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DRIVE SPRING 2016
PROGRAM MBA
SEMESTER III
SUBJECT CODE &
NAME
MA0037 &
BANKING RELATED LAWS AND PRACTICES
1
Differentiate between Promissory Notes and Bills of Exchange. What are the
types of endorsement of Negotiable instruments?
Difference
between Promissory Notes and Bills of Exchange
Types of
endorsement of Negotiable instruments
Answer: Promissory note
According to
Section 4 of the Negotiable Instrument Act, a promissory note is an instrument
in writing (not being a bank note or currency note) containing an unconditional
undertaking signed by the maker, to
2
Explain the provisions of Banking Regulation Act as well as RBI Act regarding
maintenance of minimum Cash and Liquid Reserve by a banking company.
Cash Reserve
under Section 18 & 42 of RBI Act and Liquid Reserve under Section 24 of the
Banking Regulation Act
Answer: Every
banking company which is a scheduled bank is duty-bound to maintain with RBI a
certain cash reserve as per section 42 of the RBI Act. In the case of
non-scheduled banks, section 18 of the act applies for the maintenance of cash
reserve. Scheduled bank is the one
3
Explain the rights of parties to a contract of guarantee.
Rights of
parties to a contract of guarantee
Answer: Rights of Parties in a Guarantee
1. Rights of Surety – The surety has right
against the creditor, the principal debtor and the co- sureties.
Right
against the creditor
Before
payment of the guaranteed amount – The surety may, after the
guaranteed debt has become due and before he is called upon to pay, require the
creditor to sue the principal debtor. But the surety has to indemnify the
creditor for any expenses or loss resulting there from. However, mere forbearance
on the part of the creditor to sue the principal debtor or to enforce
4
Explain how you will proceed to confiscate a property under equitable mortgage
as per Sarfaesi Act, 2002 in case of failure of loan repayment.
Enforcement of
security as per Sarfaesi Act, 2002
Answer: The
SARFAESI Act empowers banks and financial institutions to enforce securities in
the event of default by the borrower without the intervention of either the
Civil Court or the Debt Recovery Tribunal. The powers are also over and above
the remedies available for recovery by
5
Explain the procedure for redressal of grievances under banking Ombudsman
Scheme 2006.
Redressal of
grievances under banking Ombudsman Scheme
Answer: The Banking Ombudsman shall have the
following powers and duties:
Ø To
receive complaints related to banking services.
Ø To
consider such complaints and facilitate their satisfaction or settlement by
agreement through conciliation and mediation between the bank and the aggrieved
parties or by passing an award in accordance with the scheme.
Ø To
resolve by
6
What do you understand by banking Codes and Rules? How are the codes applied?
Application of
banking codes and rules
Answer: The
RBI while announcing the formation of BCSBI in the Annual Policy Statement has
requested the IBA to set up a working group to draft a comprehensive fair
practice code, covering all the areas of customer service for uniform adoption
by banks. Working group prepared the draft
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