Banking Quiz – 62

BANKING QUIZ

1. What does the section 85 of The Negotiable Instruments Act, 181 deal with?
a) Discharge from liability
b) Discharge by allowing drawer more than forty eight hours to accept
c) When cheque not duly presented and drawer damaged thereby
d) Cheque payable to order
e) None of these

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Answer d) Cheque payable to order

2. RBI can carry out inspection of any bank under section ____ of Banking Regulation Act
a) 35
b) 32
c) 33
d) 34
e) 31

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Answer a) 35

3. The Banking Ombudsman can award maximum compensation up to
a) Rs. 2 lac
b) Rs. 5 lac
c) Rs. 7.50 lac
d) Rs. 6 lac
e) Rs. 10 lac

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Answer e) Rs. 10 lac

4) A bankers’ lien is governed by
a) Indian Contract Act
b) Negotiable Instrument Act
c) Banking Regulation Act
d) Bankers’ Books Evidence Act
e) Sale of Goods Act

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Answer a) Indian Contract Act

5. Mortgage and lease are defined in _____ Act.
a) Transfer of Property Act
b) Negotiable Instrument Act
c) Banking Regulation Act
d) Bankers’ Books Evidence Act
e) None of these

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Answer a) Transfer of Property Act 

6. A cheque is payable on
a) demand
b) 24 hours after presentation
c) happening of certain event
d) a fixed future date
e) None of these

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Answer a) demand

7. Bill of Exchange, Promissory Notes and Cheques are defined as
a) Negotiable Instruments
b) Documents of Title of Goods
c) Trust Receipts
d) All of these
e) None of these

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Answer a) Negotiable Instruments

8. An award of Banking Ombudsman is
a) a judicial decision
b) an arbitrary order
c) an order on the Bank
d) an appeal to the bank
e) None of these

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Answer a) a judicial decision

9. Nomination was introduced in banks by amendment in which of the following act.
a) RBI Act
b) Banking Regulation Act
c) Companies Act
d) Negotiable Instruments Act
e) None of these

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Answer b) Banking Regulation Act

10. Banking Ombudsman Scheme is not applicable to
a) Associate Banks of SBI
b) Foreign banks working in India
c) Private Sector Banks
d) RRB
e) None of these

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Answer d) RRB

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