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Banking Awareness Questions - 24th August 2014
181. The Borrowing of the Board of Directors of the Public Ltd Company should not exceed: Answer: Paid-up capital and free reserves.
182. Working Capital assessment for SSI units sanctioned Working Capital limit upto Rs 5 crore is as per : Answer: Nayak committee.
183. State-sponsored Corporation granted loan for on-lending to Weaker Section is covered by the bank under: Answer: Indirect advance to agriculture.
184. Hypothecation has been defined in: Answer: Section 2 (n) of SARFAESI Act.
185. In a cheque drawn by the drawer, the name of payee is written in English and the other parts, in vernacular language: Answer: The cheque will be paid if otherwise in order.
186. Guarantor stepping into the shoes of creditor on discharging the liability of the principal borrower: Answer: Right of Subrogation.
187. In Sec 148 of Indian Contract Act, Bailment refers to: Answer: Delivery of goods from one person to another person for some purpose and when the purpose will be over, goods will be returned or disposed-off as per the direction of the deliverer, i.e. bailor.
188. Know Your Customer (KYC) guidelines: Answer: Prevent banks from being used unwittingly used by criminal elements for transfer of illegal funds/ money laundering activities.
189. Preferential payment to depositors in respect of winding up of a Banking Company is provided: Answer: under section 43 A of Banking Regulation Act 1949.
190. If Operating Cycle is longer: Answer: This implies that higher amount of working capital will be required.
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