1.
Under Ombudsman Scheme the report of those awards which
are not implemented by banks is required to be submitted to
High Power Customer Service committee, on _________ basis.
(1) as and when time for award implementation is over
(2) on a fort night basis
(3) on a monthly basis
(4) quarterly
Answer: quarterly
2.Which of the following is not implied authority of a partner?
(1) Receiving payment of debt due to firm and issuing receipt
(2)Open a Bank account on behalf of firm in his own name
(3) Borrowing money on firm’s credit even by pledging firm’s Assets
(4) Rendering accounts to the creditors
Answer: Open a Bank account on behalf of firm in his own name
3. X has proposed that in his deposit account one of the
following should be accepted as a nominee. Which one of these
will not be accepted?
(1) A minor with age of only 5 year
(2) A senior citizen with age of 110 years
(3) A person who has recently been declared insolvent
(4) A trust of whose X is a trustee(2) NOR
Answer: A trust of whose X is a trustee(2) NOR
4. Which one of the following information is prohibited for
disclosure under RTI Act, 2005?
(1) Information in connection with commercial confidence trade
secrets or intellectual property
(2) Information received in confidence from foreign government
(3) Cabinet papers including record of deliberations
(4) All of the above
Answer: All of the above
5. Z gave a guarantee on behalf of X to the bank for a series of
transactions. Such guarantee is called ______
(1) Serial guarantee
(2) Specified guarantee
(3) Continuing guarantee
(4) Any of the above
Answer: Continuing guarantee
6. A bill exchange covering supply of goods has been drawn by
M/s Delhi Supplies co. on M/s Panipat Goods Traders and is
accepted by Mr. Purshotam Lal an attorney of the buyers.
Before its due date the power of attorney is cancelled and the
buyer refuses to pay the bill on date treating it as non
accepted:
(1) The bill is deemed to have been accepted and the buyers are
liable on the bill
(2) The bill is deemed to have been accepted but only the attorney
holder is liable
(3) The acceptance is deemed to have been cancelled with
cancellation of the attorney
(4) Any of the above
Answer : The bill is deemed to have been accepted and the buyers are
liable on the bill
7. In which of the following documents the limitation period is
3 years?
(1) Demand Promote from the date of DP note
(2) Overdrafts from the date of advances
(3) Term Loan from the date of default in payment of each
installment
(4) All of these
Answer : All of these
8. X has an NPA account. he deposits Rs.15000 with bank for
retirement of a bill of exchange Bank wants to use the money
for regularization of NPA accounts:
(1) This can be done as per bank’s direction u/s 60 of Indian Contract
Act
(2) This can be done u/s 60 of Indian Contract Act
(3) This cannot be done u/s 59 of Indian contract Act
(4) This cannot be done u/s 61 of Indian Contract Act
Answer: This cannot be done u/s 59 of Indian contract Act
9. A Memorandum contains:
(1) Name clause
(2) Registered Office Clause
(3) Objects Clause
(4) All of these
Answer: All of these
10. HUF cannot be a partner in a partnership firm as per
Supreme court Judgements. The judgements in based on the
premise that _______
(1) HUF is a legal person with Karta as its head but other co-partners
are not liable
(2) HUF is not a legal person and cannot enter into such agreement
that makes it liable for the action of others
(3) HUF is not competent to enter into any contract with outsiders and
make it liable for the actions of others
(4) HUF cannot enter into any contract with outsiders
Answer: HUF is not a legal person and cannot enter into such
agreement that makes it liable for the action of others
Share these Specialist IT officer questions with everyone you know
and improve their chances of getting selected for IBPS Specialist
Law Officer (Scale -I) exam.
Banking Awareness Quiz on Important
Sections of Banking Regulations Act
1949
1. How many sections are there in total in Banking Regulation Act
1949?
(1) 48
(2) 54
(3) 47
(4) 56
(5) 51
Show Answer
Option: 4
2. Which of the following section in the Banking Regulation Act 1949
defines the use of words “bank”, “banker”, “banking” or “banking
company”?
(1) Section 1
(2) Section 7
(3) Section 2
(4) Section 3
(5) Section 5
Show Answer
Option: 2
3. Which section of Banking Regulation Act 1949 give Power to the
Reserve Bank to give directions?
(1) Section 42
(2) Section 42A
(3) Section 47
(4) Section 47A
(5) Section 35A
Show Answer
Option: 5
4. In which of the following section co-operative societies are
introduced in Banking Regulation Act 1949?
(1) Section 31
(2) Section 48
(3) Section 56
(4) Section 37
(5) Section 28
Show Answer
Option: 3
5. Which section of Banking Regulation Act 1949 gives power to
Reserve Bank to impose penalty?
(1) Section 39A.
(2) Section 42A.
(3) Section 35A.
(4) Section 47A.
(5) Section 27A.
Show Answer
Option: 4
6. Which section of Banking Regulation Act 1949 has Statutory
Liquidity Ratio?
(1) Section 24
(2) Section 22
(3) Section 23
(4) Section 25
(5) Section 21
Show Answer
Option: 1
7. Which of the following falls under Section 11 of Banking Regulation
Act 1949?
(1) Restrictions on loans and advances.
(2) Restrictions as to payment of dividend.
(3) Cash Reserves
(4) Licensing of banking companies.
(5) Requirement as to minimum paid-up capital and reserves.
Show Answer
Option: 5
8. Which section of Banking Regulation Act 1949 gives power to
Central Government to make rules?
(1) Section 7
(2) Section 52
(3) Section 21
(4) Section 38
(5) Section 47
Show Answer
Option: 2
9. Which section of Banking Regulation Act 1949 gives power to
Reserve Bank to appoint chairman of the Board of directors appointed
on a whole-time basis or a managing director of a banking company?
(1) Section 8A
(2) Section 10BB
(3) Section 7B
(4) Section 10A
(5) Section 12AA
Show Answer
Option: 2
10. Under which section of Banking Regulation Act 1949 banks are
prohibited from opening a new branch without Reserve Bank of India’s
approval?
(1) Section 28
(2) Section 26
(3) Section 23
(4) Section 18
(5) Section 34
Show Answer
Option: 3
11. Under which section of Banking Regulation Act 1949, special
provisions for Private Banking Companies directed?
(1) Section 49
(2) Section 47
(3) Section 51
(4) Section 43
(5) Section 55
Show Answer
Option: 1
12. Which of the following section of Banking Regulation Act 1949
directs licensing of banking companies?
(1) Section 20
(2) Section 15
(3) Section 29
(4) Section 22
(5) Section 38
Show Answer
Option: 4
Don’t forget to read the Important Sections in Banking Regulation
Act 1949
Regards
Team Exampundit
Consumer Protection Act MCQs
Question 1
Consumer Protection Act is significant to
A) Immovable Goods
B) Movable Goods
C) Particular Goods and Services
D) All Goods and Services
Answer: D
Question 2
How many rights does a consumer have under the Consumer Protection Act
A) 8
B) 6
C) 4
D) 5
Answer: B
Question 3
Under the Consumer Protection Act, the rights of a consumer don’t include to be
A) Safety
B) Current
C) Presented
D) Informed
Answer: C
Question 4
When the seller manipulates the price, it is known as
A) Caveat Emptor
B) Unfair trade practices
C) Restricted trade practices
D) None of the above
Answer: C
Question 5
Under this act, the minimum age of forum member of a district forum should be
A) 30
B) 40
C) 35
D) 65
Answer: C
Question 6
The maximum age state commission member should be
A) 60
B) 35
C) 70
D) 65
Answer: D
Question 7
The maximum age national commission member should be
A) 60
B) 35
C) 70
D) 65
Answer: C
Question 8
Which of the following forum can reappoint the same person as to its member
A) National commission
B) State commission
C) District commission
D) None of the above
Answer: D
Question 9
In which forum it is compulsory to have a female member
A) National commission
B) State commission
C) District commission
D) All of the above
Answer: D
Question 10
Within how many days the opposite party has to answer after they are informed
about the complaint?
A) 1
B) 5
C) 20
D) 15
Answer: A
Stay tuned to BYJU’S for
Insolvency and Bankruptcy Code 2016,
1. Which among the following correctly explains the meaning of
bankruptcy?
1. Legal status of firm or individual who is unable to meet its debt
obligations
2. A bank not able to recover its due from borrowers
3. An economy not able to recover from recession
4. None of these
2. According to provisions of Insolvency and Bankruptcy Code
2016 (IBC, 2016), who can initiate insolvency resolution process
(IRP)?
a) Debtor
b) Creditor
c) Government
d) Reserve Bank of India
Select the correct answer from the options given below:
1. Both a and b
2. Both b and c
3. Only a, b and c
4. All are correct
3. Who will act as regulator under IBC, 2016?
1. Reserve Bank of India
2. Insolvency and Bankruptcy Board of India (IBBI)
3. National Company Law Tribunal (NCLT)
4. All of these
4. During insolvency resolution process, within how many days
creditor has to proceed with a revival plan failing with company
force to go for liquidation?
1. 45 days
2. 90 days
3. 180 days
4. 270 days
5. During insolvency resolution process, how much percentage of
creditors must agree for revival plan to make revival options
applicable?
1. 25%
2. 50%
3. 60%
4. 75%
6. In case there is complexity in deciding the revival plan, how
many days of one time extension can be provided to creditors to
decide on the revival plan?
1. 30 days
2. 45 days
3. 90 days
4. 100 days
7. Who will acts as adjudicating authority in case of insolvency
resolution for companies?
1. National Company Law Tribunal (NCLT)
2. Debt Recovery Tribunal (DRT)
3. Insolvency and Bankruptcy Board of India (IBBI)
4. Supreme Court
8. Who will acts as adjudicating authority in case of insolvency
resolution for individual or proprietor firms?
1. National Company Law Tribunal (NCLT)
2. Debt Recovery Tribunal (DRT)
3. Insolvency and Bankruptcy Board of India (IBBI)
4. Supreme Court
9. In case a company goes for liquidation, which among the
following have the first claim to clear the debts?
1. Secured creditor
2. Workmen dues for 24 months
3. Unsecured creditors
4. Government dues
10. Which has become the first bankruptcy case in the country
resolved under Insolvency and Bankruptcy Code 2016?
1. Essar Steel Ltd
2. Monnet Ispat and Energy Ltd
3. Jaypee Infratech Ltd
4. Bhushan Steel Ltd
11. What is the minimum amount of default in case of
companies to initiate insolvency process?
1. Rs 1000
2. Rs 10000
3. Rs 100000
4. Rs 1000000
12. How many stages are there in process of insolvency?
1. 4
2. 3
3. 2
4. 1
13. What is the minimum amount of default in case of
individual to initiate insolvency process?
1. Rs 1000
2. Rs 10000
3. Rs 100000
4. Rs 1000000
14. What is India’s ranking in World Bank’s index on the case
of resolving insolvencies?
1. 100th
2. 125th
3. 131st
4. 136th
15. As on date how many companies has been referred to
NCLT by Reserve Bank of India?
1. 6
2. 12
3. 18
4. 24
Answers
1. 1
2. 1
Business or debtor who has defaulted and creditors can inititate
insolvency resolution process (IRP).
3. 2
Insolvency and Bankruptcy Board of India, an apex body for
promoting transparency & governance in the administration of the
Code; will be involved in setting up the infrastructure and accrediting
IPs and IUs
4. 3
The resolution professional after evaluating all claims constitutes a
creditors committee. The committee consists of financial creditors of
the corporate debtor excluding party creditors. The committee
considers a proposal and decide whether to proceed with a revival
plan or liquidation within a period of 180 days
5. 4
At least 75% of creditors must agree for a revival plan.
6. 3
One-time extension by 90 days can be provided if 75% of creditors
feels that process is complex to undertake.
7. 1
NCLT acts as adjudicating authority for corporate insolvency cases
8. 2
DRT acts as adjudicating authority for individual cases
9. 2
In case company goes for liquidation, the following is the order of
priority for settlement of claims: insolvency resolution process costs
and the liquidation cost, workmen’s dues for the period of twenty-four
months, debts owed to a secured creditor, wages and any unpaid
dues owed to employees other than workmen, debts owed to
unsecured creditors, government dues, any remaining debts and
dues, preference shareholders, equity shareholders or partners.
10. 4
11. 3
To begin the process of insolvency against the corporates, default
should be minimum of Rs One Lakh rupees
12. 3
The Bankruptcy code proposes two independent stages: Insolvency
Resolution Process and Liquidation
13. 1
To begin the process of insolvency against the individuals, default
should be minimum of Rs One Thousand rupees
14. 4
15. 2
