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LEGAL AND REGULATORY ASPECTS OF BANKING SOLVED PAPER 

1. Which of the following are the norms of awarding compensation by the banking ombudsman ?
a. banking ombudsman does not have unlimited powers to allow compensation
b. the maximum  limit of compensation is Rs. 10 Lac
c. no compensation will be awarded in excess of that which is necessary 
d. All the above

Answer : D 

2. A property mortgaged ( Equitable mortgage )is in a village which is not a notified area. The bank branch which gave a loan is in a notified area . If the bank wish to file a suit , then ............
a. Suit has to be filed in district headquarters of the bank branch 
b. Suit has to be filed in the court in whose jurisdiction the property mortgaged is situated 
c. Such loan not possible ( Property in a different area and the lending bank in another area )
d. None of these 

Answer : B 

3. Usance bills drawn under import LC should be retired..........
a. 10 days from the date of receipt of bill 
b. On due date 
c. last day of the month in which license expires
d. None of the above 

Answer : B 

4. If a cheque is crossed as A/c payee ,  this is the direction of ......................., to ..................................
a. payee, paying bank 
b. payee, collecting bank
c. drawer, paying bank 
d. drawer, collecting bank 

Answer : D 

5. There is an FDR of A and B but A dies before its maturity . B also dies one week after his death . FD amount is payable to..............
a. Legal heirs of A
b. Legal heirs of B 
c. Legal heirs of A and B 
d. Legal heirs of a person who died later

Answer : C 

6. Payments for retirement of bills against imports into India must be received by .................
a. Directly by exporter
b. Directly by importer   
c. Authorised Dealer
d. RBI 

Answer : C 

7.The rate quoted for issue of Drafts /TTs is ............
a. Bill Selling Rate 
b. Inter- Office Rate
c. Forward Rate  
d. TT Selling Rate 

Answer : D 

8. Analysis of B/S of a partnership firm shows that its total net worth is more than the total outside liabilities ............. 
a. It can be termed as a desirable situation 
b. 
It can be termed as an excellent and desirable situation 
c. it reflects the conservatism on the part of management
d. it reflects risk appetite of the management 

Answer : C 

9. In case of non-compliance of the award by the bank the banking ombudsman will report to ............
a. RBI
b. Supreme Court
c. Finance Ministry 
d. Consumer Protection Act 

Answer : A 

10. What is the maximum time for settlement of a claim before passing an award by the banking ombudsman ?
a. Within 15 days from the date of receipt of complaint 
b. Within 30 days from the date of receipt of complaint 
c. Within 2 months from the date of receipt of complaint 
d. Within 3 months from the date of receipt of complaint 

​Answer : C  


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