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Banking Law - Questions and Answers for Competitive Exams | GkSeries

1. The primary relationship between a banker and customer starts from the time
  • [A] when customer visits that bank
  • [B] when customer opens account
  • [C] when customer visits that bank to made queries
  • [D] All of the above

Answer: Option [B]

2. Which one of the following is the most important relationship between banker and customer
  • [A] Debtor and Creditor
  • [B] Bailee and Bailor
  • [C] Agency and Principal
  • [D] Trustee and Beneficiary

Answer: Option [A]

3. Which bank have given the instructions to the commercial banks regarding the immediate credit of outstation cheques?
  • [A] Reserve Bank of India
  • [B] Central Bank
  • [C] World Bank
  • [D] All of the above

Answer: Option [A]

4. Dishonour of cheque by a banker without any justifiable reason is called
  • [A] Valid dishonour of cheques
  • [B] Unmindful dishonour of cheques
  • [C] Negligence dishonour of cheques
  • [D] Wrongful dishonour of cheques

Answer: Option [D]

5. ______________ is the right of a person to retain the property of another person in his possession untill the debt from that owner of that property is repaid
  • [A] Lien
  • [B] Retainment
  • [C] Retrenchment
  • [D] Libel

Answer: Option [A]

6. The idea behind the bankers right to set-off is to enable the banker to reduce the ______________ amount due to him from a customer
  • [A] Gross
  • [B] Net
  • [C] Partial
  • [D] None of the above

Answer: Option [B]

7. The ______________ rule is followed in appropriation of accounts if neither debtor nor creditors does not makes any specific appropriation
  • [A] Pagets
  • [B] Kinlay
  • [C] Sheldon
  • [D] Claytons

Answer: Option [D]

8. The right of set-off customers account can be exercised only by a A. Creditors
  • [A] Creditors
  • [B] Debtors
  • [C] Banker
  • [D] Customer

Answer: Option [C]

9. MICR technology used for clearance of cheques by banks refers to
  • [A] Magnetic Ink Character Recognition
  • [B] Magnetic Ink Company Recognition
  • [C] Magnetic Ink Cross Recognition
  • [D] Magnetic Ink Community Recognition

Answer: Option [A]

10. Which banks which accept deposits from the public and lend them mainly to commerce for short periods?
  • [A] Commercial Bank
  • [B] Industrial Bank
  • [C] Agricultural Bank
  • [D] Central Bank

Answer: Option [A]

11. A company who accepts demand deposit is called __________
  • [A] Joint stock company
  • [B] Banking company
  • [C] Manufacturing company
  • [D] IT company

Answer: Option [B]

12. Fixed Deposits is otherwise called as
  • [A] Accrued Deposits
  • [B] Time deposits
  • [C] Recurring Deposits
  • [D] Demand Deposits

Answer: Option [B]


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