quiz day 5

Mr. Ashish Kumar is an Advocate. He is not satisfied with the service of the bank which has delayed his collection of cheque. He has taken up the matter with the bank concerned. Since he has not got a proper response, he has decided to approach Banking Ombudsman.

• He will not be entitled as per the scheme
• He can very well take up the matter
• There is bar for the advocate to involve themselves in approaching Banking Ombudsman
• Mr. Ashish Kumar cannot avail the services of Banking Ombudsman, but he can approach the court of law

The bank rate means:

• Rate of interest charged by commercial banks from borrowers
• Rate of interest at which commercial banks discounted bills of their borrowers
• Rate of interest allowed by commercial banks on their deposits
• Rate at which RBI purchases or rediscounts bill of exchange of commercial banks to provide credit to commercial banks

A complaint under the Banking Ombudsman scheme can’t be

• Given only by the affected person
• Given only by the complainant
• Given by the Authorized representative
• Given by Staff for salary

District Consumer Protection Council to meet as and when necessary. There has to be at least two meetings every year.

• Correct
• Incorrect
• At least One meeting
• At least Three meetings

Debtor X has executed a Demand Promissory Note and a Hypothecation agreement to Bank Y. Then the bank has made available the finance. It is a/an

• Valid contract
• Invalid contract
• Quasi contract
• No contract

D is having a Savings Bank account. He wishes to appoint another person V to operate the account in his absence. Then D can give

• Power of Attorney in favor of V
• A Letter of Authority in favor of V
• Either a) or b) above
• None of the above

Regards to the Company, MOA stands for :-

• Memorandum of Association
• Memorandum of Articles
• Memorandum of Agriculture
• Meeting of Association

Promissory note has been defined under section -------- of N.I. Ac

• 3
• 4
• 5
• 6

For which of the following, the acceptance of the drawee of the instrument is required?

• D. P. Note
• Demand Bill of Exchange
• Usance Bill of Exchange
• Draft

Your branch receives a cheque of Rs. 500/- written in figures and Rs. 5,00,000/- in words. Under section 18 of N. I. Act, the Bank

• Is to return, as the mandate is not clear
• Is to pay the amount written in words
• Is to pay the amount written in figures
• Is to pay the lower of the two amounts written in words and in figures