Description : A Shareholder has been defined by ________ A. Banking Regulation Act, 1949 B. Reserve Bank of India Act, 1934 C. Negotiable Instruments Act, 1881 D. Indian Contract Act, 1872 E. The companies act, 1956
Last Answer : E. The companies act, 1956 Explanation: The Companies Act, 1956 ―Small Shareholder‖ means a shareholder holding shares of nominal value of twenty thousand rupees or less in a public company to which section 252 of the Act applies.
Description : The Definition of „Banking‟ is given in _______ A. Negotiable Instrument Act, 1881 B. RBI Act, 1934 C. The Banking Regulation Act, 1949 D. Indian Contract Act, 1872 E. None of the Above
Last Answer : C. The Banking Regulation Act, 1949 Explanation: As per Section 5(b) of the Banking Regulation Act, 1949 , -banking means the accepting, for the purpose of lending or investment, of deposits ... the public, repayable on demand or otherwise, and withdraw-able by cheque, draft, order or otherwise.
Description : Co-operative banks are regulated by the Reserve Bank of India under _________ A. Banking Regulation Act, 1949 B. Banking Laws (Application to Co-operative Societies) Act, 1965 C. Both (A) and (B) D. Negotiable Instrument Act–1881 E. None of the Above
Last Answer : C. Both (A) and (B) Explanation: Co-operative banks are regulated by the Reserve Bank of India under the Banking Regulation Act, 1949 and Banking Laws (Application to Co-operative Societies) Act, 1965
Description : Scheduled banks are required to keep cash reserve with RBI, interms of _______ A. Section 24 of the Banking Regulation Act, 1949 B. Section 20 of the Banking Regulation Act, 1949 C. Section 42(i) of the RBI Act, 1934 D. Section 42 of Negotiable Instruments Act
Last Answer : C. Section 42(i) of the RBI Act, 1934 Explanation: Every bank included in the Second Schedule shall maintain with the Bank an average daily balance the amount.
Description : Banks are required to maintain SLR under_____ A. Section 24 of the Banking Regulation Act B. Section 35 of the Negotiable Instrument Act, 1881 C. Section 24 of RBI Act D. Section 40 of Indian Contract Act, 1872 E. None of the Above
Last Answer : A. Section 24 of the Banking Regulation Act Explanation: SLR is governed by the provisions of Section 24 of the Banking Regulation Act. There is no minimum stipulation on SLR (earlier there used to ... with an amendment to the Banking Regulation Act in 2007). However, SLR can not exceed 40%.
Description : The law regarding negotiable instruments is contained in __________ A. The Bill of exchange Act 1881 B. The Banking Regulation Act 1949 C. Cheques Act, 1881 D. The Negotiable Instruments Act, 1881
Last Answer : D. The Negotiable Instruments Act, 1881 Explanation: The Negotiable Instruments Act, 1881 – An Act to define and Law relating to negotiable instruments which are Promissory Notes, Bills of Exchange and cheques.
Description : The Overseas Principal should obtain necessary authorisation from the Reserve Bank of India under the provisions of which Act to commence/ operate a payment system? A. Reserve Bank of India Act-1934 B. Banking ... , 1949 D. Payment and Settlement Systems Act (PSS Act), 2007 E. None of the Above
Last Answer : D. Payment and Settlement Systems Act (PSS Act), 2007 Explanation: The Overseas Principal should obtain necessary authorisation from the Department of Payment and Settlement Systems, Reserve Bank of India ... Payment and Settlement Systems Act (PSS Act), 2007 to commence/ operate a payment system.
Description : A Credit Bureau is governed by _________ A. Securities and Exchange Board of India Act, 1992 B. Reserve Bank of India Act, 1934 C. Banking Regulation Act, 1949 D. Securities and Exchange ... of India (Credit Rating Agencies) Regulations, 1999 E. Credit Information Companies (Regulation) Act of 2005
Last Answer : E. Credit Information Companies (Regulation) Act of 2005 Explanation: A Credit Bureau is governed by the Credit Information Companies (Regulation) Act of 2005.
Description : SMERA has been registered under _______ A. Securities and Exchange Board of India Act, 1992 B. Reserve Bank of India Act, 1934 C. Banking Regulation Act, 1949 D. Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 E. None of these
Last Answer : D. Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 Explanation: SMERA has been registered under Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999.
Description : To become BBPOUs, Banks and non-bank entities are mandatorily required to apply for approval / authorisation to Reserve Bank of India under ________ A. Payment and Settlement Systems (PSS) Act 2007. B. Foreign ... Act, 1999 C. Banking Regulation Act, 1949 D. SARFAESI Act, 2002 E. None of the Above
Last Answer : A. Payment and Settlement Systems (PSS) Act 2007. Explanation: To become BBPOUs, Banks and non-bank entities are mandatorily required to apply for approval / authorisation to Reserve Bank of ... PSS) Act 2007. Bharat Bill Payment Operating Units (BBPOUs) will be the authorised operational units.
Description : Reserve Bank of India has made it mandatory on the banks to discontinue the practice of stapling the currency note packets under _______ of the Banking Regulation Act, 1949 A. Section 35A B. Section 25A C. Section 15A D. Section 30A E. None of the Above
Last Answer : A. Section 35A Explanation: The Reserve Bank of India has made it mandatory on the banks to discontinue the practice of stapling the currency note packets. It has issued a directive to banks under Section 35A of the Banking Regulation Act, 1949.
Description : BCSBI registered as an independent and autonomous body under ________ A. RBI Act 1934 B. Societies Registration Act, 1860 C. Banking Regulation Act, 1949 D. The Companies Act, 1956 E. Both (B) and (C)
Last Answer : B. Societies Registration Act, 1860 Explanation: BCSBI is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860.
Description : GSTN comes under which Act? (A) Banking Regulation Act 1949 (B) RBI Act 1934 (C) Indian Partnership Act, 1932 (D) Companies Act, 2013 (Ans : D) 45. Combined Stake of Central and State Government in GSTN is– (A) 20% (B) 25% (C) 49% (D) 51%
Last Answer : (C) 49%
Description : For the purpose of attracting the provisions of section 138 of the Negotiable Instruments Act, 1881, a cheque has to be presented to the bank A. Within a period of six months B. Within a period of six ... . Within a period of 15 days from the date on which it is drawn D. None of the above.
Last Answer : B. Within a period of six months from the date on which it is drawn or within the period of its validity, whichever is earlier
Description : The term 'negotiation' in section 14 of the Negotiable Instruments Act, 1881 refers to A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the ... the instrument C. The bargaining between the parties to a negotiable instrument D. All of the above
Last Answer : A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof
Description : Which of the following section of Negotiable Instruments Act, 1881 deals with Cheques? A. Section 4 B. Section 5 C. Section 6 D. Section 7 E. None of the Above
Last Answer : C. Section 6 Explanation: The section 6 of the Negotiable Instruments Act, 1881 deals with Cheques.
Description : The section 4 of the Negotiable Instruments Act, 1881 deals with ________ A. Cheque B. Bills of Exchange C. Promissory Note D. All of the Above E. None of the Above
Last Answer : C. Promissory Note Explanation: The section 4 of the Negotiable Instruments Act, 1881 deals with Promissory Note.
Description : CERSAI was registered as a government-licensed company, under section 25 of _________ A. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. B. Companies Act, 1956 C. Banking Regulation Act, 1949 D. Both (A) and (B) E. None of these
Last Answer : B. Companies Act, 1956 Explanation: Central Registry of Securitisation Asset Reconstruction and Security Interest of India is a company licensed under section 25 of the Companies Act, 1956
Description : The Negotiable Instruments Act, 1881 applies to A. The whole of India B. The whole of India except the State of Jammu and Kashmir C. Those states as notified by the Union Government from time to ... D. The whole of India except the State of Jammu and Kashmir and the North- Eastern States.
Last Answer : B. The whole of India except the State of Jammu and Kashmir
Description : Can the holder of a negotiable instrument indorsed in blank convert the indorsement into an indorsement in full? A. No, such a conversion is not possible under the Negotiable Instruments Act, 1881 (Section ... the indorsement in blank to an indorsement in full (Section 49) D. None of the above.
Last Answer : C. Yes, the holder can by signing his own name and by writing above the indorser's signature a direction to pay to any other person as indorsee, convert the indorsement in blank to an indorsement in full (Section 49)
Description : The Negotiable Instruments Act, 1881 came into force on A. 9th December 1881 B. 19th December 1881 C. 1st March 1882 D. none of the above.
Last Answer : A. 9th December 1881
Description : Indian Banking Regulation Act was passed in the year ___________ A. 1989 B. 1968 C. 1949 D. 1948
Last Answer : C. 1949 Explanation: The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Initially, the law was applicable only to banking companies. But, 1965 it was amended to make it applicable to cooperative banks.
Description : An ECS transaction gets bounced and you are unable to recover your money from your customer. Under which Act criminal action can be initiated? A. Negotiable Instrument Act 1881 B. Criminal Procedure Code C. Payment and Settlement Systems Act 2007 D. Indian Companies Act 1956
Last Answer : C. Payment and Settlement Systems Act 2007 Explanation: Under the Section 25 of Payment and Settlement Systems (PSS) Act, 2007, dishonour of an electronic fund transfer instruction due to insufficiency ... fine or both, similar to the dishonour of a cheque under the Negotiable Instruments Act 1881.
Description : Issuance of stamp duty on bonds is under ________ A. The Companies Act, 1956 B. The Public Debt Act 1944. C. Indian Stamp Act 1899 (Central Act) D. Reserve Bank of India Act, 1934 E. Both (A) and (C)
Last Answer : C. Indian Stamp Act 1899 (Central Act) Explanation: Issuance of stamp duty on bonds is under Indian Stamp Act 1899 (Central Act). A bond is transferable by endorsement and delivery without payment of any transfer stamp duty.
Description : Under which Act are the KYC norms implemented? A. SEBI Act 1992 B. Foreign Contribution and Regulation Act, 1976 C. Prevention of Money laundering Act 2002 D. Banking Regulation Act, 1949 E. Both (C) and (D)
Last Answer : C. Prevention of Money laundering Act 2002 Explanation: KYC guidelines/instructions are issued under under Prevention of Money laundering Act PMLA, 2002.
Description : All banks registered under the ___________ are considered co-operative banks. A. Banking Regulation Act 1949 B. The Bankers‘Books Evidence Act–1891 C. Cooperative Societies Act, 1912 D. Both (B) and (C) E. None of the Above
Last Answer : C. Cooperative Societies Act, 1912 Explanation: Co-operative banks operate in both urban and non-urban areas. All banks registered under the Cooperative Societies Act, 1912 are considered co-operative banks ... approved bylaws and amendments.co-operative banks work on a -no profit, no loss basis.
Description : Which of the following defines the objectives of CERSAI? A. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. B. Companies Act, 1956 C. Banking Regulation Act, 1949 D. Both (A) and (B) E. None of these
Last Answer : A. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Explanation: The object of the company is to maintain and operate a Registration System ... Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).
Description : Which allows banks and other financial institution to auction residential or commercial properties to recover loans? A. Industrial Disputes Act 1947 B. Foreign Exchange Management Act, 1999 C. Banking Regulation Act, 1949 D. SARFAESI Act, 2002 E. None of the Above
Last Answer : D. SARFAESI Act, 2002 Explanation: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) is an ... allows banks and other financial institution to auction residential or commercial properties to recover loans.
Description : RBI can inspect the branches of Banks under _______ of the Banking Regulation Act, 1949 A. Section 35 B. Section 25 C. Section 15 D. Section 30 E. None of the Above
Last Answer : A. Section 35 Explanation: RBI can inspect the branches of Banks under section 35 of the Banking Regulation Act, 1949
Description : The banks will be licensed as payments banks under ______ of the Banking Regulation Act, 1949. A. Section 21 B. Section 22 C. Section 23 D. Section 24 E. None of the Above
Last Answer : B. Section 22 Explanation: The payment banks will be licensed as payments banks under Section 22 of the Banking Regulation Act, 1949 and will be registered as public limited company under the Companies Act, 2013.
Description : The small finance banks will be licensed under ______ of the Banking Regulation Act, 1949. A. Section 21 B. Section 22 C. Section 23 D. Section 24 E. None of the Above
Last Answer : B. Section 22 Explanation: The small finance banks will be licensed under Section 22 of the Banking Regulation Act, 1949.
Description : Bank Holidays are covered by which of the following? A. As per the order of the GOI B. As per the order of the IBA C. Negotiable Instruments Act D. RBI Act E. Other than those given as options
Last Answer : C. Negotiable Instruments Act Explanation: Bank Holidays are declared by Central/State Governments/ Union Territory under the Negotiable Instruments (NI) Act, 1881.
Description : Which of the following is governed by the provisions of Section 42 of the Reserve Bank of India Act, 1934? A. Bank rate B. Reverse Repo Rate C. SLR D. CRR E. None of the Above
Last Answer : D. CRR Explanation: CRR is governed by the provisions of Section 42 of the Reserve Bank of India Act, 1934. There is no minimum & maximum level of CRR. We could go upto zero CRR (negative values are of course absurd).
Description : The PENDLIETON Act, an act to regulate and improve the civil service of the United States, was enacted on: (a) May 11, 1871 (b) June 19, 1872 (c) September 20, 1881 (d) January 16, 1883
Last Answer : (d) January 16, 1883
Description : 'At sight' under section 21 of the Negotiable Instrument Act, 1881, means A. On presentation B. On demand C. On coming into vision D. None of the above.
Last Answer : A. On presentation
Description : Stamps used under the Indian Stamp Act, 1899 & The Bombay Stamp Supply And Sale Rules, 1934, can be broadly divided into _______ categories. A. One B. Two C. Three D. All of the Above E. None of the Above
Last Answer : B. Two Explanation: Stamps used under the Indian Stamp Act, 1899 & The Bombay Stamp Supply And Sale Rules, 1934, can be broadly divided into two categories. Impressed stamps Adhesive stamps.
Description : Reserve Bank of India has granted in principle approval to the common service Centres to act as which operating unit to make bill payments in rural? A) Bharat Bill Payment B) National Bill Payment C) Non Banking Financial D) Mobile Banking Payment E) None of these
Last Answer : A) Bharat Bill Payment Explanation: Reserve Bank of India has granted in-principle nod to the common service centres RBI (CSCs) as Bharat Bill Payment Operating Unit to make bill payments at centres in rural bands.
Description : Agreement is defined by the section ............... of the Indian Contract Act, 1872. (a) Section 2(c) (b) Section 2(e) (c) Section 2(g) (d) Section 2(i)
Last Answer : (b) Section 2(e)
Description : The Indian Contract Act came into force on: (a) 15th September, 1872 (b) 1st September, 1872 (c) 1st October, 1872 (d) 15th October, 1872.
Last Answer : (b) 1st September, 1872
Description : “Hawala transactions” in India are prohibited under the provision of which of the following acts? A. Banking Regulation Act B. Financial Action Task Force Act C. Foreign Exchange Management Act D. All of the Above E. None of the above
Last Answer : C. Foreign Exchange Management Act Explanation: ―Hawala transactions‖ in India are prohibited under the provision of Foreign Exchange Management Act.
Description : Reserve Bank of India was nationalized in - (1) 1948 (2) 1947 (3) 1949 (4) 1950
Last Answer : (3) 1949 Explanation: The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. All shares ... of a suitable compensation. The Reserve Bank of India (RBI) is India's central banking institution.
Description : When was the Reserve Bank of India nationalised? a. January 1, 1949 b. January 1, 1950 c. January 1, 1951 d. January 1, 1952
Last Answer : a. January 1, 1949
Description : Reserve Bank of India was nationalised in (1) 1948 (2) 1947 (3) 1949 (4) 1950
Last Answer : 1949
Description : Industrial (Development & Regulation) Act was passed by parliament in A. 1947 B. 1949 C. 1951 D. 1956
Last Answer : C. 1951
Description : A negotiable instrument delivered to a person conditionally or for safe custody, but not for the purpose of negotiation is called _________ A. Protest B. Escrow C. Noting D. All of the Above E. None of the Above
Last Answer : B. Escrow Explanation: An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties.
Description : According to Reserve Bank of India Regulations, “Universal Banks” are permitted to pick up stake in Payment Banks up to _________ A. 35% B. 25% C. 20% D. 40% E. 30%
Last Answer : E. 30% Explanation: RBI regulations allow universal banks to invest up 30 per cent in payments banks.
Description : As per the Reserve Bank of India, BBPS will initially accept utility bill payments such as _________ A. Telephone Bill B. Electricity Bill C. DTH services D. All of the Above E. None of the Above
Last Answer : D. All of the Above Explanation: As per the Reserve Bank of India, BBPS will initially accept utility bill payments such as electricity, water, gas, telephone and direct-to-home services and will later include other repetitive payments including school and university fees and municipal taxes.
Description : A collection of non-bank financial intermediaries that provide services similar to traditional commercial banks is known as _________ A. Off-shore Banking B. Investment Banking System C. Shadow Banking System D. Conventional Banking E. Merchant Banking System
Last Answer : C. Shadow Banking System Explanation: A shadow banking system refers to the financial intermediaries involved in facilitating the creation of credit across the global financial system but ... oversight. The shadow banking system also refers to unregulated activities by regulated institutions.
Description : The Indian Evidence act 1872 Consists e) 167 Sections, 11 chapters f) 511 Sections, 23 chapter g) 156 Sections, 3 Schedules h) None of these
Last Answer : e) 167 Sections, 11 chapters
Description : The Banking Regulation Act was passed in India in