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Banking Regulation Act, 1949

Description: Banking Regulation Act, 1949 Quiz
Number of Questions: 14
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Tags: banking finance law
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Which of the following is not a function of the Reserve Bank of India (RBI) under the Banking Regulation Act, 1949?

  1. To regulate the banking system in India.

  2. To issue banknotes.

  3. To manage the foreign exchange reserves of India.

  4. To provide loans to the government.

Show answer
Correct Option: D
Explanation:

The RBI is not authorized to provide loans to the government under the Banking Regulation Act, 1949.

What is the minimum paid-up capital required for a bank to be registered under the Banking Regulation Act, 1949?

  1. ₹5 lakh

  2. ₹10 lakh

  3. ₹15 lakh

  4. ₹20 lakh

Show answer
Correct Option: A
Explanation:

The minimum paid-up capital required for a bank to be registered under the Banking Regulation Act, 1949 is ₹5 lakh.

Which of the following is not a type of banking company under the Banking Regulation Act, 1949?

  1. Scheduled bank

  2. Non-scheduled bank

  3. Cooperative bank

  4. Foreign bank

Show answer
Correct Option: C
Explanation:

Cooperative banks are not covered under the Banking Regulation Act, 1949.

What is the maximum tenure of a director of a bank under the Banking Regulation Act, 1949?

  1. 3 years

  2. 5 years

  3. 7 years

  4. 10 years

Show answer
Correct Option: B
Explanation:

The maximum tenure of a director of a bank under the Banking Regulation Act, 1949 is 5 years.

Which of the following is not a power of the RBI under the Banking Regulation Act, 1949?

  1. To issue licenses to banks.

  2. To regulate the interest rates charged by banks.

  3. To inspect the books of accounts of banks.

  4. To impose penalties on banks for violations of the Act.

Show answer
Correct Option: B
Explanation:

The RBI does not have the power to regulate the interest rates charged by banks under the Banking Regulation Act, 1949.

What is the minimum reserve requirement for banks under the Banking Regulation Act, 1949?

  1. 3%

  2. 4%

  3. 5%

  4. 6%

Show answer
Correct Option: B
Explanation:

The minimum reserve requirement for banks under the Banking Regulation Act, 1949 is 4%.

Which of the following is not a type of loan that a bank can provide under the Banking Regulation Act, 1949?

  1. Personal loan

  2. Home loan

  3. Car loan

  4. Agricultural loan

Show answer
Correct Option: D
Explanation:

Agricultural loans are not covered under the Banking Regulation Act, 1949.

What is the maximum amount of money that a bank can lend to a single borrower under the Banking Regulation Act, 1949?

  1. 15% of the bank's capital and reserves

  2. 20% of the bank's capital and reserves

  3. 25% of the bank's capital and reserves

  4. 30% of the bank's capital and reserves

Show answer
Correct Option: A
Explanation:

The maximum amount of money that a bank can lend to a single borrower under the Banking Regulation Act, 1949 is 15% of the bank's capital and reserves.

Which of the following is not a type of deposit that a bank can accept under the Banking Regulation Act, 1949?

  1. Savings deposit

  2. Current deposit

  3. Fixed deposit

  4. Recurring deposit

Show answer
Correct Option: D
Explanation:

Recurring deposits are not covered under the Banking Regulation Act, 1949.

What is the maximum tenure of a fixed deposit under the Banking Regulation Act, 1949?

  1. 1 year

  2. 2 years

  3. 3 years

  4. 5 years

Show answer
Correct Option: D
Explanation:

The maximum tenure of a fixed deposit under the Banking Regulation Act, 1949 is 5 years.

Which of the following is not a type of fee that a bank can charge under the Banking Regulation Act, 1949?

  1. Service charge

  2. Processing fee

  3. Prepayment penalty

  4. Late payment fee

Show answer
Correct Option: C
Explanation:

Prepayment penalties are not covered under the Banking Regulation Act, 1949.

What is the maximum amount of money that a bank can charge as a late payment fee under the Banking Regulation Act, 1949?

  1. 1% of the outstanding amount

  2. 2% of the outstanding amount

  3. 3% of the outstanding amount

  4. 4% of the outstanding amount

Show answer
Correct Option: B
Explanation:

The maximum amount of money that a bank can charge as a late payment fee under the Banking Regulation Act, 1949 is 2% of the outstanding amount.

Which of the following is not a type of penalty that the RBI can impose on a bank under the Banking Regulation Act, 1949?

  1. Fine

  2. Suspension of license

  3. Cancellation of license

  4. Nationalization

Show answer
Correct Option: D
Explanation:

Nationalization is not a penalty that the RBI can impose on a bank under the Banking Regulation Act, 1949.

What is the maximum amount of money that the RBI can fine a bank under the Banking Regulation Act, 1949?

  1. ₹1 lakh

  2. ₹5 lakh

  3. ₹10 lakh

  4. ₹15 lakh

Show answer
Correct Option: C
Explanation:

The maximum amount of money that the RBI can fine a bank under the Banking Regulation Act, 1949 is ₹10 lakh.

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