CAIIB BRBL LIVE Class 3 By Ashish Sir
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the primary objective of the Banking Regulation Act, 1949?
The Banking Regulation Act, 1949 aims to regulate and supervise banking companies in India, ensuring sound banking practices, protection of depositors' interests, and maintaining financial stability.
What is the definition of 'Cheque' under the Negotiable Instruments Act, 1881?
A bill of exchange drawn on a specified banker payable on demand.
Under Section 5(b) of the Banking Regulation Act, what is the definition of 'banking'?
Banking is defined as the accepting of deposits of money from the public for the purpose of lending or investment, repayable on demand or otherwise, withdrawable by cheque, draft, order, or otherwise.
What is the meaning of 'Endorsement' under the Negotiable Instruments Act?
Signing on the back of instrument to transfer its title to another person.
What does Section 6 of the Banking Regulation Act specify regarding permissible banking activities?
Section 6 specifies the forms of business a banking company may engage in, including borrowing, lending, investment, collection of bills, issuing letters of credit, safe deposit vaults, and foreign exchange operations.
What is a 'Crossing of Cheque' and what is its legal significance?
Lines drawn across cheque directing payment only through a bank account.
Which Section of the Banking Regulation Act prohibits banking companies from engaging in trading activities?
Section 8 of the Banking Regulation Act prohibits banking companies from directly or indirectly engaging in trading, buying, or selling goods except in connection with the realization of security given for loans.
Under Section 138 of the Negotiable Instruments Act, what constitutes dishonour of a cheque?
Cheque returned unpaid due to insufficient funds in drawer's account.
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