When banks sell third party products (such as insurance, mutual funds etc. as agents the responsibility for ensuring compliance with KYC/AML/CFT regulations ……
a. lies with the bank marketing the product
b. lies with the third party issuer
c. lies with both the bank as well as the third party issuer
d. depends on whether the customer pays the money in cash or otherwise
Ans – b
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Relationship between the Bank and the Customer is “Creditor – Debtor” in the following Transactions. (i) Loan from Bank (Debit balance in account), (ii) issue of draft (after issue of draft), (iii) Debit Balance in CC/OD account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans – b
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Partnership type of business is formed by the mutual agreement of partners. What kind of agreement is it?
a. Oral agreement
b. Written agreement
c. Oral or written agreement
d. None of the above
Ans – c
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Where there is no partnership agreement exists between partners, what will be the profit sharing ratio between the partners?
a. Equal
b. Unequal
c. It will depend on a partner’s capital
d. It will depend on the experience of a partner
Ans – a
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Any excess in the Cash Balance must be credited to on the same day itself.
a. Sundry Creditors Account
b. Sundry debtors Account
c. Suspense Account
d. Any one of the above
Ans – a
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Relationship between the Bank and the Customer is “Debtor – Creditor” in the following Transactions. (i) Deposit in the bank (CR balance in account), (ii) issue of draft (after issue of draft), (iii) Purchase of cheque from customer
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans – a
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Branches should not open deposit/advances accounts of banned/ terrorist organisations as circulated by ……
a. IRDA
b. SEBI
c. AMFI
d. FIU
Ans – d
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Timeframe for collection of outstation cheques in case of Cheques drawn on Cities other than State Capitals/Major Cities ……
a. 2 Days
b. 7 Days
c. 10 Days
d. 14 Days
Ans – d
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Who cannot open current account? (i) Purdanashin women, (ii) Illiterate persons, (iii) Blind persons
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans – d
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The Government of India has notified six documents as ‘Officially Valid Documents (OVDs) for
the purpose of producing proof of identity. Choose the correct option from the following.
a. Aadhaar Card, Passport, PAN Card, Employee ID, Voter Identity Card, Ration Card
b. PAN Card, Aadhaar Card, Driving Licence, Voter Identity Card, Ration Card, Passport,
c. Voter Identity Card, Passport, PAN Card, Aadhaar Card, Employee Id, NREGA Job Card
d. Passport, PAN Card, Aadhaar Card, Driving Licence, Voter Identity Card, NREGA Job Card
Ans – d
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