Banking Law Quiz | Banking Law Multiple Choice Questions and Answers

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Questions
1 Name the body of 'eminent' professionals and officials, which will replace the Appointments Board for appointment of Whole-time Directors as well as non-Executive Chairman of PSBs?
A NITI Aayog
B NIYATAM
C Bank Board Bureau
D Bureau of Banking Standards

Answer: Bank Board Bureau
2 As per the notification by Reserve Bank of India (RBI) on 6th Aug’15, in which areas the banks are allowed to shift, merge or close branches without seeking its prior permission?
A Urban Areas
B Rural Areas
C Semi-Rural Areas
D Semi-Urban Areas

Answer: Urban Areas
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3 On 6th Aug’15 the Lok Sabha adopted the Negotiable Instruments (Amendment) Bill 2015 that enables the _________.
A Enable Cheque collections on Electronic Mode & Proposed to change the definition of Cheques
B Proposed to change the definition of Cheques & Lift the penalty over bouncing cheques
C Lift the penalty over bouncing cheques & Proposed to change the definition of Cheques
D Increase the penalty over bouncing cheques & Enable Cheque collections on Electronic Mode

Answer: Enable Cheque collections on Electronic Mode & Proposed to change the definition of Cheques
4 What is the name of the project that is an ambitious project of the Union Finance Ministry to bring into net black money hoarders and tax evaders by using optimum technology?
A Project Insight
B Project Black Money
C Project Money Laundering
D Project Monitoring

Answer: Project Insight
5 As per the RBI Guidelines, on which of the following days RTGS facility will not operate?
A 1st Monday of the month & 4th Saturday of the month
B 2nd Saturday of the month & 4th Saturday of the month
C All Saturdays of the month & 4th Saturday of the month
D All Saturdays of the month & 2nd Saturday of the month

Answer: 2nd Saturday of the month & 4th Saturday of the month
6 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
7 Which of the following norms intends to strengthen Bank Capital requirements?
A Basel II norms
B Basel III norms
C Basel I norms
D Solvency II norms

Answer: Basel III norms
8 In which year was the Banking Regulation Act passed?
A 1949
B 1969
C 1955
D 1959

Answer: 1949
9 The Definition of ‘Banking’ is given in _______?
A Negotiable Instrument Act, 1881
B RBI Act, 1934
C Banking Regulation Act, 1949
D Indian Contract Act, 1872

Answer: Banking Regulation Act, 1949
10 Whose signature does an Indian currency note bear?
A Finance Minister
B Finance Secretary
C RBI Governor
D The President

Answer: RBI Governor
11 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
12 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

Answer: CRR
13 Banks are required to maintain SLR under which act?
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

Answer: Section 24 of the Banking Regulation Act
14 Which of the following is the clearing agency for Government securities?
A GOI
B RBI
C CCIL
D SEBI

Answer: CCIL
15 Which act 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

Answer: SARFAESI Act, 2002
16 Which of the following was/were established under the Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI Act), 1993?
A DRTs
B DRATs
C Both (A) and (B)
D None of the Above

Answer: Both (A) and (B)
17 Which of the following Act refers to the acquisition and transfer of the undertakings of certain banking companies?
A Companies Act, 1956
B Credit Information (Companies Regulation Act, 2005)
C Banking Companies (acquisition and transfer of undertakings), 1970
D Banking Regulation Act, 1949

Answer: Banking Companies (acquisition and transfer of undertakings), 1970
18 As per the provisions of which act all financial institutions have to maintain a record for all form of transactions?
A Companies Act, 1956
B Credit Information (Companies Regulation Act, 2005)
C Information Technology Act, 2000
D PMLA Act, 2002

Answer: PMLA Act, 2002
19 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
20 FATCA stands for
A Foreign Account Tax Compliance Act
B Foreign Account Trade Company Act
C Financial Account Tax Compliance Act
D Fiscal Account Tax Compliance Act

Answer: Foreign Account Tax Compliance Act

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