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LEGAL AND REGULATORY ASPECTS OF BANKING SOLVED PAPER 

1. At least ..................of the total number of directors of a public company are to be persons whose period of office is liable to determination by retirement by rotation .
a. 1/2
b. 1/3 
c. 2/3
d. 1/4 

Answer : C 

2. There are.............parties of a contract of indemnity .
a. 2
b. 3 
c. 4
d. 5 

Answer : A 

3. Surety's liability .......................... if the principal debtor is released by the creditor.
a. discharged
b. liable 
c. either a or b 
d. None of these 

Answer : A 

4. If the liability of one surety is discharged by the creditor , liability of other surety is ........................
a. also discharged 
b . not discharged 
c. can be discharged 
d. None of these 

Answer : B

5. Ordinary Letter of Credit are usually ............. ie. the bills drawn there under have to be immediately .
a. Sights Credit 
b. Acceptance Credit  
c. Either a or b 
d. None of these 

Answer : A

6. Letter of Credit under which usance bills can be drawn is called an ....................
a. Sights Credit 
b. Acceptance Credit  
c. Either a or b 
d. None of these

Answer : B 

7. In a Revocable LC, the credit can be amended or cancelled by the ........................
a. Confirming Bank 
b. Reimbursing Bank
c. Issuing Bank
d. Nominated Bank 

Answer : C

8. Only ..................Letters of credit can be confirmed.
a. Revocable 
b. Irrevocable 
c. Either a or b 
d. None of these 

Answer : B 

9. Depending upon the place where the bills are made , they can be classified into ...............
a.Inland Bills 
b. Foreign Bills 
c. Either a or b 
d. None of these 

Answer : C 

10. Pledge means ........................ of goods for purpose of securing a payment of debt or performance of promise. 
a. Lien 
b. Bailment 
c. Assignment 
d. None of these

Answer : B 

11. RBI undertakes banking business for the state govt under the provision of .....................
a. Sec 22 of RBI Act 
b. Sec 21 of RBI Act 
c. Sec 20 of RBI Act 
d. Agreement between RBI & Govt Under Section 21A of RBI Act . 

Answer : D 

12. A Co-operative Bank can be which of the following ? 
a. Primary Co-op Bank 
b. District Central Co-op Bank
c.  State Co-op Bank 
d. All the above 

Answer : D 

13. Section 22 of RBI Act relate which aspects of banking ?
a. RBI authority to regulate credit 
b. RBI authority to regulate banking business
c. RBI authority to function as a bank for govt business
d. RBI authority to issue and manage currency of India 

Answer : D 

14. How many Debt Recovery Tribunals have been set up in India ?
a. 27
b. 28
c. 29
d. 50 

Answer : C 

15. What is the jurisdiction area of a Debt Recovery Tribunal ?
a. Each state
b. One or more states / Union Territories
c. Throughout the country
d. No such criteria 

Answer : B 

16. The Central Govt has powers to authorize Tribunals to hear cases where amount involved is less than Rs. 10 Lac but more than .....................................
a. Rs. 1 Lakh 
b. Rs. 2 Lakh
c. Rs. 5 Lakh
d. Rs. 7 Lakh  

Answer : A 

17. What central govt has powers to authorize Tribunals to hear cases where amount involved is less than Rs. 10 Lac but more than .....................................
a. To transfer all the cases of bank recovery from civil court to tribunals
b. To set up an exclusive agency for Bank recovery 
c. To set up special tribunal which can provide speedy court remedies 
d. All the above 

Answer : C 

18. What are the various modes available to the Recovery officer for proceeding to recover the amount of debt ?
a. Attachment or sale of movable or immovable property        
b. Arrest the defendant or detention in jail
c. Appointing a Receiver for the management of the movable or immovable 
d. All the above 

Answer : D

19. Clean Loans are normally ........................
a. Secured Loans 
b. Unsecured Loans 
c. None of the above 
d. Any of the above 

Answer : B

20. What is the maximum limit of compensation of the banking ombudsman may award ?
a. 1 Lac
b. 5 Lac
c. 10 Lac
d. No Such Limit 

Answer : C 

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