iibfmocktest.com

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Question 1 reset

A forged signature is no mandate of the customer.

True

False

Question 2 reset

In a joint account if one of the signatures is forged the bank and the customer are equally liable.

Yes

Question 3 reset

What is the LC Issuing Bank also called?

Opening Bank

Advising Bank

Confirming Bank

Negotiating Bank

Question 4 reset

Payment to be made in due course need not always be made to the holder but can be made to his agent or servant.

Yes

Question 5 reset

The responsibility of a bank to pay back the money of the customer is specifically stated in the Negotiable Instruments Act, 1881.

True

False

Question 6 reset

For which of the functions of the bank are KYC norms applicable?

Opening new accounts

Giving loans to new account

Identification of NPA accounts

Stock and security verification

Question 7 reset

It is necessary for a bank to make inquiries regarding the reference given by the customer.

True

False

Question 8 reset

In the absence of a proper reference, a bank can be held liable on the grounds of negligence.

True

False

Question 9 reset

As per section 131-A of the Negotiable Instruments Act, the protection granted to a bank while paying cheque has been made applicable to drafts also.

True

False

Question 10 reset

Insurance contracts are not contracts of indemnity.

True

False

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