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LEGAL AND REGULATORY ASPECTS OF BANKING SOLVED PAPER 

1. In how many days a Bank is required to comply with court under Bankers Books Evidence Act ?
a. 3 days excluding Bank days 
b. 7
 days excluding Bank days 
c. 10 days excluding Bank days 
d.
15 days excluding Bank days 

Answer : A

2. ' A ' has purchased a draft from a bank favouring 'B'. The draft is lost in transit and for duplicate draft in lieu of first bank need some formalities to be completed by 'A'. Can ' B ' file a consumer case  against the formalities as at is delaying payment to him.
a. No, as he is not  consumer of a bank and is not taking any service from the bank .
b. No, as he has not paid the demand draft commission
c. Yes, as because of bank his payment is getting delayed.
d. Yes, his money is lying in the bank , he is deemed as account holder of the bank .

Answer : A

3. The acceptance of recommendations of the banking ombudsman should be conveyed by the complainant within .........................
a. 7 days 
b. 15 days 
c.  21 days
d.  1 month

Answer: B 

4. Central Govt can exempt a banking company from the provisions of banking regulation act under which of the following circumstances .......................
a. On its own 
b. On recommendations of state Govt
c. On recommendation of RBI
d. On request from the concerned banking company 

Answer : C 

5. Who issues license to the co-op societies to function as co-op banks ?
a.  State Govt
b. NABARD
c. Central Govt 
d. RBI

Answer : D 

6. Interest rate on which of the following have been deregulated by RBI ?
i) DRI 
ii) Ceiling rate on export credit 
iii) Ceiling rate on educational loans 

a) Only (i) and (ii)
b) Only (i) and (iii)
c) Only (ii) and (iii)
d) (i), (ii) and (iii)

Answer : C 

7. Banks generally engaged in which type of leasing activities ?
a. operational 
b. financing 
c. service
d. leveraged 

Answer : B 

8. In which places an appeal against the orders of Debt Recovery office can be filed ?
a. Appellate Tribunal 
b. High Court 
c. District Court 
d. Appeal cannot be filed 

Answer : A 

9. General lien gives the creditor the right to retain............ which have come in his possession.
a. all goods 
b. some goods
c. specific goods
d. None of these

Answer :  A 

10. Acts done honestly is called acts done ......................
a. without negligence
b. rashly 
c. modified 
d. in good faith 

Answer : D 

11. Mere signature of the payee on the reverse of the instrument is called ............... endorsement .
a. full 
b. blank 
c. conditional 
d. restrictive 

Answer : B 

12. ' Sans Recourse ' means ...................
a. I am not afraid 
b. Do not touch me 
c. ask the drawer 
d. without liability to me 

Answer : D 

13. In case of safe deposit locker, the relation between bank and customer is Bank ............... and Customer ..............
a. Agent ,Principal
b. Lessor, Lessee
c. Creditor , Debtor 
d. Debtor , Creditor 

Answer : B 

14. When a Bank lends money the relation between Bank and Customer is Bank ...............and Customer ..............
a. Agent ,Principal
b. Lessor, Lessee
c. Creditor , Debtor 
d. Debtor , Creditor 
 
Answer : C 

15. Particular lien gives the creditor right to retain ................in case the expenses incurred are not paid .
a. all goods 
b. some goods
c. specific goods
d. None of these

Answer : C 

16. A revocable LC is one which can be amended or cancelled by ....................without prior notice.
a. Any or all parties of LC
b. The beneficiary 
c. The issuing Bank 
d. None of the above 

Answer : C 

17. What are the enclosures to Paper Book to be submitted with recovery application to DRT?
a. Statement of Loan Account
b. Purpose and circumstances under which loan was disturbed .
c. Reasons for default 
d. All the above 

Answer : D 

18. Which of the following is not an enclosure to the Paper Book which is enclosed to the application with DRT?
a. All the documents based on which the claim is formed 
b. Details of payment of fee
c. Application of the borrower
d. Affidavit of the advocate if the case is filed through the advocate 

Answer : C

19. Which of the following is correct regarding filing a recovery case with DRT ?
a. The application for recovery should be filed in 4 copies
b. The loan documents should not be time barred at the time of filing a case.
c. The Recovery officer has powers like an Income Tax officer.
d. All the above 

Answer : D

20. Which of the following can be a part of interim order of DRT ?
a. Injection 
b. Stay 
c. Attachment
d. Any of the above 

Answer : D  

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