INDIAN INSTITUTE OF BANKING & FINANCE JAIIB MODULE (A & B) LEGAL ASPECTS OF BANKING OPERATIONS Thursday 17 APRIL 08 T M C VASUDEVAN
01..Identify which one is treated as the secondary business of a bank a.. Accepting Deposit b.. Lending Money c.. Issuing Demand Draft d.. Making Investments
02..Banking is defined in the Banking Regulation Act.Primary function to accept deposit, lend and invest.Secondary functions include opening of Letters of credit , Issuing Bank guarantees, Demand DraftsMail Transfers, Telegraphic Transfers, Collection of instruments
03..G has approached the drawee bank to handover the original cheque issued by him and since paid to the debit of his account. A.. Bank to take permission of the Head OfficeB.. Bank to refuseC.. At the most they can provide a Xerox Copy onlyD.. Bank to comply with the request.
04..Safe Deposit Locker facilities, accepting Safe custody articles and so onATM, Debit, Credit and other plastic cardsAccepting Electricity, Telephone bills , and extending services on behalf of the Service providers
05.. As per the provisions of the Banking Regulation Act, a banking company to file within 30days of the close of each financial year a return of unclaimed deposits. B.. The above statement is incorrect.C.. It is Reserve Bank of India ActD.. Even the answer C is only partially correct
06..Latest provisions of KYC and other procedures to be adopted while making a person as their customer, the banker has to take due care .Any lapse on the part of the bank may cause the bank at a later stage.A banker should be able to justify beyond doubt that his customer has become his customer after following all the procedures, norms and he has acted as a prudent banker.
07..Reserve Bank of India Act,1934 was enacted to constitute the Reserve Bank of India a.. To regularize the issue of Bank notesb.. To Regulate the issue of Bank notesc.. For directing the banks when they errd.. To Act as the banker of the Central Government
08 ..Reserve Bank of India act was introduced in 1934 and since then amended from time to time to include the latest requirements.A provision was inserted by the Information Technology Act,2000 to enable RBI to make regulations for regulating payment systems of banks and financial institutions
09.. RBI’s whole capital is held by the Central Government... The board has one Governor and not more than 4 Deputy Governors appointed by the Central Govt.. RBI alone can issue and mange currency in India as per the provisions of RBI act.
10.. RBI as regulator of banking sector is mainly by virtue of the provisions of the Banking Regulation ActRBI inspects banks and exercise supervisory powers and may issue directions in public interestRBI also collects credit information and make available the sameRBI also imposes penalties wherever applicable
12..In case of winding up of the banking company, each depositor will have to make the claim within 20 days 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.. It is not within 20 days but within a period of 15 days.
13.. Other than the Governor, Deputy Governors of RBI, the other directors are a.. Appointed c.. Selectedd.. Elected
14..C has appointed M has the nominee for his safe deposit locker and for savings bank P. Both nominations got registered with the bank. Nomination form for locker not signed by C. Both facilities are joint and operation several.a.. Operations in the locker will be affectedb.. Operations in the locker will not be affectedc.. On the death of C, P will be entitled to operate the locker
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