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DRIVE
FALL
2016
PROGRAM
MBA
SEMESTER
III
SUBJECT
CODE & NAME
MA0037
&
BANKING
RELATED LAWS AND PRACTICES
1 How does
Holder and Holder in due course in a negotiable instrument differ ?
Explain the
different types of endorsement.
Difference between Holder and Holder in
due course
Types of endorsement
Answer: Holder: Section 8 states that
"the holder of a promissory note, bill of exchange or cheque means any
person entitled in his own name to the possessionthereof and to receive and
recover the amount due thereon from the partiesthereto."The holder of such
instruments is entitled to if the cheque, bill or the promissoryy note is
destroyed or damaged. Where a person obtainspossession
2 Explain the
enforcement of security interest without the intervention of Court or Debt
Recovery Tribunal under Sarfaesi Act, 2002.
Enforcement of security under Sarfaesi
Act, 2002
Answer: The SARFAESI Act empowers banks and financial institutions to
enforcesecurities in the event of default by the borrower without the
intervention ofeither the Civil Court or the Debt Recovery
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 creditor, 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 any other remedy against him does not discharge
the surety unless the parties had agreed for such
4 Illustrate the
general rules of appropriation.
Narrate the
Clayton’s case [Devaynes Vs. Noble (1816)].
General rules of appropriation
Clayton’s case [Devaynes Vs. Noble
(1816)]
Answer: General rules of appropriation
When a debtor owes two or more debts to a creditor and he/she pays
someamount which is not sufficient to meet any debt to the creditor,
appropriationis done. It applies to a banker if the customer has more than one
deposit ormore than one loan account.
When the customer has more than one account or has more than one
loanaccount, question of appropriation
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 way of arbitration, the disputes between a bank and its constituents
as may be agreed
6 What do you
understand by banking Codes and Rules? How are the codes applied?
Banking codes and rules
Application of the code
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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Ø
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