Banking Law Objective Type Questions and Answers

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(21) Which is the committee on Banking Ombudsman?

[A] Parthasarathi Shome

[B] B. Shivaraman Committee

[C] Suma Verma Committee

[D] Shri Raghuram Rajan Committee

Answer: Suma Verma Committee

(22) Which of the following are to be followed by Commercial Banks for risk management?

[A] Basel II norms

[B] Basel III norms

[C] Basel I norms

[D] Solvency II norms

Answer: Basel II norms

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(23) What happens if a crossed cheque is presented for payment?

[A] It can be paid only through a banker

[B] It cannot be paid at all

[C] It can be paid across the counter in another bank

[D] None of the above

Answer: It can be paid only through a banker

(24) Which of the following gives consumers the right to see their credit records and correct mistakes?

[A] FACTA

[B] FCRA

[C] FDCPA

[D] FOIA

Answer: FCRA

(25) When did the Reserve Bank of India notify the draft regulations relating to the Credit Information Companies (Regulation) Act, 2005?

[A] April 5, 2006

[B] May 26, 2006

[C] June 29, 2007

[D] September 30, 2005

Answer: April 5, 2006

(26) Which of the following is not the part of organized sector of Indian Money Market?

[A] Chit Funds

[B] Mutual Funds

[C] Non-Banking Financial Companies

[D] Reserve Bank of India

Answer: Chit Funds

(27) Which of the following is a set of United State statutes added as Title VIII of the Consumer Credit Protection Act?

[A] FACTA

[B] FCRA

[C] FDCPA

[D] FOIA

Answer: FDCPA

(28) Which among the following refers to misselling?

(i) When mutual funds are sold without telling the likely returns

(ii) When agents sell the products without telling investors what are the risks involved in investing in mutual funds

(iii) When agents invest somebody's money in mutual funds without their knowledge

[A] Only (ii)

[B] Both (i) and (iii)

[C] All (i), (ii) and (iii)

[D] None of the above

Answer: All (i), (ii) and (iii)

(29) Whose signature does Indian currency note bear?

[A] Finance Minister

[B] Finance Secretary

[C] RBI Governor

[D] The President

Answer: RBI Governor

(30) Which one of the following requires lenders to provide "good faith" estimates of settlement costs?

[A] FOIA

[B] NCUA

[C] RESPA

[D] TILA

Answer: RESPA

31 In which year was the Banking Regulation Act passed?

[A] 1949

[B] 1955

[C] 1959

[D] 1969

Answer: 1949

32 In pursuance of which one of the following was the General Insurance Corporation of India formed?

[A] General Insurance Business (Nationalisation) Act, 1972

[B] Insurance Act, 1938

[C] Insurance Amendment Act, 2002

[D] IRDA Act 1999

Answer: General Insurance Business (Nationalisation) Act, 1972

33 Which one of the following belongs to Bank Capitalization?

[A] Basel II norms

[B] Basel III norms

[C] Basel I norms

[D] Solvency II norms

Answer: Basel III norms

34 Which of the following requires lenders to provide standardized information?

[A] TILA

[B] RESPA

[C] NCUA

[D] UCC

Answer: TILA

35 For which of the following Income Tax Department has to open special return counters?

[A] Defence Personnel, Salaried Tax Payers & Pensioners

[B] Salaried Tax Payers, Defence Personnel & Differently-abled Persons

[C] Pensioners, Salaried Tax Payers & Differently-abled Persons

[D] Salaried Tax Payers, Pensioners & Differently-abled Persons

Answer: Salaried Tax Payers, Pensioners & Differently-abled Persons

36 Name the committee to recommend that granting relief to FIIs on Minimum Alternate Tax (MAT) will be a positive thing for the market?

[A] C Rangarjan Committee

[B] Bimal Jalan Committee

[C] AP Shah Committee

[D] K N Desai Committee

Answer: AP Shah Committee

37 With which country India has signed a Memorandum of Understanding (MoU) to tackle the menace of fake Indian currency notes (FICN) smuggling in Aug’15?

[A] Myanmar

[B] China

[C] Pakistan

[D] Bangladesh

Answer: Bangladesh

38 Name the initiative launched by the Finance Minister Arun Jaitely to revamp functioning of public sector banks, PSBs on 14th Aug’15?

[A] Seven Plan

[B] Maulik Niti

[C] BankNiti

[D] Indradhanush

Answer: Indradhanush

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