Quiz- Banking Ombudsman


1. Banking Ombudsman is appointed by:
A. Reserve Bank of India
B. Government of India
C. Concerned State Govt. where RBI office is located
D. Finance Minister
E. None of the above

2. Before approaching Ombudsman what should the complainant do?
A. Take up the matter with State Government
B. Take up the matter with concerned Bank Branch within 30 days of cause of action
C. Approach Lok Adalat
D. Can directly approach Banking Ombudsman
E. Any of the above

3. What is the maximum period within which the aggrieved customer can approach
Ombudsman?
A. Within 2 year
B. Within 1 year
C. Within one month
D. No such limitation period
E. None of the above

4. What is the maximum amount, for which the Award can be given by Ombudsman?
A. Rs 1,00,000
B. Rs 2,00,000
C. Rs 5,00,000
D. Rs 10,00,000
E. No Limit

5. Who will be appointed as Banking Ombudsman?
A. CGM or GM of RBI
B. Deputy Governor of RBI
C. Governor RBI is an ex-officio Ombudsman
D. Finance Secretary
E. None of the above

6. KYC norms are liberalised in case of following accounts:
A. Current Account
B. Savings Account
C. Term Deposit Account
D. No Frills Account
E. None of the above.

7. The KYC does not include obtaining the following :
A. Identity Proof
B. Address Proof
C. Customer Profile
D. Vehicle details of the customer
E. None of the above

8. AML Stands for
A. Anti Monitory Limit
B. Anti Money Laundering
C. Always money laundering
D. Anytime Money Laundering
E. None of the above

9. KYC –Know Your Customer is to identify the Customer, whereas AML- Anti Money Laundering is to identify the Source of Income:
A. False
B. True
C. True only in case of small amounts
D. Not necessary in all cases
E. Any of the above

10. If a Depositor is not a Senior Citizen and his Taxable Income is within the exempted limits then he has to submit ---------------- to the Bank for not deducting tax at source.
A. Form 15G
B. Form 15 H
C. Form 61
D. Form 60
E. None of the above

11. If prospective customer’s income comes from only Agriculture, then he has to give a declaration in Form 61.
A. True
B. False
C. He has to submit form 60
D. No such requirement
E. None of the above

12. Nomination is available for
A. Deposit accounts
B. Safe custody articles
C. Lockers.
D. Partnership firms
E. Only A B C

13. Nomination can be given only for:
A. Individuals
B. Joint Individuals
C. Limited Companies
D. Only A, and B
E. None of the above

14. Money deposited in a bank that cannot be withdrawn for at fixed period of time is known as _____:
A. Term Deposit
B. Checking Account
C. Saving Bank Deposit
D. No Frills Accounts
E. Current Deposit

15. With reference to a cheque which of the following is the ‘drawee bank’?
A. The bank that collects cheque.
B. The payee’s bank.
C. The endorsee’s bank.
D. The bank of the Drawer of the Cheque
E. None of the above

16. Base Rate is the rate below which no Bank can allow their lending to anyone. Who will fix this ‘Base Rate’ for Banks?
A. Individuals Banks Board
B. Ministry of Commerce
C Ministry of Finance
d) RBI
e) Interest Rate Commission of India

17. Expand NPA.
A. No Provision Account
B. Non Performing Asset (An asset which ceases to generate income)
C. No Profit Account
D. Non-Personal Accounts
E. None of the above

18. Finance Ministry advised RBI to allow common ATMs to be owned and managed by Non Banking Institutions. Such ATMs are called:
A. NBFC ATMs
B. Off Site ATMs
C. Third Party ATMs
D. White Label ATMs
E. None of the above

19. An ECS transaction is bounced and you are unable to recover money from your customer. Under which Act criminal action can be initiated?
A. Indian Penal Code
B. Negotiable Instrument Act
C. Criminal Procedure Code
D. Payment and Settlement Act
E. Indian Contract Act
(Note: ECS used for Electronic Clearing of Cheques – Debit ECS for Collection of loan
installments and Credit ECS for payments like Dividends, Salaries etc.)

20. What is CTS
A. Cash Transaction system (in banks)
B. Cheque Transfer System
C. Cheque Truncation System
D. Cash Transfer System
E. None of the above


(CTS mean Cheque Truncation System –instead of sending cheques physically to clearing house, only scanned images will be sent in this system. It is also called Image Based Clearing. This system already started in many states of India. It reduces the collection of cheques time considerably and is advantageous to the customers.)

Answers:
01
02
03
04
05
06
07
08
09
10
A
B
B
D
A
D
D
B
B
A
11
12
13
14
15
16
17
18
19
20
A
E
D
A
D
A
B
D
D
C