Jaiib Legalaspectsofbanking CD
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![Page 1: Jaiib Legalaspectsofbanking CD](https://reader034.fdocuments.in/reader034/viewer/2022042515/577cc9b01a28aba711a45467/html5/thumbnails/1.jpg)
LEGAL ASPECTS OF BANKING OPERATIONS
JAIIBMODULE C & D
06.11.06
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01..Under SARFAESI Act, 2002, the word Board is used to mean
A .. Reserve Bank of IndiaB .. Securities and Exchange Board of IndiaC .. Debt Recovery TribunalD .. Securitization Company
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02..Which pair is not correctA . Obligor – BorrowerB . Lender - OriginatorC . Sponsor – Reserve Bank of IndiaD . Secured Financial Institution Creditor -
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03..This evidences the purchaser’s undivided right, title and interest in the security.
A . OwnershipB . Transfer RightC . Right to possess and enjoyD . None of these
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04..Which one cannot be a Qualified Institutional Buyer
A . Insurance companyB . BankC . A Partnership firm with financial
experienceD . A Foreign Institutional investor
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05.. Which statement is correctA . An asset reconstruction company need
not be registered under Companies Act.B . A foreign institutional investor to be
registered with RBIC . SARFAESI Act not applicable to RRBsD . Securitization Company has also to be
registered with SEBI.
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06..Securitisation companies can set up separate trusts scheme wise and act as trustee for such schemes. The beneficiaries of such trusts are
A . TrusteesB . BorrowersC . CreditorsD . None of them
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07..The Securitisation company or reconstruction company can acquire financial asset of any bank or financial institution by issuing
A . DebentureB . BondC . Any other security D . Any one of the above
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08..Identify the odd one (Debenture) A .A debenture for payment of consideration
to be paid to the bank for acquisition of financial asset from it
B .The rate of interest on debenture cannot be more than 1.5% above Bank rate
C .Redemption period not beyond 6 years.D .Reconstruction company to issue
debenture
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09..It has the owned funds not less than Rs.2 crore or such other amount not exceeding 15 % of total financial assets acquired or to be acquired as the RBI may specify.
A . Securitisation CompanyB . Reconstruction CompanyC . Both a & b D . None of these
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10..The securitisation company or the reconstruction company can acquire financial asset of any bank or financial institution
A . True B . FalseC . Incorrect D . Not True
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11.. Identify the correct one.A .Acquisition of funded assets to include
take over of outstanding commitments, if any, of any bank, to lend further.
B .If registration cancelled, Reconstruction company can appeal within 45 days
C .Security receipt is in favour of investorsD .Scheme wise/ asset –wise separate
accounts not required to be maintained
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12.. A securitisation company or reconstruction company can raise funds by way of deposits.
A . Not False B.. Not TrueC.. Not applicable to Securitization company
but to Reconstruction companyD.. Not applicable to Reconstruction
company but to Securitisation company
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13..Identify the incorrect one (Securitisation)A . Non performing asset is linked to
overdue period which is 90 days nowB .If the asset is taken for reconstruction
limit is 7 years for reconstructionC .Capital Adequacy of 15% to be thereD .While issuing security receipts necessary
disclosures to be made without fail
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14..The date agreed upon by the secured creditors representing not less than three-fourth in value of the amount outstanding on such date.
A . Agreement Date B.. Agreed DateC.. Record Date D.. Due date
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15.. Which one is not coming under Securitisation.
A . Hypothecation of StockB . Assignment of Book DebtsC . Mortgage of LandD . Pledge of Goods
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16..In case of sale of immovable property the borrower should be given notice about the sale before
A . 60 days B. 2 monthsC . 90 days D. None of these
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17.. An authorized officer has finalised the sale of property for Rs. 10 lacs. Then the purchaser has to remit
A . The amount immediatelyB . Within 15 daysC . 25% of the offer priceD . Nothing at once
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18.. The authorized officer canA . Accept the OfferB . Confirm the saleC . Issue Sale CertificateD . Perform all the above
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19.. Securitisation (identify the odd one)A. For taking possession and then sell the
immovable property (under mortgage) court permission required.B. Court permission not requiredC. The authorised officer to publish the
possession noticeD. In two leading newspapers
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20..An appeal to the Appellate Tribunal is to be preferred within
A. One month from the date of receipt of the order of Debts Recovery Tribunal.
B. 30 days C. 60 daysD. None of these
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21.. A record to be maintained at the Central Registrar at their head office to record transactions relating to
A . Securitization of financial assetsB . Reconstruction of financial assetsC . Creation of security interestsD . All the above
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22.. When any security interest is registered with the Central Registrar is modified, the same is required to be filed before Central Registrar within
A . 30 days B. One monthC . 45 days D. 60 days
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23.. If a reconstruction company fails to comply with any of the directions of RBI then the company is punishable with fine not exceeding
A . Rs.1 lac for the default.B . Rs. 5000/- per dayC . Rs 10000/- per dayD . Rs. 5 lacs
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24..Provisions of SARFAESI ACT not applicable for
A . A pledge of movable assetsB . Hire purchase or lease in which no
security interest has been createdC . Any security interest created in
agricultural landD . All the above
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25..A bank has realized part of the liability by using Securitisation procedure. The balance outstanding is Rs.12 lacs without any tangible security.
A . Bank will have to foregoB . Bank can approach DRTC . Bank cannot approach any courtD . Bank will have to write off
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26.. After recovery through Securitisation process for balance outstanding to recover the bank can approach competent court provided
A . Limitation period is not overB . Debt is time barredC . Limitation period has not been extendedD . Borrower agrees
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27..Banking Ombudsman review authority is
A. Ombudsman himselfB. Awarding OfficialC. RBI Executive DirectorD. None of them
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28..Banking Ombudsman which is incorrectA . Provided with a SecretariatB . Cost of Secretariat to be borne by RBIC . Remuneration to be decided by RBID . He can not act as an arbitrator
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29.Banking ombudsman- identify odd oneA . Non- adherence of prescribed working
hours by branchesB . Observance of RBI directives on interest
ratesC . Failure to pay guarantee amountD . Non- issue of drafts to non customers
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30..Banking Ombudsman as an arbitrator to follow the scheme as well as the provisions of
A . Banking Regulation ActB . Reserve Bank of India ActC . Arbitration ActD . None of these
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31..DRT Act not applicable toA . Nationalized BanksB . Regional Rural BanksC . State Bank of IndiaD . None of these
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32..Under DRT Act, a Recovery Officer is one who is
A . Appointed by the respective BanksB . Also known as Authorized OfficerC . Appointed by the Central GovernmentD . Also called Presiding Officer
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33..Which one is incorrect (DRT)A . An application for execution of the
decree of foreign court cannot be entertained by Debt Recovery Tribunal.
B .The Limitation Act applies for DRT casesC .Other Bank can join the application.D .Tribunal to deal with cases above Rs,10
lacs
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34..Identify the correct mode of recovery of debts (DRT)
A . Attachment and sale of movable propertyB . Sale of immovable property of the
defendantC .Arrest of the defendant and his detention
in prisonD .Any one of the above
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35.. The recovery certificate which has been issued requires rectification of arithmetical mistake. It can be done by
A . The Banker himselfB . The Competent CourtC . The Officer of the DRTD . None of these persons
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36..Any person aggrieved by the order of Recovery Officer may appeal to the Tribunal within
A . 15 days B . 30 days C . 30 days from the date of the order D . 30 days from the date of receipt of the
copy of the order.
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37..According to Bankers’ Books Evidence Act identify the correct one.
A.. The Act extends to the whole of India including the State of Jammu & Kashmir
B .For a Computer Print out certificate by the Principal Accountant is not acceptable
C .The certified copy need not have any declaration.
D . The Act is not applicable to the State of Jammu & Kashmir
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38..For inspection of books by order of court the same has to be served on the bank
A . Any time before banking business hoursB . Any of its branchesC . At least a week before the same is to be
obeyedD . None of these
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39...A dispute where the person against whom complaint has been made, denies or disputes the allegations contained in the complaint refers to
A . Consumer DisputeB . Customer DissatisfactionC . Consumer ComplaintD . Deficiency in Customer Service
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40..Under the Consumer Protection Act, who is not treated as a “Person”
A . An unregistered FirmB . A Registered FirmC . A Co-operative SocietyD . None of the above
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41..J applied for a loan which the bank considered. However J went to the consumer forum claiming that the loan was inadequate. Then the consumer forum
A . Can direct the bank to give balance loanB . Cannot direct the bank C. Can entertain
the consumer’s request D . None of these
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42..Which one is correctA .. The State Consumer Protection Council to
meet at least two times every year.B .. The District Consumer Protection Council to
meet at least one time every year.C .. The Central Consumer Protection Council to
meet at least two times in a year.D ..The highest council is the National Council
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43..Identify the odd one (Consumer Disputes Redressal Agencies)
A . National CommissionB . District ForumC . Central CouncilD . State Commission
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44..Every member of the District Forum to hold office for a term of three years or up to the age of sixty-five years, whichever
is earlier.A . True B . FalseC . Partially True D . It is not 3 years but 5 years
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45..An appeal against the District Forum’s order has to be filed before State Commission within 30 days. In case of monetary involvement the person filing appeal
A.. Need not remit any amountB.. Has to remit 50 % of the amount orderedC .. Rs.20,000D .. B & C which ever is less
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46..For filing any complaint before a DistrictForum, State Commission or the NationalCommission the limitation period from thedate of cause of action isA .. 1 year B.. 2 yearsC .. 3 years D.. No limitation period
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47..An Agreement involving 3 persons is called
A .. Unilateral AgreementB .. Bilateral AgreementC .. Multi person AgreementD .. None of these
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48.. It is the delivery of goods by one person to another for some purpose . When the purpose is accomplished, the goods are to be returned or otherwise disposed of according to the direction of the person delivering them.
A . Hypothecation B . BailmentC . Assignment D . Mortgage
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49.. Under Pledge the pledgee is the A . Debtor B . CreditorC . Borrower D . None of them
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50..Termination of Agency is possibleA . Principal revoking his authorityB . Agent dies during the agency periodC . Principal is adjudicated as insolvent D . All the above
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51.. Which one does not pertain to saleA . The risk in goods is with the buyerB . The Seller can only sue for damagesC . It is a contract in which the parties have
already performed their partD . The ownership of goods have already
passed irrespective of whether the goods are delivered or not
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52..It is a stipulation collateral to the main purpose of the contract. The breach of such a stipulation gives rise to a claim for damages only.
A . Condition B . WarrantyC . Guarantee D . Stipulation
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53.. The unpaid seller (which one is not the Right)A . Right not to withhold delivery of goodsB . Right of re-saleC . A lien on the goods for the price while he is in possession of themD . Right to stop goods in transit
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54.. This type of partnership can be dissolved by any partner by giving notice in writing to all the other partners of his intention to dissolve the firm.
A . Ordinary PartnershipB . Partnership at WillC . Special PartnershipD . Particular Partnership
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55..The implied authority of a partner does not empower him to
A . Open a banking account on behalf of the firm in his own name
B . Withdraw a suit filed on behalf of the firmC . Admit any liability in a suit against himD . Enter into partnership on behalf of the
firm
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56.. A minor who was admitted to receive the benefits of a firm, on attaining majority and becoming a partner
A .His rights and liabilities as a minor continue upto the date on which he becomes a partner
B .He is personally liable to 3rd parties for all the acts of the firm done
C .Since he was admitted to the benefits of the firm
D .All the above are applicable
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57..Which one is incorrectA . Registration of a firm is optional B . Registration of a company is not
compulsoryC . A firm does not have a perpetual
existence D . Common seal is not applicable to a firm
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58.. Identify the odd one (Companies)A . A private company can accept deposits
only from its members or directorsB . For Private company minimum issued
capital has to be Rs.1.oo lacC . Minimum 3 directors required for Public
Ltd company D . Memorandum of Association is a Public
document
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59..Which does not require registration?A . Pledge of company assetsB . Prospectus C . Book Debts D . Any share in a ship
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60..Who is an authorised person under FEMA
A . Any bank B . Authorized Money ChangerC . Authorised DealerD . All the above
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61.. The mortgagor agrees that in the event of his failing to pay according to his contract, the mortgagee has the right to sell the mortgaged property and recover his dues. Identify the mortgage
A . Simple B. UsufructuaryC . Conditional Sale D. English
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62..On payment of the money the mortgagee will re transfer the property to the mortgagor. Which is that mortgage
A. Equitable B. SimpleC. EnglishD. Conditional Sale
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63..Which statement is trueA . Simple Mortgage has to be created in a
Notified AreaB . English Mortgage Private Sale is not
thereC . Equitable Mortgage Registration is not
applicableD . Simple Mortgage Deed to be registered
within 30 days of execution
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ALL THE BEST THANKS T.M.C. VASUDEVAN (M) 9819500380 ® 022-27606208 EMAIL [email protected]