.. Regional Rural Bank : State Government : Sponsor BankB.. State Government : Central Bank (RBI): Sponsor BankC.. State Government : Reserve Bank of India : State Bank of IndiaD.. None of these
14..The Licensing part of the Co-operative Banks is looked after by the A.. Reserve Bank of IndiaB.. The Registrar of Co-operativesC.. Both A & BD.. The State Government where the headquarters of the Co-operative Bank is.
15..Displaying of an audited balance sheet to be done not later than the first Monday in October of any where the banking business held. A.. Applicable to all banksB.. Only applicable to Foreign BanksC.. Applicable to New Private BanksD.. None of the above
16.. As per BR Act the return on Liquid Assets to be filed within A.. 7 days from the end of the month to which it relates.B..15 days from the end of the month to which it relatesC.. 20 days from the end of the month to which it relatesD.. 30 days from the end of the month to which it relates
17.. Banking Ombudsman is A.. Discontinued and a new company has been set up.C.. Applicable to adherence to prescribed working hours by branches.D.. All the above are not True.
18.. * A Co-operative Bank functioning in more than one State is known as A.. Primary Co-operative BankB.. Urban Co-operative BankC.. Multi – Force Co-operative BankD.. None of these
19.. Garvita has issued a cheque favouring Deva for Rs.27750/= The cheque has been otherwise in order and the account has enough balance. A.. The Collecting Bank will refuse paymentB.. The Collecting Bank will receive paymentC.. The Drawer’s Bank will not make the paymentD.. The Drawee Bank will not make the payment.
20.. V & S are holding a joint Savings Bank account with bank U. A cheque has been paid by the said bank in clearing, bearing two signatures of both S& V. After some days it was identified that S’s signature has been forged. The Paying Bank’s protection A.. Will be there under Sec 85 of NI Act,1881B.. Will not be there under Sec 10 of NI Act1881C.. Will not be there under Sec 06 of NI Act 1881D.. Will not be there under Sec 10 & 85 of NI Act 1881.
21.. After paying a cheque it has come to t he notice of the bank that one of the endorsements has been forged. A.. The paying bank is protectedB.. It is a payment in due course C.. If endorsements are regular he gets protectionD.. In addition to a,b & c it is the duty of the collecting banker to verify and not the paying banker.
22.. Which cannot be transferred by way of an assignment A.. The right on receivablesB.. The right over a Term deposit of the BankC.. The right over an Life PolicyD.. None
23.. A cheque has been paid bearing a visible alteration on the date and words. The bank A.. Will get protection under Sec10 of NI Act 1881B.. Will get protection under Sec89 of NI Act 1881C..Will get protection under both these sectionsD..Will not get protection under both these sections
24.. As per Section 89 of NI Act,1881 a bank can seek protection only if there is a material alteration in the cheque and does not appear to have been altered. A.. The above is correctB.. The above is in correctC.. The material alteration will not alter the position.D.. The material alteration will to some extent alter the postion.
25.. Bank K opened an account 13 months ago. The bank had obtained the signature of an existing account holder of another branch in the application form. They did not make proper enquiries . When the banker collected a demand draft on which the payment was released. After few days the bank came to know that the said demand draft was so altered as to place of payment as well as amount. A.. The Collecting bank will get protection.B.. The Paying bank will get protectionC.. The Collecting bank will be held responsibleD.. Both banks are responsible
26.. An arbitrator under Banking Ombudsman * 1.. CMD of one of the Nationalised Banks* 2.. One of the Deputy Governors of RBI* 3.. Finance Ministry Representative* 4.. Banking Ombudsman himself
27.. A performance guarantee has been issued on behalf of its client. The guarantee has been invoked by the beneficiary. There is no sufficient balance in the account of the client. A.. The Bank can postpone paying the guarantee amount.B.. The Bank has to honour the claimC.. Later on they can rely on Counter guarantee to recoverD.. Both B & C
28..On a Bank Guarantee, the court will not interfere, since it is a commitment by an individual banker to the beneficiary. A.. TrueB.. FalseC.. Unless a fraud or forgery the court will not interfereD.. None of the above
A.. Negotiating BankB.. Confirming BankC.. Paying BankD.. None of the above
30.. The Red Clause LC and Green Clause LC are one and the same. A.. TrueB.. FalseC.. Green Clause LC is the refinement of Red ClauseD.. Both are ordinary LCs.
31..The Combined Transport Bill is known as A.. Multiple Bill of exchangeB.. Multiple Bill of LadingC.. Multiple Bill of EntryD.. None of these
32.. The issuing bank should advise the credit and any amendments there to through A.. any bankB.. the same advising bankC.. any bank as per convenience of the openerD.. None of these
33.. All Letter of Credits need not contain a clause of last date of shipment and expiry. A.. The statement is not incorrectB.. The statement is not True C.. It is the discretion of the bankD.. It is the understanding between importer and exporter
A.. One and the sameB.. DifferentC.. One has contingent liability D.. One is more important than the other
35..The Guarantees could be A.. Performance GuaranteeB.. Advanced Payment GuaranteeC.. Deferred Payment GuaranteeD.. All of these
36.. As per the provisions of the NI Act,1881, if no rate of interest is specified in the instrument , interest due thereon shall be calculated at the rate of A.. 18% p.aB.. 02% p.mC.. 06% p.aD.. 12% p.a
37..Which instrument need not be stamped? A.. Promissory NoteB.. Bill of ExchangeC.. Power of AttorneyD.. Cheque
38.. The Sec 130 of the Transfer of Property Act, permits assignment of A.. Negotiable InstrumentB.. Irrevocable Power of AttorneyD.. All the above
39..A Private Ltd Company has availed Certain credit facilities including a supply bill limit of Rs.5.00 lacs. Then A .. Charge need not be registered with ROCB.. Since it is a clean advance no charge registration requiredC.. Charge has to be registered with ROCD.. None of the above
40.. One of the following need not be accepted . Identify A.. After sight BillB.. Time BillC.. Usance Bill D.. At Sight Bill
41..Which is correct? A.. Hypothecated goods could be pledged to another bankerB.. Under pledge the property pledged will be with the ownerC.. English Mortgage Private Sale not allowedD.. For Simple Mortgage no stamp duty
42..Generally the banker as a Creditor will have the right and not the possession in respect of A.. Mortgage and PledgeB.. Hypothecation and MortgageC.. Pledge and Third Party PledgeD.. Hypothecation and Pledge
43..In which type of mortgage possession is with the mortgagor. B.. English MortgageC.. Equitable MortgageD.. All the above
44..A bank relying on the contents of their Pledge agreement, have sold the gold ornaments without intimating the owner. A.. The Bank is not in orderB.. The Bank should have given a reasonable NoriceC.. The Bank is perfectly in order otherwise the agreement becomes meaninglessD.. In case of Hypothecation Notice required and not for Pledge
45..Which one is not correct A.. Valid Pledge can be created by endorsement of RRB.. Actual Delivery not necessary. C.. Constructive Delivery acceptableD.. None of these
46..Which statement is correct? A.. Hypothecation can be converted into PledgeB.. Mortgage can be converted into HypothecationC.. Pledge can become Mortgage if neededD.. Assignment represents Negotiation
47.. On Minor’s deposit a loan can be considered A.. Not allowed B.. FalseC.. Natural Guarantor has to sign the documentsD. None
A.. to be discontinued B.. to be allowedC.. to be allowed if the partnership deed is silentD.. to follow the contents of partnership deed
49.. Banker has to be more careful in handling A.. A Trust AccountB.. A Recurring Deposit AccountC.. A Fixed deposit of Rs.5555/-D.. A Government Department Account
50..Bank GT has terminated the overdraft account of the borrower since his operation in the account has not been satisfactory. A.. Bank relied on the contents of Overdraft agreementB.. Bank should have given an opportunity to him in writingC.. Bank has the right to terminateD.. There is no need for the bank to intimate as the borrower has to know the conditions of the bank.
51.. Which type of finance to a Limited Company charge need not be registered with ROC. A.. Assignment of Book DebtsB.. Vehicle Loan for the Managing Director’s sonC.. Term Loan for BuildingD.. Cash credit (Hypothecation)
52.. A person has been appointed as the Manager of the property charged. He has to give notice to the Registrar of Companies within A.. 30 daysB.. 30 days of his appointmentC.. 30 days of his taking charge of the postD..30 days from the date of liquidation
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